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Last $0.30 USD
Change Today 0.00 / 0.00%
Volume 0.0
MENB On Other Exchanges
Symbol
Exchange
OTC US
As of 8:10 PM 08/28/15 All times are local (Market data is delayed by at least 15 minutes).

mendocino brewing co inc (MENB) Snapshot

Open
$0.30
Previous Close
$0.30
Day High
$0.30
Day Low
$0.30
52 Week High
09/29/14 - $0.75
52 Week Low
07/27/15 - $0.03
Market Cap
3.8M
Average Volume 10 Days
466.0
EPS TTM
$-0.13
Shares Outstanding
12.6M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for MENDOCINO BREWING CO INC (MENB)

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mendocino brewing co inc (MENB) Details

Mendocino Brewing Company, Inc., together with its subsidiaries, engages in the brewing, production, and sale of beer and malt beverages in the United States. It operates through two segments, the North American Territory and the Foreign Territory. The company produces and markets craft beers primarily under the Red Tail Ale, Blue Heron Pale Ale, Black Hawk Stout, Eye of the Hawk Select Ale, and White Hawk Original IPA. It also owns and operates brewpub and gift store in Ukiah, California; brews its products for various other brands on contract basis; and distributes alcoholic beverages, primarily under Kingfisher Premium Lager brand in the United Kingdom and Europe. The company sells its products through wholesale distributors to consumers at supermarkets, warehouse stores, liquor stores, taverns and bars, restaurants, and convenience stores in North America; Indian restaurants by restaurant trade distributors in the European Union; supermarkets, liquor stores, and licensed shops and convenience stores; and through provincial liquor boards and independent distributors in Canada. Mendocino Brewing Company, Inc. was founded in 1982 and is based in Ukiah, California.

78 Employees
Last Reported Date: 03/31/15
Founded in 1982

mendocino brewing co inc (MENB) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: $334.5K
Chief Financial Officer, Corporate Controller...
Total Annual Compensation: $199.3K
Compensation as of Fiscal Year 2014.

mendocino brewing co inc (MENB) Key Developments

Mendocino Brewing Co. Inc. Appoints James H. Grossman and Joseph Cannata to the Board of Directors

Effective August 14, 2015, the board of directors of Mendocino Brewing Company Inc. increased the size of the Board from seven directors to nine directors and elected Mr. James H. Grossman and Mr. Joseph Cannata to fill the resulting two vacancies on the Board, each to hold office until his respective successor is duly elected and qualified or until his earlier death, resignation or removal.

Mendocino Brewing Company, Inc. and Releta Brewing Company LLC Enter into Second Amendment to the Credit and Security Agreement

Effective January 21, 2015, Mendocino Brewing Company Inc., Releta Brewing Company LLC and MB Financial Bank, N.A., successor in interest to Cole Taylor Bank entered into a Second Amendment to the Credit and Security Agreement dated June 23, 2011, as previously amended on March 29, 2013. The Agreement provides the Borrowers a credit facility, secured by the personal property of the company and RBC, and the company's Ukiah, California facility, among other items of the Borrowers' property. The credit facility matures on June 23, 2016. Prior to the Second Amendment, the credit facility consisted of a $4,119,000 revolving facility, a $1,934,000 machinery and equipment term loan, a $2,947,000 real estate term loan and a $1,000,000 capital expenditure line of credit. The Second Amendment reduces the maximum amount of the Revolver from $4,119,000 to $2,500,000. The Second Amendment also changes the definition of borrowing base (including by lowering certain advance rates) such that the calculation of the borrowing base will result in a lower number than it would have if calculated prior to the effectiveness of the Second Amendment. The borrowing base is used in the determination of the amount available to each Borrower pursuant to the Revolver. Pursuant to the Agreement, if such availability is less than $0, or if certain components of the borrowing base fall below certain limits in relation to outstanding revolving loans, such difference shall be immediately due and payable.

Mendocino Brewing Company, Inc. and Releta Brewing Company LLC Receives Notice of Default from MB Financial Bank, N.A

On August 18, 2014, Mendocino Brewing Company Inc. and its wholly-owned subsidiary, Releta Brewing Company LLC received a notice from MB Financial Bank, N.A. as successor in interest to Cole Taylor Bank regarding its intention to exercise certain rights with respect to events of default of the company pursuant to the credit and security agreement, dated as of June 23, 2011, by and among the borrowers and the Lender, as amended by that certain First Amendment, dated as of March 29, 2013. The borrowers have previously received notices from the Lender regarding the exercise of rights related to events of default on September 18, 2013 and April 18, 2014, respectively. The loan agreement provides the borrowers a credit facility with a maturity date of June 23, 2016, of up to $10,000,000, which consists of a $4,119,000 revolving facility (the Revolver), a $1,934,000 machinery and equipment term loan, a $2,947,000 real estate term loan and a $1,000,000 capital expenditure line of credit. The credit facility is secured by the personal property of the company and releta, and the company's Ukiah, California facility, among other items of the borrowers' property. The covenants made by the borrowers pursuant to the loan agreement include requirements that the borrowers maintain certain financial metrics. The default notice also states that the tangible net worth of the borrowers has continued to fall short of the required amount as measured through June 30, 2014. The company calculates the required tangible net worth of the borrowers to be $6,181,400 as of June 30, 2014 and the actual tangible net worth on such date to be $4,989,400. The company does not anticipate that the borrowers will be able to regain compliance with the required fixed charge coverage ratio or the minimum tangible net worth in the near future. The default notice states that the Lender, effective August 20, 2014, will exercise its right to reduce the advance rate for: eligible finished goods and raw material inventory; and eligible work-in progress inventory by 2% and will continue to reduce each by an additional 2% on the 20th day of each month thereafter. The advance rates are used in the calculation of the borrowing base of each borrower, which is used in the determination of the amount available to each borrower pursuant to the revolver. Pursuant to the loan agreement, if such availability is less than $0, or if certain components of the borrowing base fall below certain limits in relation to outstanding revolving loans, such difference shall be immediately due and payable.

 

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