DENVER, CO, Dec 26, 2013 - Hangover Joe's Holding Corporation (OTCQB: HJOE) -- Hangover Joe's is pleased to announce that, after a challenging year in 2013 due to financing difficulties and growing pains, Hangover Joe's co-founders Michael Jaynes and Shawn Adamson have reasserted control of the crucial areas of the Company in a series strategic moves they believe will resume the significant growth the company had experienced form its inception through 2012. Shawn Adamson has stepped up to Vice President of Sales and Marketing, and Mike Jaynes has decided to relinquish the CEO role to Matthew Veal, who is also the Company's Chief Financial Officer, but will retain his role as company Chairman. Mike Jaynes will assume the role as director of operations. Mike Malm has announced his resignation from the board of directors but will continue to focus on licensing, merchandising and new opportunities for the Company both domestically and internationally.
"These moves, however unorthodox, really free up everyone to do what they do best for the Company. We've hired some really good people but couldn't always support them in 2013 the way they needed. Shawn really has the fire and passion for the brand and to communicate the news and vision of Hangover Joe's to everyone, to get us into the stores so people can buy the product, and to make sure no stone is left unturned towards the ultimate success of the Company. He is quite effective in transferring that passion on to others and has a keen understanding of marketing the brand to our target demographic. Mike Jaynes has a totally different skill set, being a former litigation attorney he is a strong negotiator with contractual skills and overseas the everyday operations of the company. Matt Veal has been in the wars for years with early stage companies, doing everything from raising money, helping evaluate good ideas from the bad, doing the accounting, back room, debt settlements and administrative duties. As Chairman, I will be able to focus on helping these guys perform their role towards our goal of greatly increased sales in 2014 without having the daily duties in some things that are important but not necessarily my skill set."
While the backgrounds of Mr. Jaynes, Mr. Malm, and Mr. Adamson are known to HJOE stakeholders, Mr. Veal, 55, has come to the Company with a background in Venture Capital and startups after an initial start to his career in public accounting. At Mr. Veal's recent position as Vice President and Treasurer of Integrated Freight Corporation, he was an important part of the turnaround team that recently reported having turned around a $14 million dollar loss into a breakeven performance on $20 million of sales. Over his career, he has held co-founder roles for publicly traded Evolucia Lighting, Neogenomics, as well as Heritage O&G Corp., a private oil company in Dallas, Texas. As an entrepreneurial accountant he has helped to raise approximately $125 million for various startups in his career, which has seen both success and failure common to bringing new ideas to the marketplace. He as an understanding of public companies and looks forward to leading Hangover Joe's into the black.
More importantly, Mr. Veal is bringing a number of capital sources, additional professional support, and friends of various kinds to enthusiastically join the effort at HJOE. "If I don't let anybody down, we will be fine," said Mr. Veal. "We have the Japan contract. We have the inroads into some bigger sales having shown what we believe are some positive test market results. We have some people helping us with additional capital to grow the company. I know I'm lucky to get to work on this opportunity and wish to thank Mike and Shawn for really setting things up and giving me the opportunity to help guide Hangover Joe's to the fore front of the functional lifestyle category of beverages. I have been involved with many companies over my career but I have to say the energy and possibilities of this venture are very promising."
"To say Matt is Lucky is the understatement of the year," said company spokesman Hangover Joe. "When I first met him, I thought to myself, 'ABC, Another Bean Counter.' But he turned out to be likable, and he made his point, it takes people who are willing to obsess about things others don't take a liking to for a Company to be successful. So I'm all on board for him to get in here and help Mike and Shawn make this into the kind of success we all here know it can be. And just in case you forgot, let me remind you Hangover Joe's is we think the number one brand for Hangover recovery in the morning after consuming alcohol to relieve the symptoms of a hangover. Try to have a bottle or two handy so that you will have some for you and your friends."
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 product. Taken the morning after and featuring a patent-pending blend of antioxidants, vitamins and herbs, "The Hangover" Recovery Shot is the quickest way to overcome the day-after side effects of alcohol consumption. On July 25th 2012, Hangover Joe's became a publicly traded company and is trading on the OTCBB as HJOE. For more information, visit www.hangoverjoes.com, or check us out on Facebook, YouTube and Twitter: @TheHangoverShot.
Forward-Looking Statements This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which 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, regulatory incentives, the development of new business opportunities, and projected costs, revenue, profits and results operations. Actual results could differ from those projected in any forward-looking statements due to numerous factors. 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. 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 our annual report on its reports filed at www.sec.gov.
Hangover Joe's Holdings Corp.
SOURCE: Hangover Joe's Holdings Corporation