Jason Spatafora CEO of FBEC Worldwide, Inc. Issues Shareholder Update

CHEYENNE, WY / ACCESSWIRE / December 14, 2015 / Jason Spatafora CEO of FBEC Worldwide, Inc. (FBEC) updates shareholders to the following quarterly report:

“This afternoon we submitted an 8k that stated that our auditor Malone and Bailey (MB) has resigned and that we retained a new auditing firm Pinaki & Associates LLC. As the 8K states with regards to our former auditor “There had been no disagreements with MB on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure from engagement of MB on January 14, 2015 through December 8, 2015.” I wanted to make shareholders aware that as stated previously, nearly all of the financial accounting information FBEC needed to submit was in ahead of schedule, but the derivative calculations using the Black-Scholes formula have been the cause of our delay. Using this method originally was a secondary option to evaluating FBEC’s financials, but FBEC was advised by our former auditor that the Black-Scholes method was the only option we had to produce the most accurate report. The root cause of FBEC’s need to use the Black-Scholes method is a direct result of the structure of agreements and contracts executed by FBEC’s previous management. After further investigation it was determined that one of the derivatives had a conversion value that could be at multiple prices and would require a third party multinomial valuation. We have received this valuation. Shareholders must be aware of the fact that FBEC’s current management took over FBEC with two weeks left in the quarter which was spent putting WolfShot(R) and FBEC back in order. We had previously been advised by our accounting and auditing team that the report would be done by a certain time, with that said our quarterly report is paid for as are all expenses related to this process, but the report will come out when it’s done. As stated above we have all the financial numbers & various derivative calculations done by an independent party. We appreciate our shareholders patience, while we complete what is needed to file this 10Q,” said Jason Spatafora

As We Look Ahead

FBEC Worldwide, Inc. will develop and build name brands focused on strong rates of growth within key fundamental consumer groups. Our company is dedicated to becoming a leading developer of name brand beverage alternatives geared specifically towards large, significantly important demographics within major markets.

About FBEC Worldwide, Inc.

FBEC Worldwide is an innovative beverage company dedicated to offering proprietary products focused towards significant target markets, both domestic and abroad. We are committed to increasing our market size and scope through the optics of creative marketing and most importantly customer satisfaction. Our growth strategies will focus on a number of major initiatives including, unique branding opportunities that will be targeted at key demographic groups, and to develop strong community and distributor relationships.

Safe Harbor for Forward-Looking Statements: This news release includes forward-looking statements. While these statements are made to convey to the public the company’s progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management’s opinion. Whereas management believes such representations to be true and accurate based on information and data available to the company at this time, actual results may differ materially from those described. The Company’s operations and business prospects are always subject to risk and uncertainties. Important factors that may cause actual results to differ are and will be set forth in the company’s periodic filings with the U.S. Securities and Exchange Commission.

Investors Contact:

Joe Sirianni
MIDAM Ventures LLC
(305) 707-7018
jsirianni@MidamIr.com
www.MIDAMIr.com

SOURCE: FBEC Worldwide, Inc.

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