BOCA RATON, FL--(Marketwire - Nov 7, 2011) - Celsius Holdings, Inc. (PINKSHEETS: [ CELH ]), the creator and marketer of Celsius^®, Your Ultimate Fitness Partner^®, today reported their results of operations for the third quarter ended September 30, 2011.

Revenue for the third quarter totaled $2.5 million as compared to $1.7 million for the same quarter in 2010, an increase of 47%. A significant portion of this increase related to a reduction of discounts and promotions this year as compared to last year's third quarter.

Revenue for the nine months ended September 30, 2011 totaled $6.8 million versus $8.2 million in the same period last year, a decrease of 17%.

The Company recorded a net loss of $278,000 for the third quarter compared to a net loss of $5.0 million in the same quarter a year ago, or $(.01) and $(.27) per share respectively. For the nine months ended September 30, 2011, the Company recorded a net loss of $1.2 million or $(.06) per share compared to a net loss of $14 million or $(.81) per share for the same period a year ago. The reduction of the loss in the current periods is mainly due to a reduction in selling and marketing expenses.

The Company also announced a restructuring of its long term debt obligation with CDS Ventures of South Florida, LLC (CDS). At September 30^th, the terms of the $2 million convertible debt was amended as follows:

On September 30^th, $500,000 of the convertible debt was converted into 1,666,667 common shares.

In addition, our $3 million line of credit with CDS (of which $2.25 million was outstanding as of September 30, 2011), were amended as follows:

The Company today also announced the appointment of Mr. Gerry David as Chief Executive Officer and President of Celsius. He is a seasoned executive with over 35 years experience in start-up, turn around and fast growth businesses. Prior to joining Celsius, Mr. David served as Executive Vice President of the Consumer Products Group for Oragenics Inc., a publically traded company. He led the planning, implementation and growth of this new division globally. Prior to joining Oragenics, Inc. Mr. David held several executive positions with consumer product companies with varied distribution channels.

Mr. David stated, "I am pleased to be joining the Celsius management team. The Celsius product represents a breakthrough in the functional beverage market. The world's first and only healthy negative calorie drink. A key attraction for me was the credible science that substantiates our powerful benefit claims. The company has done an outstanding job of getting the Celsius brand placed on the shelves of thousands of retail outlets. The focus now is driving consumers into the stores. We are finalizing our 2012 marketing plan which will leverage social/digital media, Direct Response TV, Electronic Retail TV and other strong marketing vehicles including sampling programs in health and fitness clubs nationwide. Opportunities in 2012 for Celsius are not just domestic, but global. We are seeing strong acceptance of our product in several countries and our plan is to grow our international business. Celsius is positioned for an exciting 2012."

Steve Haley, the Company's previous CEO will remain as a consultant with the Company on an as needed basis.

The Company also announced that Carl DeSantis increased his beneficial ownership in the Company's outstanding common shares from 42% to 52%.

Celsius Holdings, Inc. (PINKSHEETS: [ CELH ]) markets Celsius^®, Your Ultimate Fitness Partner ^®, which is backed by science. Celsius is dedicated to providing healthier, everyday refreshment through science and innovation. Information about Celsius Holdings, Inc. and Celsius, Your Ultimate Fitness Partner^®, is available at [ http://www.celsius.com ].

Forward-Looking Statements
This press release may contain statements that are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements contain projections of Celsius Holdings' future results of operations and/or financial position, or state other forward-looking information. In some cases you can identify these statements by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," "would," or similar words. You should not rely on forward-looking statements since Celsius Holdings' actual results may differ materially from those indicated by forward-looking statements as a result of a number of important factors. These factors include, but are not limited to: general economic and business conditions; our business strategy for expanding our presence in our industry; anticipated trends in our financial condition and results of operation; the impact of competition and technology change; existing and future regulations affecting our business; and other risks and uncertainties discussed in the reports Celsius Holdings has filed previously with the Securities and Exchange Commission. Celsius Holdings does not intend to and undertakes no duty to update the information contained in this press release.

*Note: Customer discounts and promotion payables were previously classified as a liability in 2010. These amounts have been restated and netted against accounts receivable for all periods presented.