NEW YORK, May 22, 2012 (GLOBE NEWSWIRE) -- Panache Beverage, Inc. (OTCQB:WDKA), an alcoholic beverage company specializing in the development, global sales and marketing of spirits brands, today announced revenues were $368,483 and $433,180 for the three months ended March 31, 2012 and 2011, respectively.
The decrease in revenue during the three months ended March 31, 2012 compared to the same period in 2011 was primarily due to the production delays at our supplier in Bialystok, Poland. The distillery experienced difficulties in supplying Wodka and Alchemia products due to a number of issues beyond its control. The production delays resulted in the backlog of 13 customer orders totaling $454,079 in gross sales. Based on the distillers' most recent production schedule and our analysis, the entire backlog should be cleared by the end of the second quarter.
James Dale, the Chief Executive Officer of Panache Beverages, stated, "As a result of resolving production issues and filling the backlog, we project significantly higher sales in the second quarter of 2012 equal to 100% growth over the first quarter of 2012. The rest of this year and next is positioned for robust growth reflecting these projections. We are delighted with the overall performance of the company and its brands."
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About Panache Beverages, Inc.
Panache Beverage, Inc. (OTCQB:WDKA) based in New York, NY is an alcoholic beverage company specializing in the development, global sales and marketing of spirits brands. The Company's expertise lies in the strategic development and aggressive early growth of its brands establishing its assets as viable and attractive acquisition candidates for the major global spirits companies. Panache intends to build its brands as individual acquisition candidates while continuing to develop its pipeline of new brands in to the Panache portfolio. Panache's existing portfolio contains three brands: Wodka Vodka (www.welovewodka.com), Alchemia Infused Vodka (http://alchemiainfusions.com) and Alibi American Whiskey (www.alibiamerica.com).
For more information visit: http://www.panachespirits.com
Safe Harbor
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Additionally, words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate" "project" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the events or results anticipated by these forward- looking statements may not occur. Factors that could cause or contribute to such differences include the ability of Information System Associates to attract customers for its services, and to continue developing innovative datacenter optimization solutions. Further information on Panache Beverages' risk factors is contained in its filings with the Securities and Exchange Commission, including the Form 10-KSB for the year ended December 31, 2010 and the Form 10-QSB filed June 30, 2011. Panache Beverages does not undertake any duty nor does it intend to update the results of these forward-looking statements.