Monster Beverages CEO: ‘We’re not a beverage company’

The company announced its intention to shutter its Monster Beverage brand on Thursday.

The company’s brand, which debuted in 1997, had been the subject of criticism since the company’s announcement last month that it was taking a more corporate approach to its beer and cider offerings.

The move comes on the heels of a year in which the company was unable to find new sources of funding, including a deal with China’s Anbang Insurance Group.

“While we’re not in the business of making profit, we’re in the music business and we’re trying to do something else,” Monster Beveraged CEO Kevin Kramer said in a statement to the San Jose Mercury News.

“We’re working closely with our legal team to develop a more sustainable and profitable model.

We’ll share more details soon.”