Alkaline Water (WTER) Announces Alkaline88 Products to be Distributed by Hensley Beverage Company Across Arizona, Files for ATM Program
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The Alkaline Water Company Inc. (NASDAQ and CSE: WTER) (the “Company”), is a producer of premium bottled alkaline water and flavor-infused waters products sold under the brand names Alkaline88® and A88 Infused™, respectively. Today, the Company announced that it is partnering with Hensley Beverage Company, a local Direct Store Delivery (DSD), to distribute its beverage brands across Arizona.
“We are pleased to announce we have entered into an agreement with Hensley Beverage Company, an Anheuser-Busch InBev distributor. Hensley is one of the largest and most respected family-owned beverage distributors in the nation. They service all of Arizona, and its customer base includes over 9,000 retail locations. Under this agreement, Hensley will carry the full line of our smooth tasting Alkaline88 water portfolio and our A88 Infused flavored waters,” stated Ricky Wright, President and CEO of The Alkaline Water Company.
“This will be the first time in a major market that the Company has adopted a direct store distribution (DSD) model for its entire Alkaline88 line. It’s long been established in the beverage industry that growing brands can increase sales by a factor 2-3 times their current baseline by partnering with premier DSD providers. With our brands now available in over 70,000 retail locations and a robust portfolio of beverages, we believe our timing is perfect for taking this next step in expanding our sales efforts. As we pursue our growth strategies in 2021, adding other premier beverage distributors in other key U.S. markets will allow us to continue to be one of the fastest-growing beverage companies in the U.S.”
“Hensley is excited to partner with The Alkaline Water Company to distribute the Alkaline88 portfolio across the state of Arizona. Alkaline88 has a great presence in the marketplace, and we look forward to working together to drive the brand’s growth across all retail channels. As an Arizona-based company, we look forward to collaborating with another Arizona-based organization,” stated Nate Dworkin, Vice President Brand Management of Hensley Beverage Company.
Hensley Beverage Company is a multi-generational, family-owned, local Arizona beverage wholesaler that distributes a diverse and first-rate portfolio of beverages, including Anheuser-Busch InBev beers, top selling local and regional craft beers, premium non-alcohol beverages, water, soda, tea, wine, and spirits. Hensley maintains a proprietary service fleet of more than 800 vehicles and has the support of over 1,100 employees, servicing a customer base of more than 9,000 retail accounts throughout Arizona from multiple state-wide branches. With corporate headquarters located in Phoenix, Hensley also has fully operational controlled environment warehouse space in five different locations across Arizona, including Tucson, Flagstaff, Prescott Valley, Chandler, and Show Low. As a result of its focus on core competencies of service, integrity, and quality products, Hensley has been recognized locally and nationally as a leader in the community and the beverage industry.
At-The-Market Equity Offering
The Company also announces, subject to regulatory approval, that it has filed a prospectus supplement with the Securities and Exchange Commission (“SEC”), pursuant to which it may offer and sell shares of its common stock (the “Shares”) having an aggregate offering price of up to $20,000,000 from time to time through an “at-the-market” equity offering program (the “ATM Program”). The Company currently intends to use the net proceeds from any sales of the Shares under the ATM Program for general corporate purposes which may include repayment of indebtedness, increasing our working capital or capital expenditures. The timing of any sales will depend on a variety of factors.
The Shares will be offered through Roth Capital Partners as the sole sales agent. Roth may sell Shares by any method permitted by law deemed to be an “at-the-market offering” as defined in Rule 415 of the Securities Act of 1933, as amended, by means of ordinary brokers’ transactions on the Nasdaq Stock Market and such other sales as agreed upon by the Company and Roth. Sales may be made at market prices prevailing at the time of the sale, at prices related to prevailing market prices or at negotiated prices and, as a result, sales prices may vary. No sales of Shares will be made in Canada, to anyone known by Roth Capital Partners to be a resident of Canada or over or through the facilities of the Canadian Securities Exchange. Under the terms of the sales agreement entered into between the Company and Roth Capital Partners, Roth will be entitled to a commission at a fixed rate of 3.0% of the gross proceeds from each sale of Shares under the agreement.
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