Beeline Holdings, Inc 8-K, filed Mar 3, 2020
Beeline Holdings, Inc. (BLNE)
About this 8-K
Beeline Holdings, Inc filed this 8-K on March 3, 2020, reporting on events of February 28, 2020.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 28, 2020
EASTSIDE DISTILLING, INC.
(Exact name of registrant as specified in its charter)
| Nevada | 001-38182 | 20-3937596 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
1001 SE Water Avenue, Suite 390
Portland, OR 97214
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (971) 888-4264
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Common Stock, $0.0001 par value | EAST | The Nasdaq Stock Market LLC | ||
| (Title of Each Class) | (Trading Symbol) | (Name of Each Exchange on Which Registered) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (CFR §240.12b-2 of this chapter). Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Interim CFO
The Board of Directors (the “Board”) of Eastside Distilling, Inc. (“Eastside”) approved the appointment of G. Stuart Schreiner as Interim Chief Financial Officer, effective February 28, 2020. Eastside’s press release announcing Mr. Schreiner’s appointment as Interim Chief Financial Officer is furnished hereto as Exhibit 99.1.
Prior to his appointment as Interim Chief Financial Officer of Eastside, Mr. Schreiner, age 65, served as a financial consultant for Tatum, LLC, C-Squared Solutions and GSS Consulting LLC since 2002. During and prior to that time, he held various senior level positions, including Director of Finance or Chief Financial Officer, with Hands-On Labs, Inc., Melco Industries, Inc., AirCell, Inc., Nathan Wechsler CPA, Cablecom-General, Translogic Corporation, Fischer Imaging, and Century International. Mr. Schreiner is a Certified Public Accountant (inactive) and has a B.S. in Accounting, with Honors from Bentley College.
Compensatory Arrangements of Certain Officers
In connection with Mr. Schreiner’s appointment as Interim Chief Financial Officer, Eastside entered into a CFO Consulting Agreement dated March 2, 20220, with GSS Consulting, LLC, an entity through which Mr. Schreiner provides consulting services (the “Consulting Agreement”). The Consulting Agreement provides, among other things, that Mr. Schreiner will serve as a non-employee Chief Financial Officer on a part-time basis, in exchange for a fee of $125 per hour.
The foregoing is a summary only and does not purport to be a complete description of all of the terms, provisions, covenants and agreements contained in the Consulting Agreement and is subject to and qualified in its entirety by reference to the complete text of the Consulting Agreement, which will be filed as an exhibit to Eastside’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit | Description | |
| 99.1 | Press Release of Eastside Distilling, Inc. dated March 3, 2020, announcing the appointment of G. Stuart Schreiner as Interim Chief Financial Officer. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: March 3, 2020
| EASTSIDE DISTILLING, INC. | ||
| By: | /s/ Lawrence Firestone | |
| Lawrence Firestone | ||
| Chief Executive Officer | ||
Exhibit 99.1
Eastside Distilling Appoints G. Stuart Schreiner Interim Chief Financial Officer
PORTLAND, Ore., March 3, 2020 – Eastside Distilling, Inc. (NASDAQ: EAST) today announced the appointment of G. Stuart Schreiner as Interim Chief Financial Officer, effective February 28, 2020.
Mr. Schreiner joins Eastside Distilling with 25 years of experience in finance and operational leadership, where he has served in both a consulting and executive capacity for a wide array of public and private companies. His expertise includes creating effective financial processes, systems and controls that enable problem solving to occur, primarily for companies transitioning from investment stage to positive cash flow. He has also served as a consultant on integration for companies involved in mergers and acquisitions.
“Stu brings 25 years of proven financial and operational capabilities that are ideally suited for Eastside Distilling as we implement a series of operational changes aimed at reshaping our business model to achieve positive adjusted EBITDA,” commented Lawrence Firestone, CEO of Eastside Distilling. “Having worked with Stu previously, I am confident that his hands-on approach to continuous improvement will add value to Eastside going forward.”
Mr. Schreiner has been a financial consultant with Tatum, LLC, C-Squared Solutions and GSS Consulting LLC since 2002. During and prior to that time, he has additionally held various senior level positions, including Director of Finance or Chief Financial Officer, with Hands-On Labs, Inc., Melco Industries, Inc., AirCell, Inc., Nathan Wechsler CPA, Cablecom-General, Translogic Corporation, Fischer Imaging, and Century International. Mr. Schreiner is a Certified Public Accountant (inactive) and has a B.S. in Accounting, with Honors from Bentley College.
About Eastside Distilling
Eastside Distilling, Inc. (NASDAQ: EAST) has been producing high-quality, craft spirits in Portland, Oregon since 2008. The company is known for its award-winning brands, including Redneck Riviera Whiskeys, Azuñia Tequila, Hue-Hue Coffee Rum, Burnside Bourbons, Portland Potato Vodkas, and other Oregon brands. All Eastside spirits are crafted from natural ingredients for quality and taste. Eastside’s Craft Bottling + Canning subsidiary is one of the Northwest’s leading independent spirit bottlers and ready-to-drink canners. For more information visit: www.eastsidedistilling.com or follow the Company on Twitter and Facebook.
Important Cautions Regarding Forward-Looking Statements
Certain matters discussed in this press release may be forward-looking statements. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; acceptance of the Company’s products in the market; the Company’s success in obtaining new customers; the Company’s success in product development; the Company’s ability to execute its business model and strategic plans; the Company’s success in integrating acquired entities and assets, and all the risks and related information described from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”), including the financial statements and related information contained in the Company’s Annual Report on Form 10-K and interim Quarterly Reports on Form 10-Q. Examples of forward-looking statements in this release may include statements related to anticipated revenues, our strategic focus, and expected financial performance and profitability. The Company assumes no obligation to update the cautionary information in this release.
| Company Contact: | Investor Relations Contact: | |
| Eastside Distilling | Lytham Partners, LLC | |
| (971) 888-4264 | Robert Blum | |
| inquiries@eastsidedistilling.com | (602) 889-9700 | |
| east@lythampartners.com |