Wednesday 08 February 2023

FunGuys Beverages receives first pre-order for Kold coffee line

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VANCOUVER, British Columbia, Canada – Billy Goat Brands Ltd., a venture capital platform focused on investing in high-potential companies operating in the ocean economy, has announced that its wholly owned business, FunGuys Beverages has received its first purchase order on a pre-order basis in the amount of CAD 50,000 (the “PO”) from Drip Coffee Social Ltd. (“Drip”) for its KOLD line of organic, mushroom-infused, cold-brew coffee beverages (“KOLD Beverages”).

The Subsidiary is a rapidly growing manufacturer and distributor of premium functional beverages. The PO validates FunGuys’ brand and product positioning for KOLD Beverages within Drip’s locations as well as via Drip’s relationships with hundreds of retail locations across British Columbia.

Drip is widely regarded as a progressive coffee authority in British Columbia as evidenced by their loyal customer following, unique retail experience and strong presence on Instagram.

Headquartered in British Columbia, FunGuys is working to disrupt the USD 655 million cold-brew coffee market1 by providing a healthy and sustainable alternative to traditional coffee beverages.

The PO marks an important milestone for FunGuys and its growth strategy, as it represents the first step in introducing KOLD Beverages to retail outlets in Canada. FunGuys’ launch of KOLD Beverages will be driven by its e-commerce store and retail presence, with fulfillment arranged by its third-party logistics providers.

FunGuys is a 100% wholly owned subsidiary of GOAT, which is committed to supporting FunGuys’ growth to become the leading manufacturer and distributor of organic mushroom-infused cold-brew coffee beverages in the world. Each serving of KOLD Beverages is infused with 160mg of Chaga and Lion’s Mane mushroom extract, among other natural ingredients that are combined to create a unique, healthy and sustainable ritual for coffee lovers.

Management Commentary

“I am enthusiastic to begin selling KOLD Beverages and view it as complementary to our retail offerings at Drip locations as well as our partners’ many outlets throughout British Columbia. The British Columbia market is growing very quickly for this leading-edge coffee product, especially on Vancouver Island and the lower mainland,” said Scott Marr, Owner of Drip.

“We are delighted to receive our first PO for what we anticipate is going to be an incredibly well received product within the functional beverage space. FunGuys will continue to accelerate its expansion plans in 2022 including the advancement of its e-commerce store.

FunGuys looks to drive expansion through various channels which will further position itself as a leading distributor of mushroom-infused cold-brew coffee beverages in the market,” said Tony Harris, Chairman and Chief Executive Officer of GOAT. “The GOAT team continues to bring innovative, food-based and ESG-focused opportunities to its shareholders, by investing in sustainable, early-stage companies,” added Mr. Harris.

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