Harrison, Vickers & Waterman, Inc. announces results for the 13 weeks ended March 25, 2018

NEW YORK, April 27, 2018 /PRNewswire/ -- Harrison, Vickers & Waterman, Inc. (OTC PINK: HVCW, also referred to as the "Company") announced results for its operating subsidiary, Attitude Beer Holding Company, for the thirteen weeks ended March 25, 2018 versus the three months ended March 31, 2017.  The Company is pleased to announce positive cash flow from operations due to increased revenues of over $1m dollars, stringent cost control and the benefits of our new operating partnership. Results exclude operations of its Milford location which was in existence for the prior period.

On December 27, 2017, the Company announced a new operating partnership with its corporate parent, World of Beer, whereby they assumed the daily operation of the taverns. In addition to improving efficiencies and top line sales, the Company has benefited greatly from the elimination of certain management fees and other costs that were incurred under the prior arrangement.

Jeff Canouse, Chief Executive of the Company, said, "It didn't take long to realize the benefits of our new partnership. This is a very exciting time for our business and the World of Beer brand and we're looking forward to increasing business at our taverns and expanding further where profitable opportunities present themselves.

Mr. Canouse continued, "In an effort to update our shareholders more regularly, we've established a Twitter account for notifications and updates on our taverns and corporate dates. I'd like invite all of our shareholders to follow us at https://twitter.com/attitudebrands."

Key financial metrics are as follows:

The change in revenues was due to increased food sales of $26,929 offset by reduced spirit sales of $12,525.

Gross margin percentage decreased 200 basis points due to a shift in the product mix towards food, which is lower margin.

Operating expenses as a percentage of revenues decreased by 400 basis points due to the elimination of certain management fees and other costs which needed to be paid under our prior operating structure and tightened cost controls in tavern management.

As a result of the foregoing changes, operating cash flow was positive in the current period.

The Company plans on being timely for its fiscal third quarter filing.

About Attitude Beer / Harrison Vickers & Waterman
Attitude Beer Holding Co., currently trading under the symbol: HVCW temporarily referenced on the OTC Markets as Harrison, Vickers and Waterman Inc. since its merger with the public entity established a joint venture with New England WOB, LLC (NEWOB) and Southeast Florida Craft, LLC (SFC) to develop select World of Beer franchised locations in the state of Connecticut, greater Boston area.

Contact:  [email protected]

Forward-Looking Statements
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules.  All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties.  There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.  Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above.

SOURCE Harrison Vickers & Waterman, Inc.