PORTLAND, Ore. and PROVIDENCE, R.I., Nov. 5, 2024 /PRNewswire/ -- Eastside Distilling, Inc. (NASDAQ: EAST) ("Eastside" or the "Company"), a consumer-focused beverage company that builds craft inspired experiential brands and high-quality artisan products around premium spirits and a recently acquired pioneering mortgage technology company that operates an end-to-end, all-digital, AI-enhanced platform for homeowners and property investors will report its third quarter financial results after the market close ...

DUBAI, UAE, Oct. 29, 2024 /PRNewswire/ -- At Bluewaters Island (Dubai), VinFast Auto held the official brand launch event in the Middle Eastern market, showcasing a variety of smart and green mobility solutions. This event marks a significant milestone in VinFast's global expansion strategy and reinforces its commitment to providing sustainable and green transportation solutions in the region. VF 8 to be launched in the Middle East VF 8 to be launched in the Middle East Mr. Ta Xuan Hien, VinFast Middle East ...

Accelerated closing timeline underscores significant market opportunity for Beeline in connection with anticipated additional Fed rate cuts and increasing mortgage application volumes Simultaneously completes previously announced debt for equity exchange to strengthen balance sheet and sale of Craft Canning + Printing Well-known mortgage industry veterans to join Company's Board of Directors PORTLAND, Ore. and PROVIDENCE, R.I., Oct. 10, 2024 /PRNewswire/ -- Eastside Distilling, Inc. ("Eastside") (Nasdaq: EA ...

Transaction Overview - Eastside Distilling Inc (Nasdaq: EAST) has signed a Merger Agreement with Beeline Financial Holdings Inc, a privately-held mortgage technology company [2] - The merger aligns with Eastside's mission to maximize value for stakeholders and achieve growth across multiple sectors [2] - Eastside will issue Beeline shareholders a combination of common and preferred stock as merger consideration [4] Strategic Benefits - Eastside gains access to Beeline's proprietary AI-driven B2C sales tools, enhancing its position in digital mortgage services [5] - Beeline benefits from liquidity for shareholders and growth opportunities in public markets amid favorable real estate financing conditions [5] - The partnership allows Eastside to grow its legacy craft spirits business while entering the mortgage origination and technology sector [1][4] Financial Restructuring - Eastside executed a debt-for-equity exchange and asset sale of Craft Canning + Digital Printing to private investors, eliminating all debt from its balance sheet [3] - The transaction provides Craft with additional growth capital to expand its digital printing business in the Pacific Northwest [3] Industry Impact - Beeline's AI-enhanced platform targets Millennials and Gen Z borrowers, aiming to transform mortgage origination with a cloud-based, go-to-market strategy [6] - The merger positions Eastside as a leader in digital mortgage services, leveraging Beeline's innovative technology [4][5] Company Background - Eastside Distilling Inc is a producer of award-winning craft spirits, including whiskey, vodka, and rum, based in Portland, Oregon [7] - Beeline Financial Holdings Inc is a technology-driven mortgage lender offering a fully digital, AI-enhanced platform, headquartered in Providence, RI [8]

NYSE: VZLA TSX-V: VZLA VANCOUVER, BC, Aug. 21, 2024 /PRNewswire/ - Vizsla Silver Corp. (TSXV: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) ("Vizsla" or the "Company") is pleased to provide an update on resource expansion potential and outline its exploration plans to test high priority targets in the central and east areas of its flagship Panuco silver-gold district (the "Property" or "Panuco") as well as other greenfield prospects located in Sinaloa, Mexico. Figure 1: Plan map of the Panuco property highlighting pr ...

Eastside Distilling, Inc. (EAST) came out with a quarterly loss of $0.87 per share versus the Zacks Consensus Estimate of a loss of $0.82. This compares to loss of $1.96 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -6.10%. A quarter ago, it was expected that this company would post a loss of $0.62 per share when it actually produced a loss of $0.78, delivering a surprise of -25.81%. Over the last four quarters, the company ...

