FORT LAUDERDALE, FL - Splash Beverage Group, Inc. (NYSE American: SBEV), a company that specializes in developing and marketing beverage brands, announced today the appointment of Julius Ivancsits as its new Chief Financial Officer, effective immediately. Ivancsits brings a wealth of experience in finance and growth strategy, particularly in consumer packaged goods (CPG) and business-to-business (B2B) organizations.
Prior to joining Splash, Ivancsits served as CFO of Hexo Corporation, where he played a significant role in the company's sale to Tilray (NASDAQ:TLRY) Brands last summer. He has also held the CFO position at Goba Capital, Alpha Measurement Solutions, and Be Green Packaging (NYSE:PKG), and has accrued extensive experience during his tenure at CPKelco.
Ivancsits' background includes expertise in finance, accounting, treasury, and IT, as well as experience in raising capital through private equity and family office investments. He has also been involved in restructuring and expanding credit facilities. His educational credentials include a BS in Business from Eastern Illinois University.
In his new role at Splash Beverage Group, Ivancsits will oversee all financial operations of the company, including accounting, tax, financial planning and analysis, treasury, mergers and acquisitions (M&A) activities, and capital markets. He will report directly to the company's CEO, Robert Nistico.
The CEO expressed confidence that Ivancsits' experience in full deal cycles and his proven track record in scaling companies will be instrumental in driving Splash's growth and supporting its M&A strategy.
Splash Beverage Group owns a diverse portfolio of alcoholic and non-alcoholic beverage brands, such as Copa di Vino, SALT flavored tequilas, Pulpoloco sangria, and performance hydration and recovery drinks. The company focuses on developing early-stage brands within its portfolio and acquiring innovative brands to accelerate growth.
This news is based on a press release statement from Splash Beverage Group, Inc. The company cautions readers about relying on forward-looking statements included in the press release, noting that actual results could differ materially from those projected.
InvestingPro Insights
Splash Beverage Group, Inc. (SBEV) has recently made a strategic move in appointing Julius Ivancsits as the new CFO, a step towards strengthening their financial leadership. However, a closer look at the company's financial health through InvestingPro data reveals several challenges and opportunities that investors should consider.
With a market capitalization of approximately $14.94 million, SBEV is a relatively small player in the beverage industry. The company has experienced a sales growth of 4.22% over the last twelve months as of Q4 2023, indicating some positive momentum in revenue. Despite this, the company's revenue dipped by 43.89% in Q4 2023 compared to the previous quarter, raising concerns about short-term volatility in sales performance.
The financial metrics also highlight that SBEV operates with a significant debt burden, as reflected by its negative P/E ratio of -0.71 for the last twelve months as of Q4 2023. This suggests that the company is not currently profitable and may have trouble making interest payments on its debt, as indicated by one of the InvestingPro Tips.
Moreover, the company's stock has been trading with high price volatility and is currently near its 52-week low, which could present a buying opportunity for risk-tolerant investors, especially since the stock's RSI suggests it is in oversold territory.
For investors seeking a deeper analysis, there are 15 additional InvestingPro Tips available at https://www.investing.com/pro/SBEV, including insights on the company's cash burn rate and short-term obligations compared to liquid assets. These tips could be particularly valuable for understanding the company's financial stability and growth prospects. Interested readers can take advantage of a special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing access to comprehensive financial data and expert analysis.
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