Bang Energy boss Jack Owoc offered both aggression and optimism during a talk at BevNET Live Summer 2022 on Thursday, dismissing “haters” and “negativity” – and throwing shots at energy rivals Celsius and Monster – while encouraging beverage entrepreneurs to stay true to their core principles and to avoid the mistake of chasing overnight success.
One day removed from his 60th birthday, the founder and CEO of VPX Brands – which markets brands including Bang and Redline – immediately encouraged the crowd to stand up and “bring the Bang” by joining him in downing an energy shot.
Owoc paced the stage as he answered questions from BevNET editor-in-chief Jeff Klineman covering topics ranging from the brand’s $5 billion in sales in the last three years to product and ingredient innovation – amidst many asides aimed at his competitors, singling out frequent courtroom sparring partner Monster Energy CEO and chairman Rodney Sacks as “the most litigious man in America.”
The Bang CEO’s presentation came against the background of speculation this week that the company may be close to reaching a mutual settlement with PepsiCo to terminate the two beverage companies’ ill-fated distribution pact signed in 2020; on stage, Owoc alluded to being restricted by multiple NDAs but teased a potential news announcement within the next 24 hours. Although Owoc stopped short of saying he regretted the deal, he called it a learning experience and indicated that he had distributors lined up for when Bang makes the transition away from Pepsi.
Owoc called the recent arbitrator’s ruling in the case between VPX and Monster Energy and Orange Bang “a false ruling by a rogue arbitrator who has no background in science.” The ruling would award $175 million in damages plus a 5% royalty on all future sales of Bang-branded products to Orange Bang and Monster Energy over a trademark infringement originally filed in 2009.
At one point, Klineman asked Owoc if he has trouble working with bigger distributors.
“He’s implying that I can’t get along with others,” Owoc responded. “There’s some truth to that.”
In response to a question about Bang’s potential interest in THC and CBD-infused drinks, Owoc described the space as an emerging market that has great medical benefits but also potentially dangerous.
Bang’s innovation is focused on “the sports drink of the future” which is different from the brand’s release of VOOZ product line.
Owoc advised young entrepreneurs to not grow too fast and to use “discipline, effort, sacrifice and study to beat people like me” in the beverage category.