FBEC Worldwide, Inc. Provides Update on 10-Q

CHEYENNE, WY / ACCESSWIRE / December 1, 2015 / FBEC Worldwide, Inc. (OTCQB: FBEC) recently filed a notification of late filing of Form 10-Q for the nine months ending September 30, 2015, with Securities and Exchange Commission. We have been informed by our auditors that the final document will be filed by the close of business Friday December 4th, 2015. The financial report had been substantially complete except for the derivative calculations caused by a debt settlement which created a substantial change. The conventional Black-Scholes method renders a calculation that is unsupportable under current regulatory guidelines. The Company sought a third party derivative valuation of the debt settlement agreement before a sufficiently supportable value could be obtained. We expected this valuation to cause a delay in filing into early December due to the previous holiday week. We only became aware of this delay as we were preparing to edit our documents for filing and the concurring reviewer determined this change was going to be required. As stated above, our filing was nearly complete, but the Company needed the derivative calculations for this quarterly report. 

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.

As we look ahead, FBEC Worldwide 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.

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.

Contact:

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

SOURCE: FBEC Worldwide, Inc.

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