Robert Sands, the CEO of FBEC Worldwide Inc (OTCMKTS:FBEC), issued shareholder update. First, he expressed his gratitude towards the current shareholders for offering their continued loyal support. Then he stated that 1H2015 was great for company as it became a fully reporting and SEC compliant firm.
The CEO said that the second half of year is moving as planned with achievement of corporate milestones. The development suggests that FBEC will soon become a leading producer and known brand of hemp infused products. The production is underway and company is moving forward with its official launch plans of the “WolfShot” Hemp Energy™ Shot earlier in August.
Talking on the recently filed Form 8-K, Mr. Sands stated that in becoming a fully reporting firm, the auditing entity, Malone Bailey LLP, offered a Management Rep Letter advising FBEC to fill the vacant positions of COO and CFO. The FINRA and SEC demand these positions to be filled by a specific individual.
In the recently filed Form 8-K, the company reported that Mr. Sands will officially be taking the roles and responsibilities of COO and CFO. His compensation will increased by $120,000 a year. However, the management plans to appoint an experience CFO after FBEC becomes revenue producing and starts to record positive cash flow from sales. The form highlighted that the salary increase will not be paid in cash but rather as accrued debt from the initial capital Mr. Sands personally invested into the firm.
The focus is to use funds towards the official launch of the new “WolfShot”, and support product development and marketing measures. In last trading session, the stock price of FBEC declined 5% to close the trading session at $0.0950. The decline came at a share volume of 494,192 compared to average share volume of 388,137. The market cap stands at $21.14 million.