FBEC Worldwide, Inc.'s CEO Jason Spatafora Begins the Necessary Steps to Officially Reduce the Authorized Share Count by 58%
CHEYENNE, Wyo., Sept. 28, 2015 /PRNewswire/ -- FBEC Worldwide, Inc. (OTC-QB: FBEC), a beverage company with intellectual property formulas and marketing capability for the production and distribution of proprietary beverages, is pleased to announce that CEO Jason Spatafora in collaboration with FBEC corporate counsel Matthew McMurdo Esq. have begun the necessary steps to officially reduce the Authorized Shares of FBEC from 5 billion to 2.1 billion.
FBEC Worldwide, Inc. CEO Jason Spatafora stated, "After consulting with new corporate counsel regarding the previously stated share reduction amount, I have been advised that the previous 1.5 billion Authorized Share reduction figure could be detrimental as it does not leave the company a prudent reserve or allow for any type of future expansion. As the reduction is made our goal is to leave it reduced, instead of raising it later on."
He continued, "While we progress forward with FBEC Worldwide, Inc.'s hard launch of WolfShot™ we also felt it necessary to update the shareholders on what we are doing from a share structure perspective. This week we set in motion via our counsel and all pertinent parties the reduction of our authorized shares by 58%, from 5 billion to 2.1 billion. Our counsel has informed us that this reduction can take up to 4 weeks to finalize and reflect publicly. As the new CEO it is my goal & responsibility to be transparent with existing and perspective shareholders in order to preserve the long & short term health of the company's goals in regards to WolfShot™, other perspective products and eventual coinciding launches."
About FBEC Worldwide, Inc.
FBEC Worldwide is an innovative beverage company dedicated to offering proprietary products focused towards significant target markets, both domestic and abroad. We are committed to increasing our market size and scope through the optics of creative marketing and most importantly customer satisfaction. Our growth strategies will focus on a number of major initiatives including, unique branding opportunities that will be targeted at key demographic groups, and to develop strong community and distributor relationships.
As we look ahead FBEC Worldwide will develop and build name brands focused on strong rates of growth within key fundamental consumer groups. Our company is dedicated to becoming a leading developer of name brand beverage alternatives geared specifically towards large, significantly important demographics within major markets.
Safe Harbor for Forward-Looking Statements: This news release includes forward-looking statements. While these statements are made to convey to the public the company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the company at this time, actual results may differ materially from those described. The Company's operations and business prospects are always subject to risk and uncertainties. Important factors that may cause actual results to differ are and will be set forth in the company's periodic filings with the U.S. Securities and Exchange Commission.
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SOURCE FBEC Worldwide, Inc.