RIVERHEAD, N.Y., March 21, 2017 /PRNewswire/ -- Good Vibrations Shoes, Inc. (OTC-PINK: GVSI) today announced that the company has sold its brewery subsidiary, Long Beard Brewing Co. back to its founders, and is moving forward as a business consulting firm.
As part of the strategy moving forward, CEO Paul Carlin will be stepping down from the board of directors and leaving the company to run the brewery business as a private entity. The company confirms that the brewery business is just not suited to be a public company. "We have come to the realization that it is just not cost effective, and being public brings little benefit to a company like Long Beard Brewing Co. at this stage in its development." Explained Mr. Carlin, who went on to say, "The shareholders will be much better served utilizing the company's existing knowledge and resources to service consulting clients who will require far less funding and therefore little or no dilution moving forward."
The transaction was designed to sell back the intellectual property rights, and small amount of equipment that Long Beard has in exchange for the debt owed to the principals for salaries and expenses laid out over the past year, which will allow Good Vibrations Shoes to avoid having to add more debt to its books.
Good Vibrations Shoes, Inc. (GVSI) will move forward offering business consulting in the industry, while possibly seeking a more suitable merger candidate. The company plans to service a handful of clients in the beginning and then to either grow the consulting practice or to merge in a much more substantial business to create shareholder value.
In closing Mr. Carlin added, "I cannot express just how thankful we are to those who supported us in the brewery endeavor up to this point, and how honored we are to have had the opportunity to bring this business to the shareholders of Good Vibrations Shoes, Inc. Hopefully this move is a new beginning for GVSI shareholders that will bring some stability, and value to the company moving forward."
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/good-vibrations-shoes-announces-new-direction-and-sale-of-its-subsidiary-300427109.html
SOURCE Good Vibrations Shoes, Inc.