Kona Gold Beverage, Inc
Successfully Acquires Covert LLC, a Leading Multimillion-Dollar CPG
Company
With New Product Launches
on the Horizon and Ambitions for $1 Million Monthly Sales, the
Acquisition Marks a Strategic Milestone in Market
Expansion
MELBOURNE, FL --
March 12, 2024 -- InvestorsHub NewsWire -- Kona
Gold Beverages, Inc. (OTCPK:
KGKG), a dynamic holding company specializing in product
development within the better-for-you and functional beverage
sector, is thrilled to announce the successful acquisition of
Covert LLC, a pioneering company in the consumer package goods
(CPG) market specializing in high-quality, high-potency Delta-8,
THCa, THC-P, and Kratom products. This acquisition marks the first
in a series of strategic moves planned for this year, aimed at
establishing Kona Gold as the most dominant and forward-thinking
company in the industry.
Covert LLC, now a
wholly-owned subsidiary of Kona Gold Beverages, Inc., has carved a
niche for itself in the market with its commitment to quality and
innovation. The Company, boasting multiple facilities in North
Carolina, South Carolina, and Florida, has consistently generated
annual sales of over $5 Million Dollars for multiple years, with
ambitions to reach $1 Million a month in sales this
year.
With a presence in 18
states and ambitious plans to double this reach, Covert LLC has
consistently demonstrated its potential for exponential growth. The
acquisition is set to enhance Kona Gold's product portfolio, market
presence, and financial performance, positioning the company to set
a new standard for growth and operational efficiency in the
industry.
Since its foundation,
Covert LLC has reached significant achievements, including
generating yearly sales of over $5 million in the past two years
alone. With a strategic marketing approach and its recent
acquisition by Kona Gold Beverages, Inc., Covert LLC is set for
exceptional growth, projecting sales of $1 million per month. This
trajectory underscores the effectiveness of its business model and
the synergistic benefits of its partnership with Kona Gold
Beverages, Inc.
Founded by Jared Fischer
and Elliot Eichler, Covert LLC benefits from leadership marked by
visionary insight and sharp business acumen. Fischer and Eichler's
knack for navigating fluctuating market conditions has ensured
Covert LLC's position at the forefront of the industry,
highlighting its adaptability and enduring success.
In its quest for
strategic expansion, Covert LLC is currently engaged in discussions
with multiple companies for potential acquisitions. These talks aim
to bolster the company's balance sheet and enlarge its market
presence, affirming its ambition to dominate the cannabis
sector.
In the near future,
Covert LLC is excited to introduce groundbreaking products,
including a D9 soda drink and a Kava Vape, which will diversify its
already extensive product lineup. The company's branding strategy,
designed to transcend various vertical markets, along with plans
for continued diversification and market share expansion, positions
Covert LLC for unmatched growth.
Covert LLC transcends the
traditional boundaries of a business to embody a movement within
the cannabis industry. With a forward-looking perspective, the
company endeavors to redefine industry standards, ensuring the
accessibility of high-quality, potent products for all. As Covert
LLC advances, it invites all to join in its journey of innovation
and market leadership.
"We are thrilled about
this acquisition and the opportunity to join forces with Kona Gold
Beverages, Inc. This partnership is a significant milestone for
both companies, and I am confident it will yield immediate and
positive outcomes. The synergy between Covert LLC and Kona Gold is
undeniable, and together, we are poised for exponential growth. Our
shared vision for innovation and excellence in the cannabis
industry sets the stage for a future where we not only meet but
surpass our ambitious goals. I look forward to what we will achieve
together, creating unparalleled value for our customers and
stakeholders alike." Stated Jared Fischer, Chief Executive Officer
of Kona Gold Beverages, Inc.
"From day one, our
passion for Covert has been the driving force behind every decision
we've made. Building this company from the ground up has been an
incredible journey, and as we embark on this new chapter with Kona
Gold Beverages, Inc., our excitement for the future has never been
greater. We are fully committed to leveraging our collective
strengths to ensure the continuous growth of both Covert and Kona
Gold. Our goal is to leave an indelible mark on the industry,
setting new standards of excellence and innovation. We're ready to
roll up our sleeves and do whatever it takes to achieve these
ambitions and create lasting value for our customers and
stakeholders." Stated Elliot Eichler Vice President of Kona Gold
Beverages, Inc.
This acquisition is just
the beginning of Kona Gold's ambitious plan for the year, with
several more strategic acquisitions in the pipeline. The company is
dedicated to becoming the most dominant force in the industry,
redefining standards for growth, innovation, and operational
excellence.
"We are exceptionally
excited to welcome Mr. Jared Fischer and Mr. Elliot Eichler to the
Kona Gold Beverages, Inc. team. The wealth of experience and
industry insight they bring is invaluable, and their addition
signifies a pivotal moment for our company. With their leadership,
we are assembling a powerhouse management team poised to drive
instant success and set new benchmarks in the industry. Their
proven track record of innovation and strategic growth aligns
perfectly with our goals, and I have every confidence that
together, we will achieve remarkable results. This is more than an
acquisition; it's the beginning of a new chapter of accelerated
growth and shared success. In addition, I am pleased to announce
that management is in discussions to execute a management share
buyback, further demonstrating our commitment to shareholders and
the continued growth of the company,"" Stated Brandon White,
Chairman of Kona Gold Beverages, Inc.
Stay tuned for further
updates on Kona Gold's progress and developments as the company
continues to innovate, grow, and evolve in the dynamic functional
beverage market.
For more information
regarding Kona Gold Beverage, please visit:
https://konagoldbeverage.com/
About Kona Gold Beverage,
Inc.
Kona Gold Beverage,
Inc., a Delaware corporation, operates its wholly-owned subsidiary,
Kona Gold LLC.
Kona
Gold, LLC has developed a premium Hemp-Infused Energy Drink line;
please visit its website at
www.konagoldhemp.com. Kona Gold is
located on the east coast of Florida in Melbourne.
About Covert
LLC:
Covert LLC is a leading
company in the cannabis industry, specializing in the production
and distribution of high-quality, high-potency Delta-8, THCa,
THC-P, and Kratom products. Founded on the principles of innovation
and quality, Covert LLC has quickly become a trusted name in the
market, with a strong presence across multiple states.
For more information
regarding Covert LLC, please visit:
https://covertcarts.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.
Investor Relations
Contact:
844-714-2224
investorrelations@konagoldbeverage.com
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