from 2013 10K on Japan Deal:
"In December 2013, the Company announced the signing of a distribution contract for the sale of Hangover Joes Recovery Shots in Japan, in which management believes the Company may be able to distribute its recovery shots through up to 8,600 drug and food stores; however, the Company is waiting on Japanese regulatory approval necessary to distribute under this agreement. In addition, in January 2014, the Company entered into an agreement with Git-R-Done Productions, Inc., which allows the Company to launch a new non-caffeinated, all natural healthy energy shot, Git-R-Done-Energy. The launch of this new product is planned for the Spring / Summer of 2014 (Notes 2 and 6)"
further:
"Hangover Joes is also pursuing an approach internationally; Hangover Joes has had success in Canada, New Zealand, Australia, with arrangements in Japan and Lebanon set for 2014. Warner Brothers helps use internationally as it provides the distributor names so we can shortcut some of the initial work and proceed with step 1 above.
Generally, manufacturers of dietary supplements do not need to register their products with FDA or get FDA approval before producing or selling these supplements. Under FDA regulations, all domestic and foreign companies that manufacture, package, label or hold dietary supplements, including those involved with testing, quality control, and dietary supplement distribution in the U.S., must comply with the Dietary Supplement Current Good Manufacturing Practices (CGMPs) for quality control.
Outside the United States, the production, distribution and sale of our product is also subject to numerous similar and other statutes and regulations.
We added an additional 3 year license to sell our product in Japan under similar terms and conditions in January, 2014"
seems clear that the deal/intent to distribute under original terms/context of the original contract (which is an exhibit filed with 10K) are intact and viable. also is publicly stated that they are waiting regulatory approval in Japan for the deal. they may or may not get that depending on how the government decides to view the recovery shot.
was mgmt premature on announcing this deal? maybe, maybe not. more than likely - the distributor partner probably was lacking in DD and/or was under the impression they would not require regulatory approval and then found out after the fact. maybe they were trying to lock up distribution rights and took advantage of the lack of understanding on HJOE part. regardless, the contract was valid. the intent was clear. and the intent remains as is evidenced by the additional 3 year license that was extended. that does not mean that it will get approval and the deal will be consummated. however, for those on here to suggest that there was no deal and nothing but a headline to spur interest is void of fact. the public filings demonstrate otherwise.
AI
