DNA Brands, Inc. Names New Interim President and CEO
June 11 2014 - 6:23PM
Marketwired
DNA Brands, Inc. Names New Interim President and CEO
Company Addresses Erroneous Press Release Dated June 9, 2014
BOCA RATON, FL--(Marketwired - Jun 11, 2014) - DNA Brands, Inc.,
(OTC Pink: DNAX) (PINKSHEETS: DNAX) makers of DNA Energy Drink, the
winner of the 2010 and 2012 "World's Best Tasting Energy Drink"
title and DNA energy coffee announced today that effective
immediately the Company's Board of Directors and Eric Fowler, the
current President and Chief Executive Officer of the Company, have
mutually agreed that it is in the best interest of the Company and
its shareholders that he immediately resign his positions as a
result of his authorization of the issuance of a press release on
June 9, 2014, erroneously advising that the Company had entered
into a distribution agreement with Trenton Coca-Cola of Missouri.
Melvin Leiner has assumed the role of interim President and CEO.
Mr. Leiner is a founder of DNA and has held the title of Executive
Vice President, Secretary and Director of the Company since its
inception.
Mr. Leiner stated, "I want to make it perfectly clear that the
Company has always operated in an ethical manner and will continue
to do so in the future. The unfortunate event of June 9, 2014 was
not motivated for profit or greed and no officer, director,
management or family member sold a single share of the Company's
stock, either directly or indirectly." Mr. Leiner further stated,
"The two directors of the Company, who are also the founders of the
Company, have forgiven $1.8 million dollars in personal loans made
to the Company and $944,000 in accrued salaries. We have not
received any salary from the Company for over three years." Leiner
concluded, "Neither I nor any company employee had any knowledge
that the information provided was inaccurate in any way. We have
immediately begun a search for a highly qualified new President and
have implemented new procedures to insure errors like this will
never occur again. We maintain our belief in our business concept
and continue to aggressively pursue new business."
Eric Fowler said, "I misunderstood a phone conversation with a
representative of Trenton Coke and I authorized the announcement of
the distribution agreement between DNA and Trenton Coke. There is
no such agreement. I accept full responsibility for these
actions."
About DNA Brands, Inc.
"Awarded the World's Best Tasting Energy Drink 2010 & 2012
respectively at the World Beverage Competition"
For more information about DNA Brands, Inc., its products and
its athletes and sponsorships, please visit www.dnabrandsusa.com
or contact:
Safe Harbor Forward-Looking Statements
To the extent that statements in this press release are not
strictly historical, including statements as to revenue
projections, business strategy, outlook, objectives, future
milestones, plans, intentions, goals, future financial conditions,
future collaboration agreements, the success of the Company's
development, events conditioned on stockholder or other approval,
or otherwise as to future events, such statements are
forward-looking, and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
The forward-looking statements contained in this release are
subject to certain risks and uncertainties that could cause actual
results to differ materially from the statements made.
Ralph Sabella (954) 970-3826 x 106
Ralph@dnaenergydrink.com For Investor Relations Information: Melvin
Leiner melvin@dnaenergydrink.com
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