Tinley Expands Alberta & US Listings, Reorders on All Three Business Lines, Private Placement
Thursday, April 1, 2021, 8:00 AM ET
Tinley Expands Alberta & US Listings, Reorders on All Three Business Lines, Private Placement and Other Corporate Updates
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LOS ANGELES and TORONTO, April 01, 2021 (GLOBE NEWSWIRE) -- The Tinley Beverage Company Inc. (CSE:TNY, OTC:TNYBF) ("Tinley's" or "Company") is pleased to announce that its product distribution continues to grow, notably through expanded retail store listings in Alberta, requests for cannabis products by Canadian provincial buyers and onboarding with a distributor in Todd Chrisley's home market of Tennessee. The Company also is pleased to announce the closing of a private placement and several other corporate updates.
Store Listings in Canada and California
The Company's local agents report that Beckett's non-alcoholic spirits and ready to drink cocktails have obtained listings or commitments at nearly 30 retailers throughout Alberta, including certain stores from the Co-Op Liquor, Sobeys Liquor Alcanna chains, the latter of which is the largest liquor retailer in the province. Several accounts have placed re-orders, in certain cases just one week after the initial listings. The Company has also received a commitment for listing at a premium Toronto grocery chain, representing the Company's first foray to the Ontario market.
The Company has also received requests from buyers in two provinces for the cannabis-infused Canadian versions of its Tinley's '27(TM) multi-serve products. These products are being produced by Peak Processing Solutions, and the Company will provide updates as manufacturing progresses.
The Company's Tinley's(TM) Tonics and Tinley's '27(TM) cannabis-infused products continue to expand listings throughout California in dispensaries and licensed home delivery services. Notably, the full Tinley's(TM) line up has been selected to be the inaugural beverage feature at the influential "High Times" flagship dispensary in Oakland, California.
Tennessee Distributor On Tap
The Company has completed onboarding and is in negotiations to conclude an agreement with one of Tennessee's most prominent wine and spirit distributors to carry the Company's Beckett's(TM) Tonics and Beckett's '27(TM) products in the state. Nashville, Tennessee is the home market for the Company's key influencer, Todd Chrisley and family. Todd Chrisley is NBCU's USA Networks top-rated reality television star, and Todd is working with the Company to conduct local marketing activations and personal appearances in stores and restaurants, as well as online activations and inclusion in the television shows' content to promote the products locally and nationally. The Company is also focusing on distribution in Texas, which includes additional high-index markets for Todd Chrisley's audience, and it is responding to requests from additional US regional distributors.
Private Placement
The Company has completed a private placement led by an inbound lead order. The non-brokered private placement (the "Offering") raised gross proceeds of $850,000 from the issue and sale of an aggregate of 2,125,000 units ("Units"). Each Unit was purchased for $0.40 and is comprised of one common share of Tinley ("Common Share") and one common share purchase warrant ("Warrant"). Each Warrant is exercisable into one Common Share ("Warrant Share") at a price of $0.50 for a period of 36 months following the date of issuance. In connection with the Offering, Tinley has paid to finders a cash finders fee of $58,892.80 and issued 147,232 broker units ("Broker Unit Options") to such finders. Each Broker Unit Option entitles the holder to acquire one Unit (a "Broker Unit") at an exercise price of $0.40 for a period of 36 months following the closing of the Offering, with each Broker Unit comprised of one Common Share and one Warrant. The Common Shares, Warrants, Broker Units and Warrant Shares are subject to a statutory hold period of four months and a day from the date of issuance.
Additional Seven Third Party SKU's to be Manufactured at Long Beach
The Company is pleased to announce its first reorder for co-packing services, which it expects to complete within the next week. The Company also has production runs for an additional seven SKU's planned for third-party clients. The Company's canning line commissioning remains on schedule, which will further enable additional clients, in addition to those already in the Company's sales pipeline.
"All three legs of our business -- cannabis co-packing, Beckett's non-alcoholic spirits and the Tinley's-branded infused versions -- have now experienced reorders in the current fiscal quarter, including for the products currently available in Canada," said Ted Zittell, director of the Company. "The Company thanks its long-term shareholders for their steadfast support as we transitioned into a fully operational state for all three business lines, as well as our launch in Canada, this quarter."