NEW YORK, May 13, 2014 /PRNewswire/ -- Panache Beverage
Inc. (OTCQB: WDKA) (the "Company" or "Panache") announced that on
May 6, 2014, the Company was issued a
notice of default under the terms of its loan agreements with
Consilium Corporate Recovert Master Fund LTD, the Company's senior
Lender ("Consilium").
The Company is continuing its ongoing cooperation with Consilium
and entered into a forbearance agreement with Consilium whereby
Consilium has agreed to not exercise any of its rights under the
loan agreement for a period ending June
6, 2014.
Additionally, Consilium has released additional funds to Panache
that were previously held in escrow.
Panache continues its business strategy review and has taken
significant strides toward a reduction of overhead, revised sales
strategy and hiring of a new executive team.
About Panache Beverage
Panache Beverage, Inc., based in New
York, NY, is an alcoholic beverage company specializing in
the development, global sales and marketing of spirits brands. The
company's expertise lies in the strategic development and
aggressive early growth of its brands establishing its assets as
viable and attractive acquisition candidates for the major global
spirits companies. Panache intends to build its brands as
individual acquisition candidates while developing, creating
and expanding its portfolio via the Panache Distillery. Panache's
existing portfolio consists of the
brands: Wodka Vodka, Alchemia Infused
Vodka, Alibi American Whiskey, Spirytus Vodka, Old
South Shine Vodka in addition to the forthcoming OGB line of
spirits.
Safe Harbor
The Private Securities
Litigation Reform Act of 1995 provides a safe harbor for
forward-looking statements. This press release may contain
certain statements of a forward-looking nature relating to future
events or future business performance. Any such statements
that refer to the Company's estimated or anticipated future results
or other non-historical facts are forward-looking and reflect the
Company's current perspective of existing trends and
information. These statements involve risks and uncertainties
that cannot be predicted or quantified and, consequently, actual
results may differ materially from those expressed or implied by
such forward-looking statements. Such risks and uncertainties
include, among others, risks and uncertainties detailed in the
Company's Securities and Exchange Commission filings, including the
Company's Annual Report on Form 10-K and Quarterly Reports on Form
10-Q. The forward-looking statements speak only as of the
date of this release. The Company undertakes no obligation to
update publicly any forward-looking statement, whether as a result
of new information, future events or otherwise.
Press Release Contact Information:
PR
PR
Panache Beverage Inc.
212-691-6292
pr@panachespirits.com
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SOURCE Panache Beverage Inc.