House & Home
House and Home
House and Home 
Fri, September 18, 2009
Thu, September 17, 2009
DC Brands International, Inc.: DC Brands International Announces: Audit Update
DENVER, CO--(Marketwire - September 17, 2009) - Today, DC Brands International, a publicly traded company under the ticker symbol (
Mr. Pearce went on to say, "Mr. Freeman and his team have been consummate professionals and an absolute pleasure to work with. Their team members have been here pretty much fulltime since starting the process in earnest last May, which is just over 4 months ago. Their tasks and duties included having to start back over from day one. Their work has been exemplary and we are thrilled to have this long overdue process quickly approaching a conclusion at least from the accounting stage. Mr. Freeman and I have scheduled a half day on Thursday and all day Friday to finalize the few remaining items and believe that very shortly thereafter we will be ready to turn all of their work over to our auditing firm.
"As the company's CEO, I felt it necessary to provide our shareholders with an update with respect to the progress being made on these efforts. To say the least, this has been a sore spot and a major source of frustration for us and we are so pleased to have finally reached this stage. I am not one for making excuses; it simply came down to a matter of properly allocating and managing our limited resources of man power, time and capital.
"After transitioning from the energy drink company and acquiring the assets of H.A.R.D. Nutrition while we were still in what turned out to be a protracted R&D process, we approached the audit with fits and starts because I was forced to make the tough decision: either get viable products in the form of our H.A.R.D. Nutrition Functional Water Systems out of R&D and onto the store shelves or complete an audit that would essentially show that we had heavily invested into both DC Brands and H.A.R.D. Nutrition as well as our R&D over the past five years.
"However, some frustrated and even disgruntled individuals have spread absolutely false and ridiculous rumors that for one reason or another that our company is un-auditable which is absurd. Forgetting the enormous cost of our previous CFO and outside firms, in just the last 4 months alone we have invested over $115,000 with VCFO, more than $40,000 for legal work related to the process, and an additional $30,000+ for outside third party valuations which are necessary in the audit process. All of this while continuing to remain focused on getting the products out into retail. This meant we've had no choice but to spend most nights and weekends getting this process completed so that we can then submit all necessary filings including our form 10 and gain back our bid and ask to help stabilize the stock price and allow full transparency as a fully reporting company.
"Here are the facts: VCFO is a highly respected national organization with an impeccable reputation that has done a fantastic job and they have gone through every transaction from day one. I believe Mr. Freeman would be the first to say that he and his team have found absolutely nothing of concern outside the norm with respect to a company of our nature at this time of growth and development.
"I ask all the understandably frustrated shareholders out there to consider the fact that this press release constitutes a statement of fact with my name on it. If the amounts paid and efforts expended were not accurately reflected, I would be leaving myself open to serious legal ramifications. But it is true, every last word. So ask yourselves, isn't it possible that the audit was delayed because we simply have had to concentrate on getting a viable product out into the marketplace which has required the vast majority of our time, attention, and resources, which we have now done with great success. If that makes sense also ask yourself why a company would invest so heavily into becoming fully reporting if we had anything at all to hide? We want this done more than anyone does and we are now on a fast track to seeing it through its completion. Although long overdue, I believe the wait will be worth it once the entire process is completed."
About DC Brands International:
DC Brands International, a publicly traded company under the ticker symbol (
For more information on DC Brands International, visit their website at [ www.HardNutrition.com ].
Note: Except for the historical information contained herein, this news release contains forward-looking statements that involve substantial risks and uncertainties. Among the factors that could cause actual results or timelines to differ materially are risks associated with research and clinical development, regulatory approvals, supply capabilities and reliance on third-party manufacturers, product commercialization, competition, litigation, and the other risk factors listed from time to time in reports filed by DC Brands International with the Securities and Exchange Commission, including but not limited to risks described under the caption "Important Factors That May Affect Our Business, Our Results of Operation and Our Stock Price." The forward-looking statements contained in this news release represent judgments of the management of DC Brands International as of the date of this release. DC Brands International and its managers and agents undertake no obligation to publicly update any forward-looking statements.