Financial Data and Key Metrics Changes - Consolidated sales increased by 11% in Q2 2024, reaching $3.1 million compared to $2.8 million in Q2 2023 [6][10] - Gross profit for Q2 2024 was $200,000, significantly up from $26,000 in Q2 2023, leading to a gross margin improvement from 1% to 5% [10][11] - Net loss decreased slightly to $1.5 million in Q2 2024 from $1.6 million in Q2 2023, while adjusted EBITDA remained flat at approximately negative $900,000 for both periods [11] Business Line Data and Key Metrics Changes - Craft sales rose to $2.4 million in Q2 2024 from $1.9 million in Q2 2023, with a record production of 6 million printed cans [10] - Spirit sales declined to $700,000 in Q2 2024 from $800,000 in Q2 2023, attributed to lower volumes in tequila due to a revised go-to-market strategy [10][11] - Craft's gross margin was negative 3% in 2023 and reported no profit margin in 2024, while spirits achieved a gross margin of 26% in Q2 2024, up from 12% in Q2 2023 [11] Market Data and Key Metrics Changes - Performance in states like Oregon and Arizona improved, indicating a positive trend in market acceptance for spirits [8] - The digital can printing segment is gaining strong traction in the market, with significant revenue growth noted [6][7] Company Strategy and Development Direction - The company aims to boost digital can printing capacity and improve gross margins while addressing operational challenges such as machine downtime and scrap reduction [7] - A reset of the tequila go-to-market strategy is in place, focusing on new distribution and pricing adjustments to enhance gross margins [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of 2024, expecting improvements in gross margins and operating cash flow [7][9] - The company is focused on building a sustainable and growing business, with a commitment to reducing corporate expenses [9] Other Important Information - The company closed on a $1.1 million debt facility for working capital during Q2 2024 [11] Q&A Session Summary - The Q&A session did not contain specific questions or answers, as the call concluded with a statement of thanks from the CEO [12]

[PART I— FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%E2%80%94%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company's financial position deteriorated significantly by June 30, 2024, marked by a shift to a stockholders' deficit and low cash reserves [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) | Metric | June 30, 2024 (Unaudited) | December 31, 2023 | | :--- | :--- | :--- | | Total Current Assets | $4,947 thousand | $4,537 thousand | | Total Assets | $16,589 thousand | $17,480 thousand | | Total Current Liabilities | $17,168 thousand | $4,205 thousand | | Total Liabilities | $18,523 thousand | $16,627 thousand | | Total Stockholders' Equity (Deficit) | $(1,934) thousand | $853 thousand | - The company's financial position weakened significantly, with stockholders' equity shifting from **$853 thousand** to a deficit of **$(1,934) thousand** in the first six months of 2024, primarily due to a substantial increase in current liabilities from **$4,205 thousand** to **$17,168 thousand** as debt became current[4](index=4&type=chunk)[5](index=5&type=chunk) [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) | Metric | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Sales | $2,952 thousand | $2,661 thousand | $5,363 thousand | $5,514 thousand | | Gross Profit | $153 thousand | $26 thousand | $339 thousand | $667 thousand | | Loss from Operations | $(1,182) thousand | $(1,402) thousand | $(2,232) thousand | $(2,642) thousand | | Net Loss | $(1,488) thousand | $(1,643) thousand | $(2,781) thousand | $(3,241) thousand | | Net Loss per Share (Basic) | $(0.87) | $(1.96) | $(1.65) | $(3.94) | - For Q2 2024, net sales increased by **11%** year-over-year, and net loss narrowed, while six-month net sales slightly declined but net loss was reduced, indicating operational improvements or cost controls[6](index=6&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) | Cash Flow Activity (Six Months Ended June 30) | 2024 | 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(1,137) thousand | $(639) thousand | | Net cash provided by investing activities | $95 thousand | $73 thousand | | Net cash provided by financing activities | $1,059 thousand | $682 thousand | | **Net increase in cash** | **$17 thousand** | **$116 thousand** | | Cash at the end of the period | $420 thousand | $839 thousand | - Cash used in operations nearly doubled in the first half of 2024 compared to 2023, with the company relying on financing activities, raising **$1,059 thousand** from secured credit facilities, to fund operations and ending with a cash balance of only **$420 thousand**[11](index=11&type=chunk) [Notes to the Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) Notes highlight a going concern warning due to an **$85,600 thousand** accumulated deficit, mixed segment performance, and recent debt restructuring and financing - The company's independent auditor's report for the year ended December 31, 2023, contained a going concern explanatory paragraph, expressing substantial doubt about the company's ability to continue as a going concern[16](index=16&type=chunk) Segment Performance (Six Months Ended June 30) | Segment Performance (Six Months Ended June 30) | 2024 | 2023 | | :--- | :--- | :--- | | **Craft C+P Net Sales** | $4,146 thousand | $3,381 thousand | | **Craft C+P Gross Profit (Loss)** | $38 thousand | $(164) thousand | | **Spirits Net Sales** | $1,217 thousand | $2,133 thousand | | **Spirits Gross Profit** | $301 thousand | $831 thousand | - On September 29, 2023, the company entered a Debt