iBRC- Worth it to refresh memory.....
June 29, 2016 14:41 ET
IBrands (IBRC) CEO Writes Open Letter to Shareholders
IRVINE, CA--(Marketwired - Jun 29, 2016) - iBrands Corporation Inc. (OTC PINK: IBRC)
Valued Shareholders;
I wanted to take this time and formally introduce myself as the new CEO of iBrands and give our shareholders an update as to what has been going on in the last few months, currently, and what the future holds. We feel that we have chosen one of the most solid Board of Directors in this space. It is my privilege to serve as the CEO and Board Member and want to encourage any shareholder or potential shareholder to contact our office with any questions about iBrands. I want to have an open-door policy as it relates to current public information.
Past;
As many of you know, iBrands has been dormant for the last few years. Zero revenues, zero expenses. When our group got involved we knew that the foundation was solid and immediately recognized that we could bring in a few products and ideas and make iBrands a solid, trusted holding company.
There were some agreements that had been made that were not good for the "current iBrands." The most glaring issue was a block of 500 million shares issued to a known marketing company. These now had the potential to become free trading. Our fear was that we start building the price and they liquidate and kill the price. We contacted them and convinced them to get them free trading. Sure enough, within 2 days, sold every share. We have also severed two other agreements that we felt offered zero value.
iBrands was also two year's delinquent with their filings. We relieved the old attorney and CPA Firm and hired new. We worked diligently to get the company current and am proud to say that it is now Pink Current. iBrands has hired Haskell & White to begin our audit. It's been a very tough task as the company has not been audited since 2004. We also moved the Corporate Headquarters to Irvine, California and are in the process of building a new website.
Current;
iBrands is wrapping up a $10 million Line of Credit with one of our current shareholders. This is one of the key pieces to iBrands vision. This LOC should be finalized on July 1, 2016.
A key piece of our vision is acquisitions. We have a few that are currently under contract and will outline a brief description until they are finalized. We closed the purchase of Green Tree Syndicate Inc. in March 2016 for $25,000 in restricted stock. They had been sold in 2014 for $6m but the deal eventually was unwound. Their Board liked our vision and a deal was struck. This is a big piece of our model. From Green Tree we were able to transfer Vendor Codes for 105 products and ordering software to continue doing business with Core-Mark International. These codes are vital to vision we have selling consumer products.
iBrands has one of the largest E-Liquid manufacturers under contract. E-Liquid is the liquid that goes into e-cigarettes. The average "Vaper" uses from $10-$20 per day. They currently have about $6m in revenues and are one of the only companies we know that control manufacturing to retail. EBITDA is $3.5m. We will also introduce a lower end product to Core-Mark and there 100,000+ convenient stores.
iBrands has also agreed to terms to purchase a retail chain of 26 E-Cigarette retail stores. We feel that manufacturing the product will help the EBITDA incredibly. Current Revenues are $6m. Adding this chain to the above manufacturing company and franchising is our vision.
iBrands also launched its line of Purest CBD Vapor products. Don't get this confused with the Cannabis/ marijuana products. Out products are 100% THC-free and are available to sell over the counter in all 50 states. These products are currently being bought from a third party but will be manufactured in our facility once the above manufacture deal closes. This will also be sold in the convenient store model.
We also just signed an exclusive licensing agreement with P3 Inc. to manufacture and distribute 2 oz. liquid "shots" like 5hour energy. Former WWE Wrestler Edoardo Ciulli and Hollywood actor Jamie Kennedy have owned P3 for several years and with the new agreement will continue to be the faces of the company. The products will be for Hangover, Jet Lag, Anti-Fatigue and Anti-Anxiety. We are in final stages of packaging and should have it on the shelves in 90 days. It will be under the name; P3 Beverage.
iBrands is also finalized a JV with North Park Group to take over their robotics division. The robot will be aimed at the retail E-Cigarette stores. This will be one of a kind and will save the store owner over 75% in inventory costs.
Future;
iBrands promises to continue to work hard for our valued shareholders. In the near future I will be penning several releases with updated information on each project with detailed information. We promise to keep true to our visions and continue to grow by acquiring only the most profitable companies with highest upside for our shareholders. We expect our audit to be completed in the next 60 days.
Again, if you have any questions or concerns, please don't hesitate to reach out and ask.
Sincerely,
Michael Ogburn
