Attitude Drinks Completes $1 Million in Financing
PALM BEACH GARDENS, Fla., Feb. 24, 2012 /PRNewswire/ -- Attitude Drinks (OTC.BB: ATTD) (OTCQB: ATTD.OB – News), an innovative beverage brand development company and creator of Phase III® Recovery, today announced that on Wednesday, February 22, 2012, the company closed on a $1 million capital private placement. The securities issued are restricted convertible notes, and investors include two of the company's founding institutions along with a small group of accredited high net worth investors.
Roy G. Warren, CEO of Attitude Drinks, commented "Attitude has persevered through challenging times during our development stage. Phase III® is now gaining traction in the market place, and we have developed a number of new accounts with many more on the horizon. These new sales channels require marketing and sales support, and these funds will enable us to properly communicate the unique selling proposition that Phase III® Recovery affords."
Tommy Kee, CFO of Attitude Drinks, said "Attitude has been fortunate to receive continued financing from some of the original 2007 investors. Phase III® Recovery is a new product as our next objective is to attract new customers and educate the general public about our product. We are a marketing and branding company as the 'build it and they will come' strategy will not work. The general public must know about our product as this financing will support our new distributors and customers via the implementation of key marketing and promotional programs to further build awareness of Phase III® Recovery."
About Attitude Drinks, Inc.
Attitude Drinks, Inc. is an innovative beverage brand development company with a pure milk recovery drink, exploiting recent scientific evidence, confirming the benefits of milk and protein as an exercise recovery aid. Phase III® is sold in select local, regional and national markets including colleges, universities, convenience stores, fitness centers and gyms, as well as online. For more information, including recent clinical trial results, visit www.attitudedrinks.com.
This news release contains forward looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the failure to meet schedule or performance requirements of the Company's contracts, the Company's liquidity position, the Company's ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In light of these uncertainties, the forward-looking events referred to in this release might not occur.
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