Satisfaction Agreement, exchanging **$6,500 thousand** in debt for equity and extending remaining debt maturity to March 31, 2025[69](index=69&type=chunk)[70](index=70&type=chunk) - In May 2024, the company secured **$1,100 thousand** in new financing through the issuance of 2024 Secured Notes to address liquidity needs[61](index=61&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes Q2 2024 net sales growth to Craft C+P, offsetting Spirits decline, while facing severe liquidity constraints and reliance on external financing [Results of Operations](index=29&type=section&id=Results%20of%20Operations) Q2 2024 consolidated net sales increased due to strong Craft C+P growth, offsetting a decline in Spirits sales, while gross margin improved - Craft C+P segment sales increased **22%** for Q2 2024 due to growth in digital can printing, with **6.0 million** cans printed compared to **4.2 million** in Q2 2023[102](index=102&type=chunk)[106](index=106&type=chunk) - Spirits segment sales decreased for the six months ended June 30, 2024, primarily due to the absence of **$600 thousand** in bulk barrel sales that occurred in the prior year[107](index=107&type=chunk) Metric (Three Months Ended June 30) | Metric (Three Months Ended June 30) | 2024 | 2023 | | :--- | :--- | :--- | | **Consolidated Gross Margin** | 5% | 1% | | **Craft C+P Gross Margin** | 0% | -3% | | **Spirits Gross Margin** | 26% | 12% | [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) The company faces critical liquidity challenges with significant deficits, relying on asset sales and external financing to meet its needs - As of June 30, 2024, the company had an accumulated deficit of **$85,600 thousand** and a negative working capital of **$12,200 thousand**[120](index=120&type=chunk) - The company's ability to meet ongoing operating cash needs depends on asset sales, external financing, and improving operating results, with deferred interest payments and ongoing creditor discussions[121](index=121&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a "smaller reporting company," Eastside Distilling is exempt from providing market risk disclosures - The company is exempt from this disclosure requirement due to its status as a "smaller reporting company"[127](index=127&type=chunk) [Controls and Procedures](index=34&type=section&id=Item%204%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2024, with no material changes to internal controls - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of June 30, 2024[130](index=130&type=chunk) [PART II— OTHER INFORMATION](index=34&type=section&id=PART%20II%E2%80%94%20OTHER%20INFORMATION) [Legal Proceedings](index=34&type=section&id=Item%201%20Legal%20Proceedings) The company is defending a **$285,000** lawsuit from Sandstrom Partners, Inc., while a separate lawsuit by former CEO Grover Wickersham was settled - A complaint filed by Sandstrom Partners, Inc. on March 1, 2023, alleges failure to pay for services and seeks damages of **$285,000**, which the company intends to defend vigorously[131](index=131&type=chunk) - A lawsuit filed by former CEO Grover Wickersham on December 15, 2020, was settled during June 2024[132](index=132&type=chunk) [Risk Factors](index=34&type=section&id=Item%201A%20Risk%20Factors) The company faces significant risks including potential Nasdaq delisting due to non-compliance with equity and governance requirements, and deferred interest payments - The company is out of compliance with Nasdaq's minimum stockholders' equity requirement of **$2,500 thousand**, reporting a deficit of **$(1,934) thousand** as of June 30, 2024, risking delisting[134](index=134&type=chunk) - The company is also non-compliant with Nasdaq's independent director and audit committee requirements as of March 7, 2024, but has a cure period to regain compliance[135](index=135&type=chunk) - A key operational risk is the deferral of interest payments to certain creditors in 2024, with ongoing discussions but no assured successful outcome[135](index=135&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=35&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not engage in any unregistered sales or repurchases of equity securities during Q2 2024 - There were no unregistered sales of equity securities or company repurchases during the second quarter of 2024[136](index=136&type=chunk) [Defaults Upon Senior Securities](index=35&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported during the period - None reported[136](index=136&type=chunk) [Other Information](index=35&type=section&id=Item%205.%20Other%20Information) No other information was reported for this item - None[136](index=136&type=chunk)

Company to Host Conference Call at 5:00 pm ET Wednesday August 14, 2024 PORTLAND, Ore., Aug. 14, 2024 /PRNewswire/ -- Eastside Distilling, Inc. (NASDAQ: EAST) ("Eastside" or the "Company"), a consumer-focused beverage company that builds craft inspired experiential brands and highquality artisanal products around premium spirits, digital can printing, co-packing and mobile filling, reported second quarter financial results for the period ended June 30, 2024. Second Quarter 2024 Highlights: Craft digitally p ...

NUJUMA, A RITZ-CARLTON RESERVE, OFFERS GUESTS A RARE AND IMMERSIVE ESCAPE TO DISCOVER SAUDI ARABIAN CULTURE AND THE UNTAPPED WONDERS OF THE RED SEA UMMAHAT ISLAND, Saudi Arabia, May 28, 2024 /PRNewswire/ -- Nujuma, a Ritz-Carlton Reserve, the first Ritz-Carlton Reserve in the Middle East was unveiled today on Ummahat Island in the tranquil waters of The Red Sea. The private island retreat is nestled within the captivating Blue Hole cluster of islands, where pristine coral reefs thrive beneath the surface an ...