Heritage Distilling Welcomes Eric S. Trevan, Ph.D., and Citizen of Match-E-Be-Nash-She-Wish Band of Pottawatomi (Gun Lake Tribe - Michigan) as Latest Addition to its Board of Directors

GIG HARBOR, Wash., Jan. 16, 2025 (GLOBE NEWSWIRE) -- Heritage Distilling Holding Company, Inc. (NASDAQ:CASK) ("HDC" or "Heritage" or the "Company"), a leading craft distiller of innovative premium brands, announced today the appointment of Eric S. Trevan, Ph.D., to its Board of Directors. Dr. Trevan is a seasoned expert in economics, research, governance, and business administration with more than two decades of experience growing economic opportunities in private industry and among the various Indian Tribes across the United States, emphasizing the use of AI and data to drive investment evaluations and opportunities. Dr. Trevan will also serve as Chairman of the Compensation Committee of the Board, as well as serve as a member of its Audit and Technology and Cryptocurrency Committees.

Justin Stiefel, Chief Executive Officer of HDC, commented, "Having Dr. Trevan on our Board demonstrates Heritage's intention to use data to drive decision-making while opening new markets through further expansion of our Tribal Beverage Network (TBN). Through his development of technology, market research, and analytics software, he understands the need to innovate current industries and to invest in technology to improve operating efficiencies and open up new revenue streams. We could not be more excited to welcome Eric to our team to provide strong corporate governance and economic guidance as we continue to help lead innovation in the spirits industry."

Dr. Trevan's is a co-founder of aLocal Solutions, LLC, which developed one of the most awarded new software tools of 2024 that uses AI to analyze markets and predict economic impacts and investment returns from potential projects in states, counties, cities and around Tribal lands. He currently serves on the Board of Directors of Northern Initiatives, a Community Development Finance Institution (CDFI) in Michigan and Local First Arizona, a statewide nonprofit organization focused on increasing economic opportunities in rural, Tribal, suburban and urban communities across Arizona. In the past he has served as a director on the boards of varied native business entities such as Gun Lake Investments (Gun Lake Tribe - Michigan), Twelve Clans Sovereign Wealth Fund (Ho-Chunk Nation - Wisconsin), Noo-Kayet Investments (Port Gamble Tribe - Washington), Kaw Nation Industries (Kaw Nation - Oklahoma) and Cheyenne and Arapaho Business Development Corporation (Cheyenne and Arapaho Tribes - Oklahoma). During his tenure, those boards collectively managed more than $750 million in investments and assets in a range in industries including gaming/casinos, cannabis, convenience stores, health care, hospitality (hotel/restaurant/bar), logistics, agriculture, private equity, and lending, among others. Previously he served as an appointed Policy Advisor to the United States Treasury Department's Tribal Advisory Committee, working with U.S. Treasury officials to modernize federal monetary and tax policies related to the more than 570 federally recognized Indian Tribes across the United States. He previously served as President and CEO of the National Center for American Indian Enterprise Development, the nation's preeminent non-profit organization focusing on economic development in Indian Country.

Previously Dr. Trevan served two appointments as a Tenure-Track Professor, with his most recent appointment being at California State University San Marcos. His research and teaching focuses on public policy, Native economies, public administration, innovation, and community and economic development. He is a thought leader on the need to grow local and Native economies combined with economic policy. He also specializes in complex financial arrangements through leveraging public and private regulations, policy, and economic resources. Dr. Trevan focuses on a variety of industries, but specializes in technology, economic analytics and advising, gaming and hospitality, education, and development. Dr. Trevan earned his Ph.D. at Arizona State University Watts College of Public Solutions, Community Resources and Development (Community Development and Economics), his Master's Degree in Administration (Public Administration) from Central Michigan University, and his Bachelor's Degree in Public Administration/Economics from Western Michigan University. He is a Native citizen of the Match-E-Be-Nash-She-Wish Band of Pottawatomi, Gun Lake Tribe - Michigan.

As an independent director, Dr. Trevan will help guide Heritage's overall business strategy and execution of its Tribal Beverage Network initiatives, including the complex financial and legal arrangements that provide benefits to Native American communities. This includes developing brands that serve casinos and entertainment venues while supporting each Native nations' ability to exercise their economic sovereignty. This also includes the Company's newly announced focus on the use of bitcoin as a payment method and corporate asset.

Dr. Trevan added, "I'm excited to join Heritage not only because they are an innovator in the spirits industry, but also because they are supporting the economic sovereignty of Native American communities. Heritage has tremendous opportunities for growth by expanding its technology and fintech offerings, especially in respect to working with more Tribes and introducing new bitcoin solutions. I am excited to help guide this strategy to build value for our shareholders and partners."

The appointment of Dr. Trevan follows other recent additions to Heritage's Board of Directors: Matt Swann, a seasoned technology, fintech and digital payments executive, Troy Alstead, former Chief Operations Officer at Starbucks and current Director at Harley-Davidson, Inc., Levi Strauss & Co., Array Technologies Inc., OYO Global and RASA Indian Grill; and Andrew Varga, former Chief Marketing Officer at Brown-Foreman Corporation, Papa John's International and president of Zimmerman Advertising. The Company also recently appointed Michael P. Carrosino as its Chief Financial Officer.

About Heritage Distilling Company, Inc.

Heritage is among the premier independent craft distilleries in the United States offering a variety of whiskeys, vodkas, gins, rums and ready-to-drink canned cocktails. Heritage has been North America's most awarded craft distillery by the American Distilling Institute for ten consecutive years out of the more than 2,600 craft producers. Beyond this remarkable achievement, Heritage has also garnered numerous Best of Class, Double Gold, and Gold medals at esteemed national and international spirits competitions. As one of the largest craft spirits producers on the West Coast by revenue, the company is expanding its presence nationwide through a diverse range of sales channels, including wholesale, on-premises venues, e-commerce, and the innovative Tribal Beverage Network (TBN). The TBN initiative, a groundbreaking collaboration with Native American tribes, focuses on developing Heritage-branded distilleries, unique tribal brands, and tasting rooms tailored to tribal communities. By serving patrons of tribal casinos and entertainment venues, the TBN creates meaningful economic and social benefits for participating tribes, while providing an additional avenue for tribes to exercise and strengthen their sovereignty. This unique partnership reflects Heritage's commitment to innovation, community engagement, and sustainable growth.

Forward-Looking Statements

This press release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "aims," "anticipates," "believes," "could," "estimates," "expects," "forecasts," "goal," "intends," "may," "plans," "possible," "potential," "seeks," "will," and variations of these words or similar expressions that are intended to identify forward-looking statements. Any such statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. These forward-looking statements include, without limitation, statements regarding anticipated results or benefits anticipated from Heritage's executive and Director-level appointments.

Any forward-looking statements in this press release are based on Heritage's current expectations, estimates and projections only as of the date of this release and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risks of expanding sales and revenue due to the addition of new members of the executive team or new directors to the board. These and other risks concerning Heritage's programs and operations are described in additional detail in its registration statement on Form S-1, which is on file with the SEC. Heritage explicitly disclaims any obligation to update any forward-looking statements except to the extent required by law.

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