NORTH PALM BEACH, FL - (NewMediaWire) - September 17, 2015 - Harrison, Vickers & Waterman, Inc. (OTCBB: HVCW): Attitude Drinks, Inc. (OTCBB: ATTD) announces today that it has filed its June 30, 2015 year-end annual report. This is the first financial report to include the results of the Joint Venture with NEWOB. HVCW had announced the acquisition of Attitude Beer Holding Co. on April 21, 2015, and the annual report filed includes revenue from the first World of Beer (WOB) tavern financed by Attitude Beer Holding Co. which began operations on January 25 of this year. HVCW also recently filed with regulatory authorities to change the company name from Harrison, Vickers and Waterman Inc. to Attitude Beer, Inc.
Results of operations reflect gross sales of $684,695 and a gross margin profit for our WOB location of $483,570 from April 21, 2015 through June 30, 2015. HVCW owns 51% of the West Hartford WOB tavern, as such the annual report reflects 100 percent of the tavern's sales during the ownership period and a net of 51% of the operating earnings after the 49% minority interest elimination.
HVCW's CEO Roy Warren commented: "Management is excited by the early results from our first tavern, and we look forward to the prospect of improving the results in the West Hartford WOB tavern as well as continuing to refine this business concept in more taverns in our franchise territories. This consumer friendly craft beer concept has become the pioneer in this category, and we are proud to enable our JV partner to accelerate growth and exploit this niche in the craft beer industry."
This audited report indicates that as of September 14, 2015, the date this filling was issued, HVCW had 126,337,367 shares outstanding. The company recently announced an agreement with NEWOB to develop new WOB taverns in Milford CT and Boston MA. Renovations are scheduled to begin in both locations in January 2016 with anticipation of operations beginning in both locations next spring. Both of the new taverns intend to incorporate the latest format of the WOB concept, including larger and more diverse "tavern fare" and beverage selection.
Attitude Drinks Incorporated ("ATTD") owns 70 percent of the common shares outstanding as of the filing of the annual report.
Harrison, Vickers & Waterman Inc. is the owner of Attitude Beer. Attitude Beer has a joint venture with New England World of Beer LLC. to develop select World of Beer franchised locations in the state of Connecticut and greater Boston areas. Together they opened a 4,000 sq. foot WOB tavern in West Hartford, CT in January 2015 that sells a selection of over 500 craft and imported beers along with tavern food and other spirits and cocktails. New England World of Beer holds franchise rights for all of Connecticut and the greater Boston area. Recently, Attitude Beer announced an agreement with NEWOB to develop new taverns in Milford CT and Boston MA. The Company is seeking additional opportunities in the craft beer industry. For additional World of Beer locations that are developed through the joint venture, Attitude Beer Holding Co. will hold a 51% interest and New England World of Beer will hold a 49% interest in the joint venture's new World of Beer locations.
For more about HVCW: visit: www.attitudebeer.com
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The forward-looking statements are based on current expectations, estimates and projections made by management. The Company intends for the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," or variations of such words are intended to identify such forward-looking statements. The forward-looking statements contained in this press release include statements regarding the prospects of improving the results in the West Hartford WOB tavern and continuing to refine this business concept in more taverns, and the timing of the renovation and commencement of operations of the new taverns. All forward-looking statements in this press release are made as of the date of this press release, and the Company assumes no obligation to update these forward-looking statements other than as required by law. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements and include the Company's ability to improve its results and accelerate its growth, open new taverns, exploit this niche in the craft beer industry and the other risk factors discussed in the Business and Management's Discussion and Analysis sections in our Annual Report on Form 10-K for the year ended March 31, 2014 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.