NEW YORK, March 23, 2016 /PRNewswire/ -- Good Vibrations Shoes, Inc. (OTCPink: GVSI) today announced that it has filed with the state of Nevada and FINRA to change its corporate name to Long Beard Breweries, Inc. as the company adapts the growing micro-brew or craft beer business model of its recently acquired subsidiary, Long Beard Brewing Co.
Now that various corporate housekeeping items have been completed in preparation of the change, the company is ready to begin building the world's next big craft beer brand. Jumping many legal hurdles and wading through the mountains of red tape necessary to set up a commercial brewery, Long Beard is now on the path of preparing to build out its unique Long Island brewery and tasting room, and more importantly to start its first batches of beer as a commercial brewery once the appropriate licensing is processed by the Federal Government. If all goes well the company could be putting out its unique brew in time for summer.
"We could not be happier with the process so far," commented Long Beard's Chief Executive Officer, Paul Carlin. "The approvals are flowing in because we took the time to do everything the right way, and we are confident the last steps will be completed very quickly allowing us to start doing what we love, making great beer."
The company was waiting to file the name change amendment until there was a level of certainty that the project would be approved fairly soon, and now since that is the case, the process of formulating a public equity strategy can begin. The first part of that strategy is to create a share structure that will allow liquidity for new investors while protecting existing shareholders. As part of this strategy some shares will be issued to the two principals of Long Beard to assure they maintain control of the company, but since those shares are issued to insiders they will not be free trading for a minimum of a year, and even then their sale will be highly restricted. Its also important for shareholders to note that the company does have a small amount of convertible debt on the books, and may need additional funding in the future so for Long Beard to become a major success some dilution may be necessary at some point. With that said, the officers of the company want to assure shareholders that they understand the need to keep the number of shares outstanding as small as possible to avoid diluting existing shareholders. Management is confident that because of the company's great recipes, industry expertise, and undeniably perfect geographic location, that Long Beard Brewing can make a real impact on the market and the industry.
ABOUT GOOD VIBRATIONS SHOES
Good Vibrations Shoes operates a wholly owned subsidiary business called Long Beard Brewing Company, which is a "craft brewery" or "micro brewery" based in Long Island, New York. To find out more about the company, please visit its website at http://www.longbeardbrewing.com.
This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve risk, which could cause the actual results to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release including such forward-looking statements.
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SOURCE Good Vibrations Shoes, Inc.