Kona Gold Beverages, Inc. Reports Over $3 Million in 2023 Revenues, Anticipates Robust Growth in 2024 Following Covert LLC Acquisition and Product Expansion
MELBOURNE, Fla., April 2, 2024 /PRNewswire/ -- Kona Gold Beverages, Inc. (OTCPK: KGKG), a prominent holding company specializing in cutting-edge product development within the better-for-you and functional beverage sector, proudly reports revenues of approximately $3 million for the 2023 calendar year. Despite transitioning to new management towards the end of 2023 and successfully eliminating a significant amount of debt, the company maintained its revenue performance, setting a solid foundation for anticipated growth and success in 2024.
New Management: Committed to Enhancing Shareholder Value through Focus on Premium Products, Strategic Acquisitions, and Revenue Growth
MELBOURNE, Fla., April 2, 2024 /PRNewswire/ -- Kona Gold Beverages, Inc. (OTCPK: KGKG), a prominent holding company specializing in cutting-edge product development within the better-for-you and functional beverage sector, proudly reports revenues of approximately $3 million for the 2023 calendar year. Despite transitioning to new management towards the end of 2023 and successfully eliminating a significant amount of debt, the company maintained its revenue performance, setting a solid foundation for anticipated growth and success in 2024.
Facing challenges in 2023, Kona Gold Beverage (KGB) is now poised for expansion and revenue enhancement in 2024. The recent introduction of HighDrate D9 Energy Seltzer, featuring enticing new flavors like Blue Raspberry and Pina Colada, represents a significant leap forward in product innovation. This strategic addition not only enriches our product offerings but also strengthens our foothold in the consumer-packaged goods (CPG) sector, promising increased revenue streams for our shareholders.
The new management team at KGB is fully committed to enhancing shareholder value by emphasizing the company's core strengths, its premium beverage product lineup, and strategic acquisition efforts aimed at accelerating revenue growth and diversifying the portfolio.
Through the establishment of subsidiaries, KGB assures shareholders that expansion efforts remain focused on advancing growth initiatives, maximizing shareholder returns through targeted investments, and strategic business development efforts.
To champion this strategic initiative, Kona Gold Beverages LLC is placing significant emphasis on its premier offering, the Kona Gold Energy Drinks. Recognizing the pivotal role of these beverages, the company has proactively initiated a substantial order for their meticulously redesigned iterations. A robust marketing campaign, slated for the latter half of the second quarter of 2024, aims to not only showcase these revitalized products but also to foster heightened market engagement. Revered as the epitome of the company's product line, Kona Gold Energy Drinks are being meticulously cultivated with a deliberate, methodical approach
aimed at solidifying the brand's dominance in the market. With an established and burgeoning base of devoted patrons, the company is embarking on a fresh chapter, strategically repositioning itself with a steadfast commitment to nurturing the growth and prosperity of its flagship brand, Kona Gold. This strategic focus is anticipated to yield substantial revenues for both 2024 and 2025, further cementing the company's trajectory of success.
Furthermore, the strategic recruitment of a seasoned marketing professional underscores our dedication to enhancing brand visibility and market penetration, reaffirming our commitment to sustainable growth and long-term shareholder value.
Brandon White, President & Chairman of Kona Gold Beverages, commented, "As we embark on an expansion and diversification journey, we remain steadfast in our commitment to delivering premium-quality, health-conscious beverages. Our rebranded identity reflects our dedication to meeting the evolving preferences and wellness goals of our valued customers."
Additionally, Covert LLC, a subsidiary of Kona Gold, continues its upward trajectory, reporting impressive first-quarter revenues exceeding $1.5 million. With innovative product expansions and the imminent launch of a new online marketplace, Covert is positioned for continued growth, projecting a monthly revenue increase of $30k-$50k. Bolstered by strategic sales team additions, Covert is primed to capitalize on market opportunities and enhance shareholder returns.
Jared Fisher, CEO of Covert LLC, stated, "We are leveraging our strong first-quarter performance to propel Covert into its next phase of growth. With a focus on new products, enhanced features, and a steadfast commitment to customer experience, we are well- positioned to foster brand loyalty and deliver premium offerings to our discerning clientele."
In a strategic move in 2023 to bolster its financial standing, Kona Gold Beverages successfully negotiated the elimination of One Million Three Hundred Thousand Dollars ($1,300,000) in debt from its balance sheet as of 2024. Concurrently, the company has undertaken a substantial reduction in its authorized share count by decreasing Authorized Shares by 4.386 Billion Shares (4,386,000,000). This strategic decision, enacted by the New Management Team, underscores the company's commitment to aligning its capital structure with current and anticipated business objectives.
This prudent financial restructuring not only strengthens Kona Gold's financial position but also enhances shareholder confidence in the company's fiscal responsibility and strategic direction.
With a solid foundation established in 2023 and promising developments underway in 2024, Kona Gold Beverages, Inc. remains dedicated to driving shareholder value through innovation, strategic partnerships, and sustainable growth initiatives.
About Kona Gold Beverage, Inc.
Kona Gold Beverage, Inc., operates as a holding company in the beverage industry. Through its subsidiaries, Kona Gold LLC and Covert LLC, it offers a diverse range of healthy energy drinks and products. Kona Gold's premium line of energy drinks caters to health-conscious consumers, alongside its innovative HighDrate D9 Drinks. Covert LLC specializes in high-quality products, including Delta-8, THCa, THC-P, and Kratom. Headquartered in Melbourne, Florida, Kona Gold Beverage, Inc. is actively engaged in expanding its market presence through strategic acquisitions.
Investor Relations Contact:
Phone: 844-714-2224
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For more information regarding Kona Gold Beverage, please visit: https://konagoldbeverage.com/
Safe Harbor Statement:
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. The Company may also make written or oral forward-looking statements in its filings with the U.S. Securities and Exchange Commission, in press releases and other written materials, and in oral statements made by its officers, directors or employees to third parties. There can be no assurance that such statements will prove to be accurate. The Company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the Company's Annual Reports on Form 10-K and its other filings with the Securities and Exchange Commission. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control. The Company does not undertake any obligation to update publicly or to revise any statements in this release, whether as a result of new information, future events, or otherwise.
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