WILTON, Conn., May 31, 2011 (GLOBE NEWSWIRE) -- Drinks Americas Holdings, Ltd. (OTCBB:DKAM), a leading developer and marketer of beverage products, today announced that The Rheingold Brewing Company has received Alternating Proprietorship approval from the Alcohol and Tobacco Tax and Trade Bureau. An " alternating proprietorship " is a term used to describe an arrangement in which two or more people take turns using the physical premises of a brewery. Rheingold Beer, which has been growing in volume since its introduction in September of 2010, will continue to be brewed at the historic Lion Brewery.
Under the Alternating Proprietorship, The Rheingold Brewing Company will qualify for a reduction in federal excise tax. Going forward, the Company will pay a $7.00 excise tax per barrel on the first 60,000 barrels of beer removed for consumption or sale in a calendar year. Prior to receiving the Alternating Proprietorship, the Company paid $18.00 excise tax per barrel.
Patrick Kenny, Drinks Americas CEO stated, "This growth step and milestone allows us to enhance the margins associated with the growing sales of Rheingold Beer, which consumers are both remembering and reacquainting themselves with as our volume over expanding territories grows."
Drinks Americas launched Rheingold in September 2010, and the brand is now being sold in New York, New Jersey, Connecticut, Pennsylvania, Georgia, Ohio, Kentucky, Maryland, Michigan, North Carolina, Florida and Texas.
A photo accompanying this release is available here: .
About Drinks Americas
Drinks Americas develops, owns, markets, and nationally distributes alcoholic premium beverages including Willie Nelson's Old Whiskey River Bourbon, Olifant Vodka and Rheingold Beer.
The Drinks Americas Holdings, Ltd. logo is available at
Except for the historical information contained herein, the matters set forth in this release, including the description of the company and its product offerings, are forward-looking statements within the meaning of the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the historical volatility and low trading volume of our stock, the risk and uncertainties inherent in the early stages of growth companies, the company's need to raise substantial additional capital to proceed with its business, risks associated with competitors, and other risks detailed from time to time in the company's most recent filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. The company disclaims any intent or obligation to update these forward-looking statements.
CONTACT: Charles Davidson Drinks Americas, Inc. 203-762-7000