US – Alkaline Water Company, a leading producer of value-added water and functional beverages has announced the appointment of its current director, Frank Lazaran, to the role of CEO, effective immediately.
This is after the longtime Alkaline executive Ricky Wright said he would immediately resign as president and CEO and as a director of the Scottsdale-based maker of the Alkaline88 bottled water brand.
Lazaran, was the most recent chairman, president, and CEO of Indiana-based Marsh Supermarkets and was previously president and CEO of Florida-based Winn-Dixie Stores Inc., one of the largest supermarket chains in the Southeast.
The company stated that the appointment of Frank is consistent with his personal track record of being put into similar positions over his career.
It is also aligned with the company’s direction, along with the company’s board of directors’ mandate, to evaluate optimization measures while continuing the brand’s consistent and stable growth.
This appointment comes just a few moments ahead of the unveiling of the company’s pathway to profitability and providing financial guidance for the next fiscal year.
Alkaline reported extremely strong sales for its fiscal year 2022 third quarter, ending on Dec. 31, 2021, with revenue of US$15.1 million, up 57% from the year-earlier period.
Though its gross profit was higher in the latest period compared to a year earlier, expenses were more than doubled, resulting in a US$10.7 million loss (10 cents per share) for the period, compared to a 6-cent loss a year earlier.
The company has yet to release its full-year or fiscal Q4 results for the three months ending March 31.
Alkaline however noted that it is grappling with increased price pressure due to rising costs and supply-chain constraints in recent months, as well as a dwindling stock price.
In May, the company again went to the public markets to bring in more cash reserves by completing an underwritten public offering of 8,333,334 common shares, at 60 cents per share, raising gross proceeds of US$5 million to be used for general purposes, according to a regulatory filing.
Additionally, on May 10, Alkaline was ordered to prop up the price by having it move above $1 for 10 consecutive days by Nov. 7, or any agreed extension period, to avoid being delisted from the Securities and Exchange.
The company is hopeful that with the appointment of Frank, he together with his team can lead Alkaline into the next phase of our growth with Alkaline88, as it is now under-sailing in the market.
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