Pursuant to NYSE Regulations, Splash Beverage Group Acknowledges the Going Concern Language in Its 10K and Reaffirms Its Commitment to Success

FORT LAUDERDALE, FL, April 12, 2024 (GLOBE NEWSWIRE) -- via -- (NYSE American: SBEV) ("Splash" or the "Company"), a portfolio company of leading beverage brands, issued a statement today reaffirming its commitment to sustainable growth and long-term success despite a going concern opinion. This advisement does not represent any change or amendment to the Company’s financial statements or to its Annual Report on Form 10-K for the fiscal year ended December 31, 2023

The management team at the Company acknowledges concerns regarding the going concern status published in the recent 10-K. We want to assure our stakeholders, including shareholders, employees, customers, and partners, that we have actively been taking measures to address these concerns and strengthen our financial position. Despite the challenges posed by limited operating capital, The Company remains confident in the underlying strength of our business model, the dedication of our workforce, and our ability to adapt to changing capital market conditions.

"We have always understood the importance of transparency and open communication with our shareholders," said Company CEO, Robert Nistico. "While we recognize the challenges, we have faced in executing our plan with limited operating capital in the back half of 2023, we are confident that the additional resources will be in place within enough time to ensure that our aggressive growth and acquisition plan can be fully implemented.” Bill Meissner, the Company’s President and CMO, commented further, “During this time of limited liquidity, we have made the most progress in the company’s history with securing new chain business for our beverage brands." Splash will continue to provide updates on its progress and remains committed to delivering value to all stakeholders.

About Splash Beverage Group, Inc.

Splash Beverage Group, an innovator in the beverage industry, owns a growing portfolio of alcoholic and non-alcoholic beverage brands including Copa di Vino wine by the glass, SALT flavored tequilas, Pulpoloco sangria, and hydration and energy drinks. Splash’s strategy is to rapidly develop early-stage brands already in its portfolio as well as acquire and then accelerate brands that have high visibility or are innovators in their categories. Led by a management team that has built and managed some of the top brands in the beverage industry and led sales from product launch into the billions, Splash is rapidly expanding its brand portfolio and global distribution.

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Forward-Looking Statement

This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results and, consequently, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements and factors that may cause such differences include, without limitation, the risks disclosed in the Company’s Annual Report on Form 10-K filed with the SEC on March 8, 2021, and in the Company’s other filings with the SEC. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Except as required by law, the Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release.

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Splash Beverage Group