MONTREAL, Feb. 18, 2025 (GLOBE NEWSWIRE) -- Prime Drink Group Corp. (CSE: PRME) ("Prime" or the "Company") announced today that it has undertaken a strategic restructuring of its wholly-owned subsidiary, Triani Canada Inc. ("Prime Bottling"). The objective of the restructuring is to apply the findings of an objective third-party financial analysis to current business operations to assess long-term viability and optimize organizational structures to improve the profitability of bottling plant operations and exclusively licensed brands.
This initiative will also serve to reduce operating expenses and reposition the Company for scalable revenue growth, near-term cash flow positivity and long-term shareholder equity.
Since the acquisition of Prime Bottling, the Company has attempted to revitalize operations through a continuity-oriented approach despite a complex situation. However, the results of the objective financial analysis have highlighted the need for a strategic overhaul.
The Company has appointed Garry Turpin as Executive President of Prime Bottling, effective immediately. Mr. Turpin has more than 20 years of executive management experience in manufacturing plants, including six years as plant manager at Plancher Avant-Guard Thurso, two years as plant manager at Valoritec, two years as plant foreman at Cascades and eight years as operations manager at Produits Forestiers Turpin.
Alexandre Côté, Prime's Chief Executive Officer, commented: "The overhaul of our bottling operations is essential to ensure the long-term sustainability of the company. We are convinced that this transition, under Garry Turpin's leadership, will enable us to strengthen our foundations and emerge even stronger. Our goal is clear: to transform our plants into a model of excellence and innovation, where every employee can thrive in a stimulating and sustainable environment."
Prime Bottling remains committed to its employees, partners and customers and will do its utmost to ensure that this transformation takes place under the best possible conditions.
About Prime Drink Group
Prime Drink Group Corp (CSE: PRME) is a Québec-based corporation focused on becoming a leading diversified holding company in the beverage, influencer media and hospitality sectors.
For further information, please contact:
Jean Gosselin, Secretary
Phone: (514) 394-7717
Email: info@prime-group.ca
Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations (including negative and grammatical variations) of such words and phrases or statements that certain acts, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information in this press release may include, without limitation, statements relating to the Company's operating activities.
These statements are based upon assumptions that are subject to significant risks and uncertainties, including risks regarding the beverage industry, the Offering is completed as currently contemplated, market conditions, general economic factors, and the equity markets generally. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance of Prime may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although Prime believes that the expectations reflected in forward-looking statements are reasonable, they can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, Prime disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
