CHEYENNE, Wyo., April 1, 2016 /PRNewswire/ -- As many of our shareholders know, in September of 2015 my team and I took control of FBEC Worldwide, Inc. from the previous management in an effort to preserve the company, safeguard its shareholders and develop the product lines we had originally conceptualized. This decision wasn't one we made overnight by any stretch of the imagination as we knew there were a significant amount of challenges we would face once we took complete control of not just the company, but the day to day business of creating, marketing and distributing FBEC's lifestyle brands. To date, we have done many things we are very proud of. We rebuilt our flagship product WolfShot™ from the ground up and hit our targeted release date, we brought in strategic partnerships with companies such as DuBe Hemp Energy and CBD Globe. Most importantly, we made good on promises that were made regarding the capital structure of FBEC. This plays a significant role in our long term strategy and the overall health of FBEC as a public company. In late February our partners at Midam Ventures bought back 150,000,000 shares of common stock from the former CEO and immediately retired 100,000,000 shares to the FBEC treasury, whilst locking up the remaining 50,000,000 shares for a term of 5 years. On March 22nd FBEC successfully reduced the companies Authorized shares from 5 billion down to 2.2 billion. As of yesterday March 30th FBEC was notified that Midam Ventures was retiring the previously locked up 50 million shares back to FBEC's treasury in an effort to carry out the next leg of our company strategy.
Today the company is in a position to thrive in this sector and is poised for growth moving ahead. Our capital structure is healthier and our product lines are ready for their next steps, the only thing that FBEC needs in all honesty is someone to take it to the next level. Effective immediately I will be stepping down as CEO and taking a transitional role in FBEC. This decision is one that is being made without complexity or pride. Since taking the position of CEO I have always seen my role as a phase one manager tasked to clean up the corporate structure, develop finished product lines and prepare it for the candidate that has the ability and expertise to take them to the next level of commerce. FBEC's new CEO has one of the most impressive technology based resumes this market may have ever seen and has worked with boards most notably tied to Google, Citigroup, AT&T and was even CEO of Island Records in the 90's. He has been an innovator with patents directly related to point of sale (POS) technology specifically designed for start-ups & companies like FBEC. The potential for innovation coupled with his proven track record could bring FBEC into revenue verticals within the Hemp, CBD and ancillary cannabis space we might never have conceptualized. The Company will make its formal announcement on Monday April 4th, to formally introduce the future of FBEC Worldwide Inc to its shareholders.
About FBEC Worldwide, Inc.
FBEC Worldwide is a lifestyle Brand Company with a focus on hemp & CBD infused consumer products, 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 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.
FBEC Worldwide is currently developing and building hemp & CBD infused consumer products, focused on strong rates of growth within key fundamental consumer groups. Our company is dedicated to becoming the lead developer of name brand hemp & CBD infused consumer products.
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.