HUDSON AND GRANDE ENTER INTO DEFINITIVE AGREEMENT TO REACQUIRE HALL OF FAME BEVERAGES, INC.
Mar 06, 2014
OTC Disclosure & News Service
Rochester, NY -
First Hudson Trust of New York, a Massachusetts trust operating under the laws of the State of Oklahoma ("First Hudson"), and Electronic Merchant Systems Rochester, Inc., a New York corporation ("EMS"), are pleased to announce they have agreed to reacquire Hall of Fame Beverages, Inc. (US.HFBG.PK) ("Hall of Fame").
Michael P. Grande, the Chairman, President, and CEO of EMS, and Randolph S. Hudson, the Managing Administrative Trustee of First Hudson, are anxious to begin planning for the reintroduction of Hall of Fame's former product line, but, also, Mr. Grande has been in negotiations with several suppliers to manufacture and distribute a new THC-based beverage in those states where the sale of such products is permitted. Mr. Grande said, "There are lots of companies claiming to be in the cannabis business in one fashion or another. Only time will tell as to which companies are truly engaged in the business as opposed to those who are trying to capitalize by being associated with the cannabis industry and who have nothing to offer but hype."
Mr. Hudson said, "Perhaps we were premature in rushing to judgment on Hall of Fame; however, given the fast pace at which we are moving, there were certain inconsistencies with Hall of Fame's prior operations for which we could not provide adequate explanations to ourselves. Our goal was not to confuse or mislead shareholders of either Hall of Fame or other companies, but we had to make certain everything was in order with Hall of Fame and that he [the company's sole officer and director] could provide us with adequate explanations as to the company's past business and experience. Alex [Johnson] has done just that. And, as the company's sole control shareholder, I believe him."
The principals of Hall of Fame spent a week, two weeks ago, at Mr. Grande's home in Upstate New York. During that visit, they carefully reviewed and explained Hall of Fame's history and the reasons the company failed in business under its previous management.
Mr. Grande said, "We always knew that Hall of Fame was the stronger of the two companies that we acquired in the beverage business. While neither company did anything in years, Hall of Fame owns and has rights to the better, more marketable products. As with anything else, it is always a matter of "wait and see". In particular, Hall of Fame has strong ties with and endorsements by certain individuals with celebrity status that can further Hall of Fame's marketing in the long run. Moreover, Hall of Fame will complement the operations of all of our other companies; particularly, Central Wireless, Inc. (US.CWIR.PK) from a marketing standpoint."
Hall of Fame must go through a dynamic, yet thorough, (non-bankruptcy) reorganization. Mr. Hudson said, "There are a significant number of issues, both in terms of its operations and administration that must be timely addressed. In addition, we must submit our conclusions in these matters for approval by regulatory and self-regulatory agencies, the outcome of which is uncertain. There have been many companies in the past that have orchestrated schemes to persuade investors of their integrity. We have to make certain that all of the companies under our control are above-board, without reproach. Moreover, many companies of late are claiming to be in industries other than for their designated purposes; namely, the cannabis business. Any company that states it can engage in that business overnight must be lying. These matters take time and are subject to obtaining multi-level regulatory approvals. As with Hall of Fame, or any company, regardless of its field of business, investors should be very cautious and perform their due-diligence prior to investing. They should seek the advice of an attorney and licensed financial advisor before making any investments in these companies because of the enormous risks associated with these companies; particularly, true-penny stocks."
Over the course of the next three months, Hall of Fame will be positioning itself to reenter its field of business and to perform extensive tasks to comply with a significant number of administrative issues.
Alex Johnson, Hall of Fame's principal shareholder and its sole officer and director prior to the acquisition, will remain on Hall of Fame's Board of Directors and will serve in other capacities to the other companies under the aegis of The Hudson and Grande Organization.
Mr. Hudson added, "There is no such thing as a 'gift horse'. Anything worth having is worth fighting for and putting in a lot of time and effort to achieve the company's objectives. The old maxim is true: "If it sounds too good to be true, it probably is.'"
For further information on the matters contained in this announcement, shareholders and investors are encouraged to contact Mike Grande at (585) 967-3198 or Randy Hudson at (585) 329-3581.
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