Business
DNA Brands Receives an LOI for the Sale of the Energy Drink Line
DNA Brands Receives an LOI for the Sale of the Energy Drink Line.
About this update from Dna Brands, Inc.
[{"type":"text","content":"\n\n Fort Lauderdale FL, Aug. 11, 2016 (GLOBE NEWSWIRE) -- DNA Brands Receives an LOI for the Sale of the Energy Drink Line \n DNA Brands Inc., is pleased  to announce that it has received a Multi-Million Dollar equivilant  offer for the company's  Energy Drink Line. Stated CEO Adrian McKenzie: “I am not only excited by this development but what this will mean for our company, creditors  and shareholders is that this will wipe out the prior debt incurred and provide assets on the books of the company” Further Adrian McKenzie stated: “Once the debenture is accomplished this will pave the way to implement other plans as was touched upon in my conference call.  I know that perhaps many were unable to listen in so attached to this PR is a transcript for all to review.” The following is a transcript from the Conference call held on August 11, 2016 at 3:10 p.m. conducted by Questionnaire,  Mr. Vance Paulman  and CEO of DNA Brands Inc.  Mr. Adrian McKenzie. Vance Question: This is not your normal area of expertise you having a background in finance as I and most people know Adrian.  So what got you interested or excited about DNA Brands to get you involved in a company like this knowing of course that you would be assuming debt. Adrian McKenzie: Well yes Vance.  Actually you’re right I did not start in the beverage industry.  I have a finance background.  I was a broker for many years from 2001 through 2008-2009.  When the mortgage crisis fell apart I actually jumped on the other side and started creating public companies and created several, however, I took over DNA Brands as a project.  I was familiar with the company.  I’m familiar with management.  The company itself did a great job.  They had a product they built from scratch.  They got it to the markets 27 million dollars  was spent on this company.  It was unfortunate for management at the time.  I guess there was just a butting of the heads. I was not there.  But management seemed to really do the wrong things.  You don’t announce you have contracts with major players such as Coke or Pepsi and not have those in hand.  In my opinion that was the beginning of the end for prior management.  So I came in. I have the b...