Iconic Brands/ICNB-Funding Update-Meet Christie at EHP Liquors at Costco Friday
AMITYVILLE, NY–(Marketwired – Nov 7, 2017) – Iconic Brands, Inc. (OTC PINK: ICNB) Iconic Brands announced today a closing of $600,000 in funding, of which $300,000 was an equity financing priced at .0025 with .01 warrants for a blended cost of .00625. These shares were sold to three accredited investors, and are fully restricted non-tradeable shares for a period of two years. The additional $300,000 was purchase order financing with no equity component. The company is also working to secure a significant credit line with a top tier commercial bank, again with no equity component. The use of proceeds was directly for the purchase of additional product to fulfill demand.
Mr. Richard DeCicco commented, “We as a company are doing our best to manage cash flow for corporate growth, but as the sales channels expand and the demand for product increases dramatically, it is impossible to grow the business without additional sources of capital. I’m very cognizant of dilution and shareholder value and would like to assure everyone we are doing our best to manage the process with the ultimate goal to grow shareholder value. Sales are exceeding our expectations and I will have an update for everyone later this week, but suffice it to say I’m very very pleased.”
Additionally, the company is close to consolidating the balance of the brand not owned by Iconic into Iconic, and expect an update shortly, as well we continue working towards completing our audits and an eventual uplist.
We had an incredible turn out at Stew Leonard’s Wines & Spirits of Farmingdale this past week, and would like to thank Stew and his entire team, Christie and our consumers for the great support.
Please come this Friday November 10th to EHP Liquors at Costco, 1774 Old Country Rd, Riverhead NY from 5-7 PM to meet Christie and try our line of Organic Prosecco and Sparkling Wines.
Please visit our website and join the mailing list at www.bellissimaprosecco.com also see our product availability map, as well Christie’s appearance schedule which we will continue to update, and great new recipes; also follow us on twitter at @BellissimabyCB.
About Iconic Brands, Inc.
Iconic Brands Inc. (“Iconic”) is a beverage company with the highest expertise of developing, from inception to completion, alcoholic beverages for itself and third parties. Iconic Brands markets and places products into national distribution through long standing industry relationships. Iconic is also a leader in “Celebrity Branding” of beverages, procuring superior and unique products from around the world and branding its products with internationally recognized celebrities. Currently offering Bivi Vodka, www.BiviVodka.com and Bellissima Prosecco, www.BellissimaProsecco.com.
This press release may contain forward-looking statements that involve risks and uncertainties. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology including “could”, “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential” and the negative of these terms or other comparable terminology. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this report. Except as required by applicable law, we do not intend to update any of the forward-looking statements so as to conform these statements to actual results. Investors should refer to the risks disclosed in the Company’s reports filed from time to time with the Securities and Exchange Commission and available at www.sec.gov.
Iconic Brands, Inc.