US: Drinks Americas elects board member
Drinks Americas has confirmed an addition to its board of directors.
The company, which owns the Trump vodka brand, said today (25 May) that Jack Kleinert has been elected to the board.
Kleinert is the CEO and co-founder of Velocity Portfolio Group, a firm which"purchases distressed consumer receivables and liquidates the receivables using its nationwide legal network", Drinks Americas said. Kleinert has previously worked for Goldman Sachs.
"We believe that, with Jack's strong financial acumen and background, we can continue to strengthen our company's capital structure, accelerate our reduction in debt and achieve profitability more quickly," said Drinks Americas' CEO, Patrick Kenny. "With ... the company emerging successfully from a number of economic challenges it faced, having a board resource with Jack Kleinert's level of knowledge will be instrumental as we go forward."
Earlier this year, Drinks Americas reported a drop in sales and heavier losses for the first nine months of its fiscal year.
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