PALM BEACH GARDENS, Fla., April 30, 2012 /PRNewswire/ -- Attitude Drinks (OTC.BB: ATTD) (OTCQB: ATTD.OB - News), an innovative brand beverage development company and creator of the Phase III® Recovery brand today announced that a shareholders meeting was held at the office headquarters in Palm Beach Gardens, Florida, on April 27, 2012 at 2:00pm Eastern Time. This meeting of shareholders was conducted to vote on a board recommendation to increase ATTD authorized common shares.
Upon completion, sixty percent of shares were voted, thereby constituting a quorum. Fifty three percent voted in favor, with seven percent voting either against or abstaining. As a result of the vote, authorized shares for ATTD will increase from one billion to five billion as recommended on the proxy. In addition, ATTD will file a Form 8-K on this approval.
Roy G Warren, CEO of Attitude Drinks, commented, "While our Board of Directors and management understand that all investors are sensitive to shareholder dilution, we must recognize that our capital partners have invested heavily in our developmental stage to this point, and their convertible notes deserve to have the terms of their securities protected. When the market price of our shares declined to current levels, we recognized that in order to satisfy future conversions into shares from existing notes, we needed to assure adequate share availability in our capital structure. We believe this increase in authorized shares is in the best interest of all shareholders as we transition from the development stage into our operating stage. We are gratified that so many of our shareholders supported us in this recommendation with their votes on this important step."
About Attitude Drinks, Inc.
Attitude Drinks, Inc. is an innovative, beverage brand development company with a pure milk recovery drink that exploits recent scientific evidence confirming the benefits of milk and protein as an exercise recovery aid. Phase III® is sold in select local, regional and national markets, including colleges, universities, convenience stores, fitness centers and gyms, as well as online. For more information, including recent clinical trial results, visit www.attitudedrinks.com.
This news release contains forward looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the failure to meet schedule or performance requirements of the Company's contracts, the Company's liquidity position, the Company's ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In light of these uncertainties, the forward-looking events referred to in this release might not occur.
SOURCE Attitude Drinks, Inc.