Hangover Joe's ($HJOE) Answers KBM and Addresses Toxic Loan Issues Faced by Small Public Companies Throughout America
Published: Jan 28, 2016 8:12 a.m. ET
Jan 28, 2016 (ACCESSWIRE via COMTEX) -- Hangover Joe's $HJOE Stands Up to KMB Toxic Loan Lender for ShareholdersDENVER, CO / ACCESSWIRE / January 28, 2016 / Hangover Joe's Holding CorporationHJOE, +5.88% developers of Hangover Recovery Shot and Git-R-Done-Energy, along with Git-R-Done Productions, Inc. and Larry the Cable Guy, announced today that it has filed a verified answer in the Court of the Eastern District of New York, against KBM Worldwide Inc. Among the numerous responses include usury and violation of market manipulation provisions by KBM.
"The system used to finance small companies in the United States today has become completely insane," said Matthew Veal, CEO of Hangover Joe's. "This business was started with friends and family funding that eventually exceeded several hundred thousand dollars. The business grew to where it sold product in the millions, but as a startup did not qualify for traditional or SBA funding and needed additional capital for growth. It was approached about going public with the promise of significant investment, which of course did not materialize. Its only option for financing has been the nightmare of convertible loans.
These loans as a group all have been repaid not only to the extent of the entire amount of their principal but significant interest as well, not at the effective interest rates of the loans and meritless fees added on to them, but certainly at or near the legal rate of interest. However, the convertible loan process also triggered a deluge of short sellers and paid bashers adding to the degree of difficulty by a process of attempted shaming in social media, working stock boards and otherwise to inhibit potential investors and customers from a growing company and brands. This is an attempt to harm the company and we don't take these matters lightly. To further add insult to injury, several of these lenders have now sued us, including dubious claims against individual members of management which seek to further and unfairly harm reputations, and we have responded to these as well. This is done thousands of times in our economy today, destroying companies, jobs, and investor wealth in the process. And for what gain? Hangover Joe's at least has come through the process strong enough to hire talented attorneys who have started the process of removing this scourge from our capital markets.
We are launching dealers all over the USA and expect to expand our existing ongoing international operations. Ours is a real company and a real brand and we are standing up to this type of injustice for all of our stakeholders, the shareholders, the believers, the distributors, the retailers and consumers of our brand. With the progress we have made there are new investors looking to fund the company, and our brand is growing and has a strong following. The type of predators we have faced count on companies not having real products or sales and being too weak to fight back. That is not the case in Hangover Joe's and we will defend ourselves against all such attacks and respond in the court systems." We find inspiration for our views in the Jose Marti, "Liberty is the right ..... to be honest, to think and to speak without hypocrisy." The action was filed on behalf of HJOE by Ellsworth Young LLP (www.eyllp.com), a national law firm with capabilities in New York, California, Nevada, Pennsylvania, Florida, Texas, Utah and Arizona which specializes in toxic debt relief cases.
Interested in a Dealer/Distributorship to sell HJOE products? Contact SMS atwww.smsdealerships.com. Hangover Joe's is the exclusive producer of "The Hangover" Recovery Shot, and one of the nation's top selling anti-hangover recover drink & hangover recovery shot. Git-R-Done-Energy is an officially licensed product of Git-R-Done Productions, Inc. and Larry the Cable Guy and is a healthy energy drink. Hangover Joe's is a publicly traded company and is trading on the OTCPK as HJOE Additional details of the Company's business, finances, appointments and agreements can be found as part of the Company's public disclosure as a reporting issuer with the Securities and Exchange Commission ("SEC") available atwww.sec.gov.
For more information, visit our website at www.GitRDoneEnergy.com &www.hangoverjoes.com or https://www.facebook.com/GitRDoneEnergy , on twitter @GitRDoneEnergy and on Instagram: HangoverJoescom or check us out on YouTube.
This news release contains "forward-looking statements." Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the Company's expectations regarding the development of marketing and sales relations nationally. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with developing new products and operating as a development stage Company, our ability to raise the additional funding we will need to continue to pursue our business and product development plans, competition in the industry in which we operate and market conditions. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by applicable law, including the securities laws of the United States. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in the reports and other documents we file with the SEC, available at www.sec.gov.
For information on the companies stock: http://investorshangout.com/Hangover-Joes-Holding-Corporation-HJOE-57917/
SOURCE: Hangover Joe's Holding Corporation
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