Fizzics Successfully Completes Reorganization (1)

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C1SI0N PR Newswire
a
Fizzics Successfully Completes Reorganization Comp
any Restructures Debt, New Products in the
Pipeline
NEWS PROVIDED BY Fizzics Group Apr 23, 2020,
1100 ET
NEWPORT, R.I., April 23, 2020 /PRNewswire/ --
Fizzics Group Inc., the technology company
revolutionizing the way people drink beer,
announced today that the company emerged from
Chapter 11 bankruptcy protection by successfully
completing a debt restructuring and implementing
the reorganization plan confirmed in the U.S.
Bankruptcy Court for District of Delaware on
March 26, 2020. "Our ability to successfully
emerge from bankruptcy is a testament to our
brand, the hard work of many people, and an
unwavering commitment to our customers," said
Fizzics President and Chief Executive Officer
Thomas Steckbeck. "We achieved all of the key
objectives we set for ourselves at the beginning
of this process. Most importantly, we've
implemented a more sustainable business model,
which will allow us to better monetize our IP and
capitalize on the growth opportunities ahead." As
a result of completing the bankruptcy process,
the company restructured its debt and will issue
new equity, which is subject to dilution in
connection with future stock issuances, including
issuances to potential new equity investors and
option grants to key personnel and strategic
partners. The reorganization will allow the
company to accelerate new product development,
increase marketing, better serve its customers,
and expand into new markets. Upon closing, Mr.
David McDonald, co-founder and CTO, stepped down
from the day-to-day operation of the company and
has been retained by the company as a technical
consultant. Mr. Steckbeck, who previously served
as Fizzics' Chief Commerce Officer and had been
serving as President and Chief Executive Officer,
shall continue in that role as well as serve on
the Company's new Board of Directors. Mr.
Steckbeck managed the orderly closeout of the
now-discontinued Waytap product, guided the
company through the reorganization, and
successfully launched the new DraftPour product
line. Questions regarding the Company's
reorganization plan may be directed
toinfo_at_flzzicsgroup.com.
ABOUT FIZZICS Fizzics Group Inc is a Rhode
Island-based technology company which
manufactures, markets, and sells products under
the Fizzics brand name. The company was founded
on the belief that beer lovers deserve that
fresh-from-the-tap-taste even when they can't
make it to their favorite bar or brewery.
Fizzics' patented Micro-Foam technology uses
sound compression and fluid dynamics to convert
cans, bottles, and growlers of beer into
nitro-style draft. With an unparalleled focus on
discovery, and tasting every beer we can And,
Fizzics is committed to improving the aroma,
flavor, and mouthfeel of all beer styles. Fizzics
was featured on the Season 8 Premier of ABC's hit
show Shark Tank. DraftPour, the company's
third-generation of consumer-facing products, is
available at www.flzzics.com and retailers such
as Amazon, Walmart, and Target, as well as
Fizzics distribution partners around the world.
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SOURCE Fizzics Group
Related Links http//www.flzzics.com/
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