Innovation Beverage Group Limited (NASDAQ: IBG), a Sydney-based beverage company, announced commercial expansion activity in the United States and United Kingdom, along with Double Gold Medal wins at the San Francisco Ready to Drink Competition, according to a press release.

IBG's Australian Bitters Company Cocoa Bitters and Orange Bitters each received Double Gold Medals at the blind-tasting competition. The broader portfolio also received additional gold and silver medals at the same event.

The company launched its Australian Bitters brand in New York in June through distributor Lieber Fine Wines & Spirits. IBG also participated in Cocktails in the City London and Bar Convent Brooklyn as part of its trade engagement efforts.

IBG described its approach as a city-by-city market entry model. The company is currently active in London, New York, and New Jersey, and identified Florida as its next anticipated U.S. market.

The company also plans to participate in Tales of the Cocktail in New Orleans in July, an event that draws bartenders, distributors, and spirits industry professionals.

"The past two months have marked an important period for Innovation Beverage Group as we introduce Australian Bitters to key global markets through a city-by-city approach," said Sahil Beri, CEO of IBG.

IBG also noted that its previously announced proposed business combination with BlockFuel Energy remains in process, with both parties working toward satisfying closing conditions.