Down 25% today after the so-called good news! The debts actually increased to $200K from the 09/25-press's $140K which means increasing the AS again is imminent unless the company can sell the shares to the market by itself, instead of giving the huge discount (up to 80% at 0.0001 a share) to the debtor shark! With this rapid huge dilution pace FBEC will hit another new low 0.0001 as soon as this Wednesday... The peer with just 200M ~ 300M shares OS but already hit 0.0001 last week!
Total 518,581,816 shares dumped at 0.0002 ~ 0.0003 as of today! The current bids at 0.0002 can be taken out with just a couple of huge dumping which should happen tomorrow... 0.0003 has became the strong resistance now v.s. 0.0002 is just a temporary support!
09/25-Press: Frontier Beverage Company Issues Company Update
Sep 25, 2014 (eTeligis.com via COMTEX) -- HENDERSON, NV, United States, via ETELIGIS INC., 09/25/2014 - - Frontier Beverage Company Inc., (OTC Pink: FBEC) (PINKSHEETS: FBEC), issues company update.
From Frontier Beverage Company President, William Coogan, "Over the past weeks I have received inquiries for a company update, future plans etc. and do apologize if I wasn't able to get back with everyone and also would like to thank everyone for their patience. As I have executing on the company business plan which again calls for the reduction of debt, additional acquisitions and/or partnership relationships for the increase of revenues and to produce profits and as I have promised transparency the following is the most current information with regard to the company operations:
- In continued cost cutting moves all consulting and independent contractor contracts (Including Mr. Leiewand's) have been terminated and all payments were paid and/or satisfied in the last quarter or within the 3A10 fling dated June 6, 2014. No further fees are owed to consultants and no shares were issued in this quarter to consultants or independent contractors.
- The company has entered into two new debt reduction contracts, a new 3A10 dated and filed September 11, 2014 for the amount of $56,749.25 as well as a separate conversion note for the amount of $30,000 (8k to follow). These debts have been on the books for many years. Additionally our $50,000 Convertible Debenture has matured and conversions have begun on that note as well.
- I have no plans for any stock split whatsoever, but due the recent contractual obligations we found it necessary to increase the authorized to satisfy our obligations.
- The company has been interviewing new candidates for management and I will be making an announcement in coming days as to the hiring of our new President. Our search curriculum included Energy experience as well as a strong business Background.
- With regard to our recent signing of the Oil Patch Marketing contract, I will hold off those discussions until our new President is in place.
- With regard to share issuance, the only shares issued this quarter were from debt note conversions
- I will request that new management be more forthcoming with updates via Press Releases, Twitter or via Blog posting.
I understand shareholder frustration with regard to the company slumping stock price, but as I inherited the aged debt and I have found that debt reduction a necessary part of the future growth of the company. And as former management ignored the problem, I took it head on and as it is a short term inconvenience, it will only help for our long term growth. Please keep in mind this is Marathon not a Sprint. As there have been discussions for new business opportunities it seems the debt is the main focus of the conversion. So with that in mind and with the assistance of the Private Equity and Hedge Fund community, I thought it best we deal with it and eliminate it!"
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