MIAMI BEACH, FL / ACCESSWIRE / October 21, 2024 / LQR House Inc. (the "Company" or "LQR House") (NASDAQ:LQR), a niche e-commerce platform specializing in the spirits and beverage industry, today announced its first major strategic updates under the guidance of David Lazar, the Company's newly appointed Director and President. In an effort to reduce the Company's costs and refocus its resources, LQR House will be shutting down its NFT platform, RareSips, and ending its partnership with Bevage LLC.
David Lazar believes that the NFT platform RareSips no longer aligns with the vision for LQR House and that the platform's operations consume resources that could be better allocated elsewhere. By cutting RareSips, Lazar aims to streamline operations and sharpen the Company's focus on more impactful opportunities.
Additionally, LQR House and Bevage LLC have ended their partnership by mutual agreement, following LQR House's role in building the brand's online presence and designing their website. While the Company believes in Bevage LLC 's potential, it was decided to shift away from this partnership in favor of cost reduction and operational efficiency. LQR House wishes Bevage LLC the best in its pursuit of a wholesale-driven strategy.
Sean Dollinger, CEO of LQR House, expressed his support for Lazar's decisive actions:
"I love seeing immediate action like this. It's clear that LQR House is in good hands with David Lazar, who sees a lot of potential here and is already rolling up his sleeves to make the necessary changes. While it's bittersweet for me, as I was passionate about both RareSips and Bevage LLC , and believe our team built some of the most beautiful platforms for these concepts, I agree with David that focusing on stockholders interests by cutting costs is the best path forward for the Company."
The Company's management believes that these strategic updates mark the beginning of LQR House's transformation, with a renewed emphasis on operational efficiency and shareholder value.
About LQR House Inc.
LQR House intends to become a prominent force in the wine and spirits e-commerce sector, epitomized by its flagship alcohol marketplace, cwspirits.com. This platform seamlessly delivers a diverse range of emerging, premium, and luxury spirits, wines, and champagnes from esteemed retail partners like Country Wine & Spirits. Functioning as a technology-driven hub, LQR House utilizes software, data analytics, and artificial intelligence to elevate the consumer experience. CWSpirits.com stands out as the go-to destination for modern, convenience-oriented shoppers, providing a curated selection of alcohol products delivered to homes across the United States. Beyond its role in an e-commerce sector, LQR House is a marketing agency with a specialized focus on the alcohol industry. The Company measures campaign success by directly correlating it with sales on CWSpirits.com, demonstrating a return on investment. Backed by an influential network of over 550 figures in the alcohol space, LQR House strategically drives traffic to CWSpirits.com, enhancing brand visibility. LQR House intends to disrupt the traditional landscape of the alcohol industry, driven by its dedication to providing an unparalleled online purchasing experience and delivering tailored marketing solutions.
About David E. Lazar
David E. Lazar is an experienced private investor who brings domestic and international experience in operations, accounting, audit preparation, due diligence, capital restructuring, debt financing, and mergers and acquisitions.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Shareholders can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. Forward-looking statements contained in this press release are made only as of the date of this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions, and other factors discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and in other reports and documents that the Company files from time to time with the United States Securities and Exchange Commission (the "SEC"). You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the headings "Risk Factors". Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and in other reports and documents that the Company files from time to time with the SEC. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. References and links to websites have been provided as a convenience, and the information contained on such websites has not been incorporated by reference into this press release.
Investor and Media Contact:
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SOURCE: LQR House
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