PORTLAND, Ore., June 8, 2020 /PRNewswire/ -- Eastside
Distilling, Inc. (NASDAQ: EAST) today announced the appointment of
Robert P. Grammen as independent
director to the Company's board of directors, effective
June 15, 2020. Geoffrey Gwin
will step down from his role as a member of the Company's board
commensurate with the appointment of Mr. Grammen and will be
appointed Eastside's Chief
Financial Officer effective June 15,
2020.
Paul Block, Chairman of the board
of Eastside Distilling, commented, "We are pleased to welcome
Bob Grammen to the Eastside
Distilling board of directors. Bob was part of the board of
directors at Intersect Beverage, owners of the Azuñia Tequila
product lineup, prior to Eastside's acquisition of the brand in
September 2019. He has a strong
understanding of both the capital markets and consumer products,
which we believe will benefit Eastside into the future."
Robert P. Grammen is a Managing
Director of EFO Management, LLC ("EFO"), a family office located in
Dallas, Texas and Naples, Florida that manages in excess of
$250 million of direct debt and
equity investments across a wide spectrum of asset classes that
include IT, Healthcare, Hospitality, Spirits, Real Estate and Asset
Based Lending. Grammen serves as the Managing Director of EFO's
Naples, Florida office and is
responsible for the origination, analysis, structure and execution
of direct debt and equity investments. His post-investment
responsibilities have included asset management, committee
leadership and board positions for EFO Financial Group, Intersect
Beverage, Laser Spine Institute, Palm Beach Tan, Marodyne Medical,
Cypress Lending Group, YourCause, Coral Hospitality, Melbourne
Greyhound Park and others. Prior to joining EFO in 1999, Grammen
served as a Vice President of International Trading Group in
Naples, Florida, focusing on the
purchase, restructure, and sale of distressed municipal bond debt.
From 1987 until 1991, Grammen served as a Vice President of
Landbase, Inc. as an investment banker and consultant in the
international resort development business, where he worked
internationally in 13 countries. Grammen received his B.A. in
Economics from Bethany College,
Bethany, West Virginia.
Lawrence Firestone, CEO and Board
Member of Eastside Distilling, commented, "I am excited to have
Geoff join the Company as our full-time Chief Financial Officer.
Since joining the board last year, and with his appointment as
Audit Committee Chair, Geoff has demonstrated a strong
understanding of the financial operations of the business. I look
forward to working closely with Geoff to continue the repositioning
of Eastside Distilling to focus on our major brands and continuing
to improve our financial performance."
"We want to express our sincere thanks to Stu Schreiner for stepping in as Interim CFO
over the past few months. His leadership and steady hand have
helped us improve our financial reporting, controls and navigate
this unprecedented time in history due to the global disruptions
from COVID-19. I look forward to Stu's support during the
transition," Firestone concluded.
Geoffrey Gwin joined the
Eastside board of directors in
August 2019. Until March 2020, Gwin was most recently a Member of
Quad Capital Management Advisors, LLC and the Managing Member of
Group G Capital Partners, LLC. Gwin is a Board Observer of SMArtX
Advisory Solutions, Inc., a private company offering technology
solutions to wealth advisors, RIA's and other financial services
firms. Gwin formed Group G Capital Partners, LLC in 2003 and had
continuously managed its related strategies as its Chief Investment
Officer. Gwin has held positions at Symphony Asset Management,
BHF-BANK Aktiengesellschaft, and Citibank, Inc. over the last two
decades. Gwin holds a Bachelor of Science in Business from
Wake Forest University and is a Charter
Financial Analyst.
G. Stuart Schreiner, who was the
Company's Interim Chief Financial Officer, will remain a consultant
to the Company to assist with the transition to Mr. Gwin as Chief
Financial Officer on June 15,
2020.
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
Redneck Riviera and companion brand Granny Rich Whiskey, newly
acquired Azuñia Tequilas, Burnside Whiskeys, Hue-Hue Coffee Rum,
and Portland Potato Vodkas. All Eastside spirits are crafted from natural
ingredients for quality and taste. Eastside's Craft Canning + 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: 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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SOURCE Eastside Distilling, Inc.