CHEYENNE, WY / ACCESSWIRE / March 1, 2016 / FBEC Worldwide, Inc. (OTCQB: FBEC), a beverage company with intellectual property formulas and marketing capability for the production and distribution of proprietary beverages and CBD products, today announced the CEO has reduced his salary by 50%. CEO Jason Spatafora has cut his own salary to $7,500 per month down from $15,000 per month. The additional $7,500 per month in working capital will be used to ramp up production.
The Company is receiving excellent feedback from retailers currently selling the WolfShot™ Hemp Energy™ shot. Additional working capital will prove beneficial as strong demand for the product requires an increase in production. The Company is also seeing heavy interest for products recently added to their portfolio such as the DuBe® hemp energy shot and Mά brand CBD vaporizer.
It has always been the Company's plan to initiate a limited product rollout gathering feedback from retailers and consumers to help conserve capital early on. Now, with a boosted and diversified product portfolio, the Company has enough data to efficiently ramp up production. The increase will help satisfy certain supply requirements in order to meet demand.
CEO Jason Spatafora said, "We have come an extraordinary way in a short amount of time with FBEC Worldwide Inc.'s product portfolio and partnerships. As we begin to scale our operations to truly make this a national lifestyle brand, we have to allocate funds accordingly to meet agreed upon measures related to demand and production to make this possible."
Spatafora added, "In the last week, we have greatly improved our capital structure and today's news represents an internal milestone for the Company."
About FBEC Worldwide, Inc.
FBEC Worldwide is an innovative beverage company dedicated to offering proprietary products focused towards significant target markets, 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 will 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.
As we look ahead, FBEC Worldwide will develop and build name brands focused on strong rates of growth within key fundamental consumer groups. Our company is dedicated to becoming a leading developer of name brand beverage alternatives geared specifically towards large, significantly important demographics within major markets.
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.
Contact:
Investors:
Joe Sirianni
MIDAM Ventures LLC
(305) 707-7018
jsirianni@MidamIr.com
www.MIDAMIr.com
SOURCE: FBEC Worldwide, Inc.