PORTLAND, Ore., Aug. 12, 2019 /PRNewswire/ — Eastside Distilling, Inc. (NASDAQ: EAST) today provided an update to its annual meeting of stockholders, which took place on August 8, 2019. The board, currently consisting of three members, does not foresee there being meaningful changes in the Company’s business strategy and believes that the strategy continues to be a successful one. The board intends to add additional members within enough time to maintain compliance with NASDAQ listing requirements and does not foresee any difficulty in doing so.
Steve Shum, Interim CEO commented, “We have confidence in our operating team to execute the plan and we have the full support of the current board of directors. We have been executing across our key priorities and nothing has changed.”
Jack Peterson, who has served as a director since 2016, commented, “Eastside continues to build significant brand value. It is exciting to watch that take place, and the board has confidence that the team will continue to execute.”
An 8-K reporting in detail the results of the meeting was filed with the Securities and Exchange Commission on August 9, 2019 and is available on the Company’s website. As disclosed in additional detail in the 8-K, the proposals voted on at the meeting all passed, except for a proposal to increase the number of shares authorized for future issuance. It is anticipated that the Company will revisit that proposal in the future after internal discussions and discussions with shareholders.
Director nominees Jack Peterson, Owen Lingley, and Paul Shoen, all of whom have substantial shareholdings, were elected as directors, and all received in excess of 90% of the votes cast for election of directors. Following the shareholder’s meeting, the board consisting of Mr. Peterson, Mr. Lingley and Mr. Shoen, elected Mr. Shoen to the position of Chairman of the Board. Immediately prior to the shareholder’s meeting, the board amended the Company Bylaws in order to provide for a quorum requirement suited to the current size of the board.
The Company expects to announce its second quarter financial results on Wednesday, August 14, 2019 and will hold a conference call. A press release with details will be issued prior to the call.
About Eastside Distilling
Eastside Distilling, Inc. (NASDAQ: EAST) has been producing high-quality, award-winning craft spirits in Portland, Oregon since 2008. The company is distinguished by its highly decorated product lineup that includes Burnside Bourbon, West End American Whiskey, Goose Hollow Reserve, Below Deck Rums, Portland Potato Vodka, Hue-Hue Coffee Rum and a distinctive line of fruit infused spirits. Eastside Distilling is majority owner of Big Bottom Distilling (makers of The Ninety One Gin, Navy Strength Gin and Delta Rye whiskey) and the Redneck Riviera Whiskey Co. All Eastside, Big Bottom and Redneck Riviera spirits are crafted from natural ingredients for quality and taste. Eastside’sMotherLode Bottling subsidiary is one of the Northwest’s leading independent spirit bottlers and ready-to-drink canners. For more information visit: www.eastsidedistilling.com or follow the company on Twitter and Facebook.
Important Cautions Regarding Forward-Looking Statements
Certain matters discussed in this press release may be forward-looking statements. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: the availability of quality Board candidates meeting Company standards; changes in economic conditions; general competitive factors; acceptance of the Company’s products in the market; the Company’s success in obtaining new customers; the Company’s success in product development; the Company’s ability to execute its business model and strategic plans; the Company’s success in integrating acquired entities and assets, and all the risks and related information described from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”), including the financial statements and related information contained in the Company’s Annual Report on Form 10-K and interim Quarterly Reports on Form 10-Q. Examples of forward-looking statements in this release may include statements related to our strategic focus, product verticals, anticipated revenue, and profitability. The Company assumes no obligation to update the cautionary information in this release.
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