Good Vibrations Shoes has sold brewery subsidiary Long Beard Brewing Co. back to its founders.

Following this deal, Good Vibrations Shoes is moving forward as a business consulting firm. Chief executive officer (CEO) Paul Carlin will step down from the board of directors and leave the company to run the brewery business as a private entity. The company confirmed that the brewery business was not suited to be a public company.

Carlin said: "We have come to the realisation that it is just not cost-effective and being public brings little benefit to a company like Long Beard Brewing Co. at this stage in its development."

He also added: "The shareholders will be much better served utilising the company's existing knowledge and resources to service consulting clients who will require far less funding and therefore little or no dilution moving forward."

"We have come to the realisation that it is just not cost-effective and being public brings little benefit to a company like Long Beard Brewing Co. at this stage in its development."

The deal was designed to sell back intellectual property rights and equipment in exchange for the debt owed to the principals for salaries and expenses laid out over the past year. This will enable Good Vibrations Shoes to avoid incurring more debt.

Good Vibrations Shoes intends to offer business consulting in the industry, while seeking a more suitable merger candidate. The company also intends to service a small number of clients in the beginning before growing its consulting practice or to merge into more substantial business to build shareholder value.

Carlin added, "I cannot express just how thankful we are to those who supported us in the brewery endeavor up to this point and how honored we are to have had the opportunity to bring this business to the shareholders of Good Vibrations Shoes. Hopefully this move is a new beginning for GVSI shareholders that will bring some stability and value to the company moving forward."