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Eastside Distilling To Improve Manufacturing Efficiencies

 

PORTLAND, Ore., Feb. 13, 2017 /PRNewswire/ -- Eastside Distilling, Inc. (OTCQB: ESDI) ("Eastside" or the "Company"), a producer of award-winning hand-crafted spirits, today announced the Company is completing negotiations to sublease a new manufacturing space that will improve operational efficiencies and reduce cost of goods sold. The Company terminated its lease at its MLK warehouse, with a departure date no later than June 30, 2017, without incurring any lease cancellation fees.

Grover Wickersham, Executive Chairman of Eastside Distilling, commented, "We are constantly looking for ways to better employ shareholder capital. In addition to saving occupancy costs, this allows us to use more advanced production equipment that could not have been permitted at MLK. Our production team is extremely happy about this impending move. I am also pleased that we were able to make this change without incurring lease termination fees. We should be able to begin repaying the cost and efficiency benefits starting with the termination of the lease on June 30th, if not sooner."

About Eastside Distilling
Eastside Distilling, Inc. (OTCQB: ESDI) is located in Southeast Portland's Distillery Row, and has been producing high-quality, master crafted spirits since 2008. Makers of award winning spirits, the company is unique in the marketplace and distinguished by its highly decorated product lineup that includes Barrel Hitch American Whiskies, Burnside Bourbon, Below Deck Rums, Portland Potato Vodka, and a distinctive line of infused whiskeys. All Eastside spirits are master crafted from natural ingredients for unparalleled quality and taste. The company is publicly traded under the symbol OTCQB: ESDI. 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.

Investors:


Robert Blum, Joe Diaz or Joe Dorame


Lytham Partners, LLC


(602) 889-9700


esdi@lythampartners.com




 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/eastside-distilling-to-improve-manufacturing-efficiencies-300406068.html

SOURCE Eastside Distilling, Inc.

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RELATED LINKS
http://www.eastsidedistilling.com


 

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