Alert, Three Panache Beverage Executives Step Down

FILED APRIL 28, 2014

Dear Client:

Key executives at Panache Beverage including chief James Dale, coo Agata Podedworny and vp of sales Sjoerd de Jong have stepped down, according to an SEC filing. A release from the company says the resignations are the result of a review of the company's current business strategy with Panache's senior secured lender, Consilium Investment Management, which has terminated its financial advisory agreement with the company.

Michael Romer, managing director at Panache, has been appointed interim ceo. Panache is already interviewing potential candidates to replace James, Agata and Sjoerd, says the release.

You'll recall, New York-based Panache Beverage is the owner of Wodka Vodka, Alchemia infused Vodka and Alibi American Whiskey among others. The company acquired the Empire Winery and Distillery in Hudson, Florida last June in order to begin producing Wodka Vodka and Alibi product there (see WSD 06-04-2013 ). Panache and Consilium may consider additional investment capital to increase the distillery's bulk sales, distilling and co-packing production capabilities.

Until tomorrow, Emily

"The past is always tense, the future perfect."
- Zadie Smith

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