TORONTO--(BUSINESS WIRE)--Flow Beverage Corp. (TSX:FLOW; OTCQX:FLWBF) (“Flow” or the “Company”) announced today that Maurizio Patarnello has decided to step down from the position of Chief Executive Officer for personal reasons, effective June 1, 2022. Nicholas Reichenbach, Flow’s Founder and Executive Chairman, will succeed Mr. Patarnello as Chief Executive Officer.
With over 30 years dedicated to growing successful food and beverage brands around the world, including Flow, Maurizio Patarnello has decided to step down as Flow’s Chief Executive Officer to be closer to his family and loved ones in Europe. To ensure continuity in the Company’s strategy, Mr. Patarnello will assume the role of Strategic Advisor to Flow Beverage’s Board of Directors, continuing to assist the Company in existing and with future strategic projects.
“I was honoured to serve as Flow’s CEO, and I will continue to support the Company in my new role as Strategic Advisor and as a committed shareholder of the Company,” said Mr. Patarnello. “I am certain that Flow’s brand will continue to pursue its innovative growth path and inspiring role within the premium water category in North America. I will continue to offer my experience and passion to the Company to ensure that it realizes its ambitions as a leader in sustainability and premium hydration. I would like to thank Flow’s Board of Directors and the entire staff for their dedication to the Company. I am looking forward to collaborating with the team in the continued roll out across North America.”
The Board has appointed Nicholas Reichenbach as Chief Executive Officer to lead the Company under the existing strategic framework. Mr. Reichenbach founded Flow in 2014, guiding its formative development into a Certified B-Corp focused on sustainability, health and wellness. Now available in over 30,500 retail outlets across the United States and Canada, Flow is one of the fastest growing premium water brands in North America, to date having replaced over 150 million single serve plastic water containers with sustainable Tetra Pak® packaging.
“Flow’s Board of Directors wish to thank Maurizio for having guided the Company during this critical period. His leadership, experience and disciplined approach have delivered continued growth, furthered innovation and increased distribution while transforming Flow into a public company,” stated Mr. Reichenbach. “I personally wish to thank Maurizio on behalf of our shareholders for his many contributions to our brand and the growth in both Canadian and U.S. markets. I am looking forward to continuing our work together on strategic development and, together with our Executive Team, continuing the cost discipline, focus and priorities as laid out in our strategic framework.”
Flow is one of the fastest-growing premium water companies in North America. Founded in 2014, Flow’s mission since day one has been to reduce environmental impacts by providing sustainably sourced naturally alkaline spring water in a sustainable, 100% recyclable and up to 75% renewable, plant-based pack. Today, the brand is B-Corp Certified with a best-in-class score of 126.5, offering a diversified line of health and wellness-oriented beverage products: original naturally alkaline spring water, award-winning organic flavours, and collagen-infused flavours in sizes ranging from 330-ml to 1-litre. All products contain naturally occurring electrolytes and essential minerals and support Flow’s overarching purpose to “bring wellness to the world through the positive power of water.” Flow beverage products are available online at flowhydration.com and are sold at over 30,500 stores across North America.
For more information on Flow, please visit Flow’s investor relations site at: investors.flowhydration.com.
This press release may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation. Such forward-looking statements include, but are not limited to, information with respect to our objectives and the strategies for achieving those objectives, as well as information with respect to our beliefs, plans, expectations, anticipations, estimates and intentions. Forward-looking statements are typically identified by the use of words such as “may”, “would”, “should”, “could”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe”, or “continue”, although not all forward-looking statements contain these words. Forward-looking statements are provided for the purposes of assisting the reader in understanding Flow and its business, operations, prospects, and risks at a point in time in the context of historical and possible future developments, and the reader is therefore cautioned that such information may not be appropriate for other purposes. Forward-looking statements are based on assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking statements. Those risks and uncertainties include the following: impact and spread of COVID-19; ability to achieve and manage growth; failure to expand sales capabilities; changes in consumer preferences; criticism of packaged water; maintain brand image and product quality; constrained or unavailable spring water sources; inability to package products; increased competition; accurately estimating demand; maintaining relationships with distributors and vendors; changing retail landscape; incorrect product design or development; product information misrepresentation; revenues derived entirely from packaged beverages; increases in costs or shortages of materials; fluctuation of quarterly operating results; no assurance of profitability; fluctuations in foreign currency; changes in government regulation; contamination or recalls of ingredients or end products; loss of intellectual property rights; litigation; future tax rates; catastrophic events; climate change; seasonal business; dependence on key information systems and third-party service providers; ability to securely maintain confidential information; maintaining and upgrading information technology systems; conflict of interest; dual class share structure; potential volatility of share price; no assurance of active market for shares; lack of dividends; global financial condition; publication of inaccurate or unfavourable research and reports; operating history; and management and conflict of interests. Consequently, all of the forward-looking statements contained herein are qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward looking. statements contained herein are provided as of the date hereof, and we do not undertake to update or amend such forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable law.