BREA, Calif., April 19, 2023 (GLOBE NEWSWIRE) -- Reborn Coffee, Inc. (NASDAQ:REBN) ("Reborn", or the "Company"), a California-based retailer of specialty coffee, today announced the appointment of Bill Koschak, an experienced financial executive, to its newly created Advisory Board.
Mr. Koschak brings over 30 years of corporate, finance, and accounting leadership to Reborn, having spent the last 14 years as an operating or corporate CFO. Currently he is Chief Financial Officer of Calyxt, a plant-based synthetic biotechnology company. Previously, Mr. Koschak was Vice President, Finance for the Brain Therapies business unit of Medtronic and also served as Interim Vice President, General Manager, for one of the units of Brain Therapies for several months. Prior to Medtronic, Mr. Koschak also held executive positions at Young America Holdings, where he was CFO, General Mills, and KPMG LLP. For the majority of his 10 years with General Mills, he was Vice President, Finance for the Convenience Stores & Foodservice segment where for this food-away-from home segment of the business he drove a change in business strategy that doubled the business' operating profit margins during his tenure. He was also a partner at KPMG where he focused on complex financial matters and financial trading, investment banking and lending businesses. In his varied roles across industries, Mr. Koschak gained deep financial expertise and experience in corporate and operating finance roles, fund raising, capital markets, M&A, and business strategy. He was recognized as a CFO of the Year by the Twin Cities Business Journal in 2016 and currently serves on the board of 1st Financial Bank USA and Second Harvest Heartland.
"Bill is an experienced, highly respected leader with a strategic financial management mindset to support Reborn as we enter the next phase of growth," said Jay Kim, Chief Executive Officer of Reborn. "He brings a wealth of financial and food industry knowledge, and capital markets expertise to Reborn's new advisory board, with notable experience from growing public companies. We welcome him and are very pleased to have someone of his caliber and financial skill set as our first advisory board member, including demonstrated success building financial operations and teams, and experience leading finance in complex, highly competitive industries.
"Our new advisory team will bring together senior executives to help Reborn accelerate its growth, and execute on our expansion strategy, driven by strong customer demand, new product innovation and effective operational execution across our retail locations and distribution channels. We look forward to Bill's contributions and, in time, adding additional board members to help us increase the breadth and depth of our reach as a Company, positioning us to continue creating value for our shareholders," concluded Kim.
Koschak added, "Reborn has reached a key inflection point in its evolution, and I am honored to offer my insight as the Company continues its global growth trajectory of specialty-roasted coffee retail locations, kiosks and cafes, as well as exciting new complementary products. I look forward to working alongside Jay and additional new board members to drive the future of Reborn."
About Reborn Coffee
Reborn Coffee, Inc. (NASDAQ:REBN) is focused on serving high quality, specialty-roasted coffee at retail locations, kiosks, and cafes. Reborn is an innovative company that strives for constant improvement in the coffee experience through exploration of new technology and premier service, guided by traditional brewing techniques. Reborn believes they differentiate themselves from other coffee roasters through innovative techniques, including sourcing, washing, roasting, and brewing their coffee beans with a balance of precision and craft. For more information, please visit www.reborncoffee.com.
Forward-Looking Statements
All statements in this release that are not based on historical fact are "forward-looking statements." While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors section of our recently filed Registration Statement on Form S-1, as amended, and in the Management's Discussion and Analysis of Financial Condition and Results of Operations section of our recently filed Quarterly Report on Form 10-Q, which can be found on the SEC's website at www.sec.gov. Such risks, uncertainties, and other factors include, but are not limited to, the Company's ability to successfully open the additional locations described herein as planned or at all, the Company's ability to expand its business both within and outside of California (including as it relates to increasing sales and growing Average Unit Volumes at our existing stores), the degree of customer loyalty to our stores and products, the impact of COVID-19 on consumer traffic and costs, the fluctuation of economic conditions, competition and inflation. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contacts
Investor Relations Contact:
Chris Tyson
Executive Vice President
MZ North America
[email protected]
949-491-8235
Company Contact:
Reborn Coffee, Inc.
[email protected]
