Upgrades Financial Resources and Capabilities to Improve Financial Controls and Discipline; Switch to Miranda CFO Services, Inc. Firm Coupled with Other Operational Savings Expected to Contribute >$100,000 in Savings
TORRANCE, CA / ACCESSWIRE / May 17, 2016 / American Brewing Company, Inc. (OTC: ABRW), a healthy functional beverage company and owner of the Búcha® Live Kombucha brand, today announced the hiring of Robert Miranda as Chief Financial Officer and Miranda CFO Services, Inc. as its CFO consulting firm. Mr. Miranda owns Miranda & Associates, a CPA firm that will provide accounting and tax services to American Brewing. The Miranda firm will also assist with the Company's independent accounting firm, Malone Bailey on all accounting and SEC reporting matters, as well as acquisitions and other CFO responsibilities.
Bob Miranda brings over 35 years of public and private company Chief Financial Officer and audit experience to the Company. Prior to his current role, Bob served as CFO for a number of smaller public companies, and has had his own consulting and accountancy firm for a number of years. Prior to that he served as global director of Jefferson Wells, as national director of Deloitte & Touché, and as manager with KPMG's audit practice. Robert is a graduate of the University of Southern California and the Harvard Business School. He is a licensed Certified Public Accountant (CPA) in California.
Bob Miranda commented, "I am very happy to be joining Búcha® at this important inflection point in the Company's history. I have known Brent Willis for a long period of time, and am confident that together we can take advantage of a unique opportunity in the fast growing functional healthy beverage category."
Concurrent with the hiring of Bob Miranda and his related accounting firm, American Brewing has secured more than $100,000 in annual operating expense savings. These hard cost savings that were obtained over the past few weeks are expected to have a material impact on the firm's bottom line profitability in 2016.
Brent Willis, CEO of American Brewing and a former Senior Executive at the Coca-Cola Company and AB InBev, stated, "Bob is a great addition to Búcha® and will really strengthen the internal team. Not only does he have tremendous public company CFO experience, but his Audit background at Deloitte and KPMG will also improve our internal controls and financial discipline. In addition to the internal upgrade that Bob represents, the cost savings secured by this and other changes will be an important improvement to the Company's overall cash flow and operating profit."
About American Brewing
Based in Edmonds, Washington, American Brewing Company was founded in 2010 and became a public company trading under the ABRW symbol on August 7, 2014. As a craft brewer, the Company won major industry awards and accolades for quality. In the 2nd Quarter of 2015, the Company acquired 100% of the assets of Búcha® Live Kombucha, from B&R Liquid Adventure, LLC for a combination of cash and stock. On October 7, 2015, American Brewing sold 100% of their beer assets improving their balance sheet and providing working capital to expand their healthy beverage business. The transaction is expected to finalize imminently.
Safe Harbor Disclosure
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are any statement reflecting management's current expectations regarding future results of operations, economic performance, financial condition and achievements of the Company including statements regarding American Brewing's expectation to see continued growth. The forward-looking statements are based on the assumption that operating performance and results will continue in line with historical results. Management believes these assumptions to be reasonable but there is no assurance that they will prove to be accurate. Forward-looking statements, specifically those concerning future performance are subject to certain risks and uncertainties, and actual results may differ materially. American Brewing competes in a rapidly growing and transforming industry, and other factors disclosed in the Company's filings with the Securities and Exchange Commission might affect the Company's operations. Unless required by applicable law, ABRW undertakes no obligation to update or revise any forward-looking statements.
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SOURCE: American Brewing Company, Inc.