US: Drinks Americas steadies ship with trading update
Drinks Americas has reversed some of its heavy share losses with a statement to reassure investors about its trading.
Drinks Americas shares fell by almost 15% yesterday (19 September), but clawed back ground by rising nearly 10% in early trading today. The rise came after the group announced a fresh distribution tie-up with Young's Market Company and also that it has continued to "generate sales" in the second month of its current fiscal quarter.
Young's will distribute KAH Tequila, Agave 99 Tequila and Ed Hardy Silver Tequila in the states of Washington, Oregon, Idaho, Utah, Montana, Wyoming and Alaska. Drinks Americas acquired distribution rights on the brands after agreeing to hand 49% of its business over to the brands' owner, Worldwide Beverage Imports, for US$1.5m in cash.
Drinks Americas is to mount a US$2m marketing drive on Kah Tequila, to coincide with the brand's nationwide launch in the US....
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