Progressive Beverages Closes $1.75 Million in Series C Funding.CULVER CITY Culver City, city (1990 pop. 38,793), Los Angeles co., S Calif., a residential suburb of Los Angeles; inc. 1917. It is a center of the U.S. motion-picture industry, whose roots in the city date to c.1915. Its chief manufactures are rubber products and computers. , Calif. -- Progressive Beverages, Inc., a brand marketing firm specializing in contemporary premium wine & spirits imported from Asia, announced today that it has closed on a $1.75 million Series C round of private equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. . The oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. round was led by Tech Coast Angels, the largest professional angel investor An individual who invests his or her own money in a private company, which is typically a startup. An angel investor is not an employee or member of a bank, venture capital firm or other financial institution that normally makes such investments. network in the United States, and was supported by major participation from existing investors, the Pasadena Angels and Keiretsu keiretsu: see zaibatsu. In Japan, a strong alliance of related organizations that shares knowledge and cooperates to control its sector of the business, including the supply chain and distribution. Forum members. Progressive plans to use the proceeds for marketing expansion efforts for HAN, the first Asian Vodka in the US market. "We are excited to welcome such a high caliber group of investors to the Progressive team," says Bill Palmer, Founder and President of Progressive Beverages, Inc. "This closing is a major milestone for the Company, as it provides us with the fuel we need to make a major impact on the sales and marketing of the HAN brand. This funding will also accelerate our already impressive sales growth in California and allow for geographic expansion in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ." Progressive also welcomes the addition of three new Board members to its industry-leading team; Scott Griffiths, founder of GO Brand Engineering, whose brand portfolio includes Rhinochasers Beer, Hard Rock, House of Blues House of Blues (HOB) is a chain of music halls and restaurants founded in 1992 by Hard Rock Cafe founder Isaac Tigrett and his friend and investor Dan Aykroyd. It is a home for live music and southern-inspired cuisine, whose clubs celebrate African-American culture, specifically , and Nokia; financier Chris Alpers; and Derek Benham, founder and developer of Blackstone winery sold to Constellation Brands in 2001, and the Purple Wine Company, a brand development company that owns and markets Rock Rabbit, Avalon and Mark West brands. "I am thrilled to support Progressive in its quest to bring such an exceptional product to the US market," says investor and Board member, Derek Benham. "HAN has huge potential to transform the premium vodka segment and the Progressive team is poised to execute in this challenging market." The California launch was celebrated in late July in a three-city tour of Los Angeles, San Francisco and San Diego where unprecedented unveiling parties were widely attended by local bar, restaurant & nightclub owners, beverage industry leaders, well-known investors, top media outlets, and the California glitterati glit·te·ra·ti pl.n. Informal Highly fashionable celebrities; the smart set: "private parties on Park Avenue and Central Park West, where the literati mingled with glitterati" . These events kicked off major distribution drives across California through Young's Market Company. The product is expected to launch in New York in early 2006. About Han Asian Vodka In the international tradition of vodka distillation, HAN Asian Vodka is truly Asia's answer to standard western vodkas. HAN, the first Asian Vodka in the US market, is designed to bring contemporary cocktails and martinis to life by creating a seamless drinking experience from beginning to end. Starting with pure spring water and 4x distilled barley vodka, HAN is the only vodka infused with a polished rice spirit and filtered through a proprietary micro-carbon freeze filtration process. This HANmade process gives HAN Asian Vodka superior taste and mixability in cocktails while preserving natural amino acids that help drinkers metabolize me·tab·o·lize v. 1. To subject to metabolism. 2. To produce by metabolism. 3. To undergo change by metabolism. metabolize to subject to or be transformed by metabolism. alcohol and recover faster. |
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