Tinley's Appoints CEO & President Of Tinley's Brands USA And Grants Stock Options

The Tinley Beverage Company Inc. TNYBF TNY appointed Theodore Zittell as CEO and Richard Gillis as president, Tinley's Brands USA. Gillis's primary focus will be to drive the reintroduction of the full Tinley's brand infused line-up and pursue Tinley's brand growth in California, and address expansion to other US states as opportunities arise. Gillis will also drive expanded sales and distribution of the relaunched Beckett's Tonics and Beckett's 27 products initially rolling out to Total Wine & More retail locations across 27 US states. These appointments coincide with the dissolution of the office of the CEO, which was comprised of members Theodore Zittell, Richard Gillis, and Douglas Fulton.

Grant of Stock Options

The company announced the grant of stock options to purchase up to 6 million common shares in the capital of the company to certain officers, directors, employees and consultants of the company in accordance with the terms of the company's stock option plan. The stock options will be exercisable at a price of $0.10 per common share and for a period of five years from the date of issuance.

"I am encouraged by our progress in California over the past few months since the announcement of the strategic investment by Blaze Life Holdings ("BLH")," stated Zittell. "Our collaboration with BLH has enabled us to enhance capabilities at the company's Long Beach facility, and to realize improved productivity and throughput. In addition, the company has begun to benefit from cost savings through ongoing resource and systems alignment. Our Tinley's management team has delivered key wins over the past few months, notably the relaunch of the full line up of Tinley's branded products in California now underway. The successful reformulation of Beckett's and the planned Q4 2022 launch of seven Beckett's SKU's across more than 200 Total Wine & More locations in the USA is a significant achievement, and we are happy to recognize the team's efforts through the grant of stock options."

Photo by Tim Foster on Unsplash

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