XStream Beverage Group, Inc. Creates Blue Chip Advisory Board
May 25 2004 - 9:30AM
PR Newswire (US)
XStream Beverage Group, Inc. Creates Blue Chip Advisory Board
Company Calls on Distinguished Professionals From the Beverage,
Investment Banking and Financial Services Industries FORT
LAUDERDALE, Fla., May 25 /PRNewswire-FirstCall/ -- XStream Beverage
Group, Inc. (BULLETIN BOARD: XSBG) today announced it has
established an advisory board with the appointment of four
distinguished individuals from the beverage, investment banking and
financial services industries. The Company said that George C.
Haas, Jr., Foster Devereux, Elizabeth A. Dunn and Richard Q.
Armstrong will serve as the inaugural members of the board that
will meet approximately four times a year and provide advice and
counsel to the Company's senior management. For nearly 45 years
George Haas, Jr. has headed up Haas Financial Corporation, a New
York investment-banking firm. Prior to starting the firm he held
various executive positions with the Coca-Cola Company and
Pepsi-Cola Company (now PepsiCo). As vice president of U.S.
operations of PepsiCo he was instrumental in developing plans for
bottler financing and for restructuring the entire U.S. franchise
network. The formation of Haas Financial allowed him to act as an
independent industry expert in organizing major financing for
PepsiCo's independent bottlers. This lead to his association with
Coca-Cola Enterprises as an independent negotiator during a time
when they bought the former Coca Cola franchises and converted them
into company owned operations. A graduate of Yale University, Mr.
Haas served as a Major during World War II where he earned a silver
star for his efforts in the European Theater. Foster Devereux's
career spans the world of investment banking and the soft drink
industry. For 25 years he served as an officer and director of
Allen Company, Inc., one of New York's prominent investment bankers
and a major participant in global soft drink company financing. For
ten years Mr. Devereus owned and operated the "Squeeze" carbonated
soft drink brand. XStream Beverage Group recently acquired the
historic, "gourmet soda" brand. A graduate of Williams College, Mr.
Devereux was appointed by the Governor of Massachusetts to be a
Trustee of the Massachusetts College of Liberal Arts. Elizabeth A.
Dunn specializes in corporate, LLC's, partnership and individual
taxes for many closely held regional, national and international
businesses. A certified public account (CPA), Ms. Dunn served in
both the audit and specialized tax divisions of Ernst & Whinney
and Arthur Young & Co. At financial service giant Merrill
Lynch, she was responsible for extensive corporate finance
department functions, including evaluating and providing current
and prospective financial data for top executives. Ms. Dunn earned
a BBA from Pace University, Lubin School of Business. She is a
member of the American and Florida Institute of Certified Public
Accountants. Richard Q. Armstrong has had a long and distinguished
career as manager and senior executive in a variety of consumer
product businesses with particular emphasis in the beverage
industry that culminated with positions as president of Canada Dry
International, Canada Dry Worldwide and the combined companies of
Canada Dry and Dr. Pepper. His storied career began in consumer,
packaged goods marketing at LifeSavers International and several
major advertising agencies in New York. Active in the wine and
spirits industry, he was managing director of LVMH U.S.
Corporation, the U.S. subsidiary of the French luxury goods
conglomerate. After successfully restructuring regional Adirondack
Beverages he returned to RQA Enterprises, his own investment and
consulting firm. An honors graduate of Bowdoin College, he
presently sits on the board of UBS Paine Webber Mutual Funds Group.
He is a former Director of the Board of the Fuqua School of
Business Administration at Duke University. "The establishment of
this blue-chip advisory board is a direct reflection of the ongoing
efforts of our new management team and the outstanding reputation
each has in the beverage industry," said XStream Beverage Group
Chairman, Ted Farnsworth. "By aggressively executing a
comprehensive business plan CEO, Jerry Pearring and Vice-Chairman
Barry Wilson have brought an exceptional level of professionalism
and excellence to our Company. These two industry professionals are
the catalysts who are successfully pursuing our goal of acquiring
small- to medium-sized distributors in strategic locations around
the nation, while concurrently introducing our own proprietary
products through those distribution channels." XStream Beverage
Group recently acquired the Maui Juice Company and the historic
Squeeze soda brand, its first entry in the "retro," gourmet soda
category. The Company also recently acquired Ayer Beverage, a
central Massachusetts-based distributor of new-age beverages such
as juice, water and sports drinks. Ayer Beverage, now Beverage
Network of Massachusetts, provides XStream Beverage contiguous
geographic coverage from Boston through the entire state of
Connecticut, joining forces with Beverage Network of Connecticut,
XStream's previous New England acquisition. XStream also owns and
operates Beverage Network of South Florida that covers Miami-Dade,
Broward and Palm Beach Counties. Just over a year ago, the Company
introduced its proprietary energy drink, Yohimbe, which contains an
extract from the bark of the West African Corynanthe Yohimbe tree,
the drink also contains vitamins B-12, B-6 and taurine. Since its
introduction in March 2003, sales of the product have grown
consistently, making particular inroads in several of the popular
clubs in South Beach and Ft. Lauderdale, as well as various
locations in Connecticut. About XStream Beverage Group, Inc.
XStream Beverage Group, Inc. is undergoing rapid growth to become a
key player in the beverage industry. The company plans to continue
acquiring small- to medium-sized beverage distributors, developing
brands under its own label or through acquisition and leveraging
those brands through its current and future distribution channels.
The company is a fully reporting, public entity trading on the OTC
Bulletin Board, ticker symbol XSBG.OB. This press release includes
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause actual results, performance or achievements
of the Company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Such factors include failure to
complete successfully the development of new or enhanced products,
the Company's future capital needs, the success of competitive
products, fluctuations in costs, changes in consumer preferences
and other items described in the Company's Securities and Exchange
Commission filings. The Company undertakes no obligation to update
any statements in this press release. DATASOURCE: XStream Beverage
Group, Inc. CONTACT: Peter Nasca of Peter Nasca Associates,
Chicago: +1-312-421-0723, or Miami: +1-305-937-1711, or , or for
Investor Relations, Bob Giordano, +1-212-495-0200, ext. 10, for
XStream Beverage Group Web site: http://www.xbev.com/
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