NORTH PALM BEACH, FL--(NewMediaWire - Sep 29, 2015) - Attitude
Drinks, Inc. (OTCBB: ATTD):
Harrison, Vickers & Waterman, Inc. (OTCBB: HVCW)
Today Attitude Drinks, Inc. filed its annual report for fiscal year
ending March 31, 2015. The report's subsequent events reflect a
meaningful corporate restructuring, which results in overall
liability reductions of $10.1 million. The restructuring that
occurred after the reporting period includes a reduction of overall
notes and loans payable of $5,079,480, total salaries payable were
reduced by $3,546,669, reduced accrued interest totaling $1,288,483
and accounts payable by $137,959. Total p/l gains for the company
pursuant to the restructuring amounts to $5,834,709. The above
figures will be reported in the Forms 10-Q for June 30, 2015 and
September 30, 2015.
This is the first financial report in which the Company
incorporates the results from the subsidiary Attitude Beer Holding
Co. Net sales for the subsidiary stemming from holdings in the
investment in the W. Hartford World of Beer tavern were $738,465
for sales from January 25th through March 31, 2015. Gross income
from that operation for the same period totaled $528,557.
Roy Warren, Attitude Drinks CEO, commented, "Clearly the capital
structure required reorganization, and management and our Directors
are delighted to have enjoyed the cooperation of key stake holders
in the Company including our largest noteholders and current and
past employees. We still have work to do in order to complete this
transformation, but the critical steps reported with this filing
should pave the way for Attitude Drinks to become the Company that
can reward all stakeholders."
Attitude Beer Holding Co., the subsidiary, has now been merged
into Harrison & Vickers, Inc. (HVCW), and as a result, ATTD
owns 70% of the outstanding common shares in HVCW as of June 30,
2015. Harrison & Vickers has filed with regulators to request a
name change to Attitude Beer, Inc.
About Attitude Drinks, Inc.
Attitude Drinks is an innovative and opportunistic beverage brand
development company with a current focus on the full
commercialization of a pure milk recovery drink, exploiting recent
scientific evidence, confirming the benefits of milk and protein as
an exercise recovery aid. For more information, please
visit www.attitudedrinks.com.
About Harrison & Vickers, Inc.
Harrison, Vickers, & Waterman (OTCBB: HVCW)
is the owner of Attitude Beer Holding Co. Attitude Drinks
Incorporated is the majority owner of Harrison, Vickers and
Waterman.
About Attitude Beer Holding Co.
Attitude Beer Holding Co. has a joint venture with New England WOB
LLC. to develop select World of Beer franchised locations in the
state of Connecticut and greater Boston area. Together they opened
a 4,000 sq. foot WOB tavern in West Hartford, CT in January 2015
that sells a selection of over 500 craft and imported beers along
with tavern food and other spirits and drinks. New England WOB
holds franchise rights for all of Connecticut and the greater
Boston area. Recently, Attitude Beer announced an agreement with
NEWOB to develop new taverns in Milford, CT and Boston, MA. The
Company is seeking additional opportunities in the craft beer
industry. For additional World of Beer locations that are developed
through the joint venture, Attitude Beer Holding Co. will hold a
51% interest, and New England World of Beer will hold a 49%
interest in the joint venture's new World of Beer locations.
Disclaimers
This press release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. The
forward-looking statements are based on current expectations,
estimates and projections made by management. The Company intends
for the forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements. Words such as
"anticipates," "expects," "intends," "plans," "believes," "seeks,"
"estimates," or variations of such words are intended to identify
such forward-looking statements. The forward-looking statements
contained in this press release include statements regarding the
expected benefits from the reorganization of the Company. All
forward-looking statements in this press release are made as of the
date of this press release, and the Company assumes no obligation
to update these forward-looking statements other than as required
by law. The forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those set forth or implied by any forward-looking statements
and include the Company's ability to complete its intended growth
plans in a timely manner and the other factors discussed in the
Business and Management's Discussion and Analysis sections in our
Annual Report on Form 10-K for the year ended March 31, 2015 and
subsequent Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K. Copies of these filings are available at www.sec.gov.
