![]() ![]() ![]() By maintaining ownership of our Virginia artesian spring and securing a co-manufacturing agreement with BioSteel, we expect continuity in our supply chain as we invest in continued revenue growth in the U.S." Strategic rationale for FlowĪccelerating profitability for the Flow brand – the transaction allows Flow to focus its investments on sales and marketing, accelerating the path towards profitable growth of the Flow brand, the release said. "Through a significant reduction in our operating expenses associated with operating Verona and a material reduction in related future lease obligations, we have meaningfully improved our financial position and streamlined our organization. "The sale of the Verona production facility is a major milestone towards achieving profitable growth of the Flow brand," said Nicholas Reichenbach, founder and CEO of Flow, in the release. All active employees at the Verona facility will become employees of BioSteel following a post-closing transition period, the release said. To support Verona facility utilization and an efficient transition for both parties, Flow and BioSteel have also entered into a co-manufacturing agreement whereby BioSteel will produce Flow's portfolio of branded water at the Verona facility, in addition to the production of BioSteel-branded sports hydration drinks on site. whereby BioSteel has purchased all the assets of the Company's production facility located in Verona for a purchase price of $19.5 million, comprised of $13.2 million in cash and $6.3 million for the repayment of debt and the retirement of lease obligations, according to a press release. VERONA - Flow Beverage Corp. announced Wednesday it has reached an agreement with an affiliate of BioSteel Sports Nutrition Inc. A Seawright Spring water tanker sits on the lot the was recently bought by the company Flow Hydration. ![]()
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