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Tropical Beverage Receives Order for 720,000 Units a Month to Be Sold in Japan
SANTA ANA, Calif., Jul 17, 2006 (BUSINESS WIRE) -- Tropical Beverage Inc. (Pink Sheets:TPBV), a producer and distributor of value-added water-based products, today announced that has received an order from its Japanese distributor for at least 720,000 units a month. The items will be sold for at least $.42 a piece and will be distributed throughout Japan retail markets. The company intends to open up the product into the rest of the Asian market and to compliment the product with a series of kids beverages as well. The product has been marketed successfully in Japan and has recently taken a new look that has been very well received.
"The company has already started producing and shipping the products and intends to make plant modifications in order to handle the anticipated volume demands. The projections are that these monthly numbers are just 10% of the expected monthly output," said Chris Lotito for Tropical.
Tropical Beverage (www.tropicalbev.com) manufactures and distributes a complete line of value-added beverages. Their extensive line includes pure spring waters, flavored waters, vapor-distilled waters and waters with additives (including oxygen, caffeine, electrolytes and other enhanced minerals and vitamins). They specialize in private-labeled water and have products in both domestic and international markets. In addition, Tropical Beverage continues to seek acquisitions of related companies that will enhance their product development and to build a network of subsidiaries across the nation.
Disclaimer: Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward-looking statements are further qualified by other factors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.
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Tropical Beverage Initiates Shipments of Fast Selling Oxygenated Water Essential O2 12/9/2003
Tropical Beverage Inc. (Pink Sheets:TPBV) is proud to announce that it has begun shipping its oxygenated water Essential O2 in markets around Southern California. "We have already shipped 3 truckloads of product and are opening up new markets as we speak," said company CFO, Chris Lotito. "The response has been tremendous, and product is moving off the shelves in the stores we have placed the product," he added. "We are currently in negotiations with several distributors in other regions to deliver our product across the country."
Tropical Beverage develops and distributes value-added water-based beverages. Their extensive product line includes flavored waters, vapor distilled waters, ultra pure purified waters, micro clustered waters and waters with additives (including oxygen, caffeine, electrolytes and other enhanced minerals and vitamins). In addition to development and production, the company is in the process of further developing distribution and marketing strategies to further launch its products nationwide. In addition, Tropical Beverage continues to seek acquisitions of related companies that will enhance their product development and to build a network of subsidiaries across the nation.
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"The company has already started producing and shipping the products and intends to make plant modifications in order to handle the anticipated volume demands. The projections are that these monthly numbers are just 10% of the expected monthly output," said Chris Lotito for Tropical.
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I can't find anything on the number of authorized or outstanding shares. I sent and email to investor relations, but no response yet. anyone have this info?
U.S.-Based Investment Company The Nutmeg Group, LLC Files Fraud Suit against Tropical Beverage, Inc. and Company Executives 02.06.06
A civil suit was filed by U.S. Investment Fund The Nutmeg Group, LLC, against Tropical Beverage, Inc. (Pink Sheets:TPBV) of Santa Ana, CA and two of its corporate executives, in the circuit court of Cook County, IL. The fourteen page complaint alleges that Tropical Beverage CEO, Mark Millsap, and CFO, Chris Lotito, conspired to defraud the Company's investors, including Nutmeg, between October, 2004 through September 30, 2005. Along with securities fraud, the five counts cited in the official complaint, include, Breach of Contract, Deceptive Business Practices, Inducement and Negligent Misrepresentation.
Some of the specific allegations of the Complaint are as follows:
From April 1, 2005 through September 30, 2005, Millsap and Lotito issued more than 389 million shares of Tropical common stock, to themselves and to entities owned and controlled by Mark Millsap and Chris Lotito. Yet, Tropical recorded no consideration for the issuance of such shares.
Tropical has at least one bank account which is not recorded in Tropical's records. Withdrawals were made from this Tropical bank account for checks issued to cash. Other disbursements from this Tropical bank account were to Chris Lotito. On information and belief, many receivables are either not being collected, or if they are being collected, are being deposited to a bank account, but not being recorded on Tropical's books and records. On information and belief, Lotito and Millsap secretly, surreptitiously and illegally sold free-trading Tropical common shares.
On information and belief, a substantial portion of the $1,000,000 invested by Nutmeg, was diverted to pay for Lotito's new home.
Attorney Randall Goulding, Managing Director of The Nutmeg Group, stated: "The Complaint provides the factual details of Lotito's and Millsap's misrepresentations concerning alleged sales to major companies including Walmart, Amway, Starbucks and others. However, none of these sales could ever be verified. The Complaint alleges that all such representations were knowing and intentional fabrications. The Complaint further alleges that Tropical did not even have the proper accounting and audit controls over its bank account to even have the capacity to have a qualified SEC audit complete, despite its contrary assurances. Lotito and Millsap's false statements violate the Securities Act of 1933, as well as Section (12)(f) of the Illinois Securities Law of 1953, as well as Section (12)(g) of the Illinois Securities Law of 1953, rendering the company as well as Lotito and Millsap subject to Section 13 of the Illinois Securities Law and penalties prescribed thereunder."
The Nutmeg Group, a U.S. Virgin Islands-based investment fund with more than 30 million dollars under management, made a One million Dollar investment in Tropical Beverage, Inc. in October of 2004. Mr. Goulding continued, "It was months after our investment that we realized that things weren't adding up. Aside from the Company's failure to honor contractual commitments to us, there was mounting evidence of ongoing illegal acts perpetrated by management - Millsap and Lotito. The total scope now includes not only all of the company's shareholders but securities regulators as well. We are currently conducting asset searches on the named parties and reviewing evidence submitted by our private investigators in preparation for the case. We will also be actively conferring with both the Securities & Exchange Commission and the Federal Bureau of Investigation in order facilitate criminal indictments. Investors should not be indiscriminately victimized by such fraudulent activities. The Nutmeg Group has a duty to the investing public to bring these perpetrators to justice."
George Stevens, Managing Partner of Stevens Resource Group, LLC, commented, "It is inconceivable why anyone in this current climate of increased corporate governance would expose themselves to even a hint of malfeasance, let alone commit it. The rash of corporate cases in recent years and the publicity of those events have met with swift action and harsh punishment in the court system. Juries, in particular, are not at all sympathetic with the alleged corporate criminals in question. They are not just out for guilty verdicts anymore; they want blood." He continued, "The unfortunate thing in all of this is that innocent people get hurt, even within the criminals' own community. When corporate miscreants know they are or will be party to lawsuit in which they are, at least, partly culpable, they begin to transfer their assets to friends and loved ones in anticipation of a judgment levied against them. Litigators are now finding themselves in a position where they have to legally pursue other parties not named in the original suit to recover their awards. We've seen entire families financially and emotionally devastated by this process. Moreover, prosecutors are taking the position that such covert uses of family members and corporations to hide assets are indicia of fraud and the family members who participate are equally culpable as coconspirators."
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madtony: thx for the post. hopefully with the added scrutiny, yesterdays pr can be considered factual. I still haven't heard from the company about the current share structure.
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