As part of this corporate reorganization, Brent Lokash, former CEO, will now focus on leading the company's beverage division and acquisitions. Working in conjunction with partners at INOV8 Beverage (led by former Snapple CEO Mike Weinstein and former Yoo/Hoo Orangina CEO Brian O'Byrne), Lokash will coordinate the company's efforts to deliver beverages in concentrate form to major bottlers, a program which greatly reduces the company's cost of delivery and considerably strengthens its competitive positioning within the beverage industry.
With a highly distinguished career in business development and management, Genovese is the founder and chairman of the board of BG Capital Group, a very profitable multinational business consolidator experiencing double-digit growth and total combined revenues in excess of $150 million. Genovese has over 15 years of mergers and acquisition experience and has consulted for numerous multi-million-dollar corporations. He has shown remarkable abilities for positioning public companies in high-growth arenas and providing maximum shareholder valuations.
Genovese stated, "I am excited about what is in store for Clearly Canadian Brands and will continue to make all moves necessary to accelerate the growth of top-line revenues and shift toward profitability started in 2007. We are now well positioned at the forefront of the emergent natural and organic world, feel confident in our position within the beverage industry, and are a much more diverse company than ever before." Genovese added, "Clearly Canadian Brands now has a solid foundation for incredible growth in place; tremendous product lines, a world-class sales force, distribution and selling agreements with some of the largest retailers in the world, and a strong financial position, including cash to help expedite our growth initiatives. I look forward to working with the whole team as we move to capitalize on favorable market environments."
Added Lokash, "Having spent the past two years re-establishing the Company for growth, it is fantastic that we are in a position to add the experience and strength of Genovese to our management team. Working with INOV8, I believe we have a great opportunity to take Clearly Canadian beverages into widespread distribution and with the strong natural and organic platform we have built, we are ready to add value through smart and strategic acquisitions."
The company also announced that Lokash has stepped down from the company's board of directors which now consists of Bobby Genovese (chairman), George Reznik and David Reingold.
From the March 3, 2008, Prepared Foods e-Flash