Isn't it strange that this starts heading north after the five year lockup expires? There's more to that story we don't know. Go FBEC time to run north.
February 19, 2016
FBEC Worldwide, Inc. entered into a 5 Year Lock-up Agreement with MIDAM Ventures LLC. Pursuant to the Lock-up Agreement, MIDAM will act as the exclusive provider to the Company of the following services: (i) investor relations and public relations, (ii) product marketing; (iii) product development; (iv) day to day business advice; (v) assistance in writing and submission of all press releases and public filings; (vi) fund raising; (vii) optimizing corporate structure: (viii) bookkeeping; and (ix) vendor relations. SOURCE
Feb. 22, 2016
FBEC Worldwide, Inc. a beverage company with intellectual property formulas and marketing capability for the production and distribution of proprietary beverages and CBD products, is pleased to announce 100,000,000 common shares will be retired and an additional 50,000,000 common shares will be restricted to a 5 year lockup agreement.
Midam Ventures LLC has executed a stock purchase agreement with former CEO Robert Sand in which Midam purchased 150,000,000 common shares from Robert Sand. The Company has been informed by Midam that they will be retiring 100,000,000 shares back to the Company's Treasury immediately. In addition, the Company and Midam have agreed to a 5 year lockup agreement for the remaining 50,000,000 shares effective today until February 22, 2021.
Midam's managing partner Adam Heimann stated, "Given both my and Midam's involvement with FBEC Worldwide, we felt it beneficial to the Company's future to clean up the existing share structure. Removing such a large equity position from previous management creates a healthier environment for both current and future shareholders."
Mr. Heimann added, "FBEC Worldwide is a company of great promise. In a short period of time, new management has grown a robust product portfolio, brought product to market, formed strategic joint ventures, and added celebrity endorsement. Midam's decision to retire 100,000,000 shares and agree to a lock up agreement for the remaining 50,000,000 shares, was based on our confidence in the long term growth potential of the Company."
CEO Jason Spatafora said, "The confidence that Midam Ventures has demonstrated today is a testament to the growth potential for FBEC Worldwide & to a greater extent the industry as a whole. The capital structure has greatly improved today and FBEC has a team committed to its future for the next five years. I couldn't be more excited about the positive impact this will have on FBEC's future." SOURCE
