Business
DNA Brands Files 2016 Financials
DNA Brands Files 2016 Financials.
About this update from Dna Brands, Inc.
[{"type":"text","content":"\n \n \n DNA Brands Files 2016 Financials\n \n \nDNA Brands Files 2016 Financials\n\nReduces Debt, Raises Equity and Prepares for 2017 Relauch\n\n \n FORT LAUDERDALE, FL--(Marketwired - Feb 28, 2017) - DNA Brands (OTC PINK: DNAX) is pleased to announce that on Friday, February 24th the company uploaded its 2016 Annual Financial report to OTCmarkets.com\n \"For the past year we have worked with both creditors and equity holders to reduce long term convertible debt and raise a portion of the required funding for the DNA Energy Drink re-launch in 2017,\" commented Adrian McKenzie, CEO of DNA Brands, Inc. \"Specifically, the company has retired over $163,000 (face value, about 40%) in long term convertible debt (sometimes referred to as toxic debt), from the company's books and we now have less than $200,000 in face value convertible debt remaining on the books, while also raising new equity.\"\n \"I believe that once the balance of the convertible debt has been retired, the loyal shareholders who have supported the company will see a healthy return on their investment,\" said McKenzie.\n In addition, over the past several months DNA Brands, Inc. has made significant progress as we prepare to relaunch DNA Energy:\n 1) In December 2016 we secured a 1400 Sq. Ft. Warehouse facility along I-95in Ft. Lauderdale, FL. \n 2) In December 2016 we retained Red Chip Companies for multimedia production and Investor Relations \n 3) In January we have engaged a 35+ year Beverage Industry veteran to implement the anticipated April relaunch of DNA Energy \n 4) In January we reengaged Parkside Beverage, a flavor formulation company who has done work for DNA Energy in the past, to reformulate the Two time award winning DNA Energy drink. \n 5) We are currently in the process of reestablishing relationships with beverage industry suppliers for aluminum cans, flavors and co-pack manufacturing for the relaunch of DNA Energy. \n 6) We have paid all applicable fees to reclaimed our original UPC codes for our cans and cases to accelerate retail familiarity and acceptance when we relaunch. \n 7) We have engaged a design firm to evolve the graphics and logo for DNA Energy. \n 8) We have revamped our website www.dnabrandsinc.com \n 9) We are engaging weekly in social media applications and platforms. \...