ATLANTA, GA, Oct. 26, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — Yuengling’s Ice Cream Corporation (“Yuengling’s”) (OTC PINK: YCRM) is pleased to announce that Charles Green (“Green”) and Robert C. Bohorad (“Bohorad”) signed a Letter of Intent (“LOI”) whereas upon signing of the definitive agreement, Bohorad will step down as President and Chief Executive Officer and become Chief Operating Officer and chief financial officer. Green will become the new president, CEO and director. As part of the transaction, Green and Bohorad will receive a combined total of 25% of the equity carry, which will increase upon reaching certain milestones. The Company expects the definitive agreement to be signed within 45 days.
Green, 68, is currently a managing partner at consulting firm Desmond Partners. Green has over 40 years of experience in the ice cream, logistics and consumer packaged goods (CPG) industries. He first started in ice cream with his cousin and grew their business into the largest independent distributor in the country. Green partnered with Ben & Jerry’s to become their first distributor outside of Vermont. After consulting Ben & Jerry’s on the expansion, Green accepted a full-time position as sales manager. He led domestic expansion and eventual international expansion into countries including the UK, Israel and Japan. Green was later promoted to senior director of sales and marketing, distribution and franchises. As a board member, Green negotiated the sale of Ben & Jerry’s to Unilever where he remained as integration leader. Green remained with Unilever as Senior Vice President and member of the Unilever Ice Cream Board of Directors until his retirement. After Green’s departure from Unilever, some of his work included CEO of Brigham Ice Cream, CEO of Traders Point Creamery, Co-General Manager and Commercial Director of Weetabix NA Grain Products, CEO of Backyard Farms Indoor Greenhouse , the COO of Bongiovi Pasta Sauce and CEO of Steve’s Ice Cream. Through Chuck’s consulting firm, Desmond Partners, he has worked with many other brands, such as Ample Hills, Jenni’s Ice Cream, Sunkist Frozen, G&G Foods, Cold Snap Ice Cream Machines, SoCo Creamery, Barts Ice Cream and many others.
Bohorad, 50, joined the company as president and CEO on October 28, 2021 after serving as chief operating officer of YIC Acquisitions Corp, a wholly owned subsidiary of the company. Prior to YIC Acquisitions Corp, Mr. Bohorad was Chief Financial Officer and Chief Operating Officer of Yuengling’s Ice Cream. Mr. Bohorad holds a Bachelor of Science degree with a concentration in management and marketing from the Wharton School at the University of Pennsylvania and a master’s degree in business administration from the Gabelli School of Management at Fordham University. Prior to Yuengling’s Ice Cream, Mr. Bohorad worked for several companies at various stages of their life cycle and in numerous functions including finance, accounting, business and strategic development, operations and human resources. While maintaining a diverse background, areas of particular interest include logistics, consumer products, medical devices and software.
“I am thrilled to join Yuengling and work with Rob to drive the business forward,” commented Green. “Although there has been progress behind the scenes with the public company, I know that Rob was frustrated that the relaunch of Yuengling’s Ice Cream was not moving as quickly as he would have liked. Rob and I have a lot ideas and a long to-do list, but one of our top priorities is to get Yuengling’s ice cream back on the shelves of retailers and foodservice providers. We would also like to consider a few small acquisitions and/or deals. license, but much will depend on the opportunities available. Bohorad, the current President and CEO of Yuengling, added, “I have known Chuck for many years and had the opportunity to work closely working with him since Feb. Words cannot express how excited I am to work together to advance Yuengling’s Ice Cream.
About Yuengling Ice Cream
Yuengling’s Ice Cream was founded by American businessman Frank D. Yuengling in 1920 to help sustain the family brewery during Prohibition, which lasted from January 1920 to December 1933. Established as a separate business from the brewing in 1935, Yuengling has maintained a strong tradition of making exceptional gourmet ice cream products in central Pennsylvania. The fan-favorite brand has advanced its heritage and renowned dairy quality by using locally sourced dairy ingredients that contain no added hormones. The company ceased production in 1985 when no family successor emerged. In 2014, David Yuengling, Frank’s great-grandson, and Robert Bohorad relaunched the brand and an American classic was reborn. Yuengling’s Ice Cream Corporation, as it has existed since 1935, is a separately owned and operated company from DG Yuengling & Son Brewery, Inc..
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This communication contains statements that may constitute “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. These statements include statements regarding the intention , belief or current expectations of Yuengling’s Ice Cream Corporation and its officers and the assumptions on which such statements are based.
Potential investors are cautioned that these forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by these forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in the forward-looking statements include fluctuation in results of operations, the ability to be competitive and the ability to complete the foregoing transactions.
The Company undertakes no obligation to update or revise any forward-looking statements to reflect changed assumptions, the occurrence of unforeseen events or changes in future results of operations.
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