HRDN - Shares shifting. Wash trade?
DC Brands International, Inc. Announces that Stephen F. Horgan, Brand Aspirations Founder and Former Coca-Cola and Coors Veteran Buys Controlling Interest of DC Brands International, Inc./dba/H.A.R.D. Nutrition
PR Newswire
DENVER, June 5, 2012
DENVER, June 5, 2012 /PRNewswire/ -- -DC Brands International, Inc., a publicly reporting company under the ticker symbol (OTC: HRDN), today announces that Mr. Stephen Horgan, hired in April as the Company's new COO and President, has reached a private agreement with Richard Pearce, Founder, CEO, and Chairman of the Board of Directors of DC Brands, to acquire controlling voting interest in the Company.
Mr. Horgan said, "After spending the last month assessing the Company and its prospects, and seeking advice and counsel with my peers and colleagues in the industry about the H.A.R.D. Nutrition Brand, I became overwhelmingly encouraged with the feedback I was receiving. I am confident that not only is the health and nutrition conscious consumer waiting for a brand like H.A.R.D. Nutrition, but the retail industry is ready to provide it. This analysis, combined with the strong team already in place, led me to conclude and believe that we can develop H.A.R.D. Nutrition into a national innovative force in the functional beverage industry."
Horgan continued, "I have the greatest respect for Mr. Pearce and consider him to be one of the most unique and innovative entrepreneurs I have met. However, he also recognized that he did not have the beverage experience or established relationships required to move this brand into the broader national market. Our discussions in this context led to my proposal to Mr. Pearce. As always Richard reviewed this proposition with the best interest of the Company and its shareholders in mind, and further discussions evolved into a structured agreement by which I would purchase his preferred stock in the Company, effective as of 12:00 P.M. EST today. As the majority shareholder I will assume the responsibilities of President and CEO, and Mr. Pearce has resigned as an officer and director of the Company."
Horgan added, "I am truly excited with the challenge ahead. I know Richard accepts this agreement with mixed emotions and I wish him the very best in his future endeavors and thank him for his years of tireless service and dedication to the Company."
