David and Goliath Showdown in the Rum Industry

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Rum industry set for David and Goliath showdown as New York-based Cofresi Rum Company prepares to take on market titan Captain Morgan and stem tax revenue losses to Puerto Rico in the wake of Diageo's flight.

Cofresí, a privately held company, announced today that it has initiated negotiations with various distilleries in Puerto Rico for the manufacturing, production and bottling of its rum products. Cofresí is entering the US spirits market in the wake of Diageo’s decision to move production of its Captain Morgan brand from Puerto Rico to St. Croix in 2012, a move that will cost the Puerto Rican government $150 million in lost tax revenue.

John Melendez, Cofresí President/CEO, has expressed excitement about “our ongoing dialogue with both the government’s Puerto Rican Industrial Development Company (PRIDCO) and the various distilleries. All parties have been enthusiastic about forming a strategic alliance with us as we enter the spirits market to replace the significant loss of tax revenue to Puerto Rico caused by Diageo’s socially irresponsible exit.”

To prepare itself for growth in the short-term, Cofresí has formally secured office space in the famed Seagram Building, located at 375 Park Avenue between 52nd and 53rd Street in New York. Mr. Melendez remarked, “It means a lot to me personally and professionally to tie Cofresí to such a famous structure, particularly one built for a company that for decades was a global spirits leader. Our decision to make the Seagram Building our headquarters as we move forward embodies the superior standards and appreciation of excellence that Cofresí has been founded on.”

Cofresí is a New York-based marketing, distribution and sales company currently developing both its own line of proprietary spirits and a portfolio of non-proprietary spirits for distribution in the US market and abroad. Cofresí will soon be expanding efforts to build their brand through the web, radio, print, mass appeal, television and targeted marketing.

For more information contact:

Mr. Ashton Briganti,
Vice President of Strategic Communication
Cofresí Rum Company LLC
The Seagram Building
375 Park Avenue Suite 2607
New York, NY 10152
Email: mediarelations(at)cofresirum(dot)com
Phone: 212-634-6814
Fax: 212-634-7474

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Paul Jerome
Cofresí Rum Company
347-449-4111
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