USA – Eastside Distilling, an Oregon based spirits company, has appointed G. Stuart Schreiner as Interim Chief Financial Officer.
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.
He has also served as a consultant on integration for companies involved in mergers and acquisitions and is credited for creating effective financial processes, systems and controls primarily for companies transitioning from investment stage to positive cash flow.
“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 Chief Financial Officer at Hands-On Labs, Melco Industries, AirCell, Nathan Wechsler CPA, Cablecom-General, Translogic Corporation, Fischer Imaging, and Century International.
Mr. Schreiner is a Certified Public Accountant and has a B.S. in Accounting, with Honors from Bentley College. He joined Eastside Distilling on February 28, 2020.
His appointment comes at a time when the company has initiated a series of operational changes aimed at reshaping the business to achieve adjusted EBITDA profitability in the fourth quarter of 2020.
For the fiscal year 2019 ended December 31, 2019, the company anticipates gross sales of US$16.7 to US$17.4 million, an increase of approximately 132% to 142% compared to fiscal year 2018 gross sales of US$7.2 million.
The company has also increased its available working capital position by closing two new asset-backed revolving credit facilities totaling up to US$10 million, which are anticipated to be used to fund growth in the business and refinance existing debt.
Eastside recently acquired Azuñia Tequila from Intersect Beverage in a deal that will enable the company expand into in the rapidly growing above premium and luxury tequila categories.