VPX intends to use the Chapter 11 process to recapitalize and emerge from bankruptcy well-positioned to continue its rapid growth in the beverage market. This filing is a restorative action to help the company recover from recent challenges, including multiple lawsuits that impacted the Company’s short-term outlook and the cost impact of reconstituting the company’s national distribution network that resulted in a summer revenue gap. This will be a comprehensive transition with no impact to product availability. Bang Energy’s new DSD network will launch nationwide and be closer to 100% as it officially completes its exit from the Pepsi relationship this month. “The primary objective of our new DSD network is to regain the massive market share we earned prior to Pepsi and continue to achieve double digit growth and progress vigorously beyond 20% market share in energy drinks,” said Owoc. Bang Energy’s newly orchestrated and soon-to-launch direct store distribution network currently covers nearly 95% of the entire United States market. At $200 million per share point, that equates to $680 million in today’s energy drink market. Under Pepsi’s distribution, roughly 3.4% of that market share was lost. Immediately prior to VPX/Bang Energy switching to Pepsi in early 2020, Bang’s share of the energy drink market was roughly 9.7%. VPX/Bang Energy intends to reclaim the formidable market share that dwindled while Pepsi was the national distributor of Bang energy drink products. We are coming like a freight train and cannot be stopped.” “Utilizing our new state-of-the-art decentralized direct store distribution (DSD) will allow Bang Energy to get back to our pre-Pepsi meteoric annual success of several hundred percent year over year growth. “We are excited about our future, and particularly the new distribution system that we have spent the better part of this year assembling, said Jack Owoc, CEO and founder of VPX. VPX’s Chapter 11 efforts are being supported by $100 million of additional financing from VPX’s esteemed syndicate lenders to help ensure operations continue uninterrupted during the restructuring process.
All business operations will continue, with improved product delivery and service to retailers through VPX/Bang Energy’s newly constituted legacy distribution network consisting of more than 269 best-in-class distributors.
VPX Sports is the maker of Bang energy drinks, among other consumer products.
#VPX BANG DRINK CODE#
(“VPX Sports” or “Vital”), along with certain of its domestic subsidiaries and affiliates, announced it has filed voluntary petitions for protection under Chapter 11 of the Bankruptcy Code in the Southern District of Florida. 10, 2022 (GLOBE NEWSWIRE) - Today, Vital Pharmaceuticals, Inc.
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