High Performance Beverages buys preferred shares and voting rights from former management
High Performance Beverages has acquired preferred shares and all voting rights from its previous management for an undisclosed amount.
As per the deal, Michael Holley and Toby McBride have sold their complete stake in the company, which was held in the form of preferred shares. They will retain 28,125,000 shares of restricted common stock after the transaction.
A trademark and copyright assignment for the global rights and privileges to High Performance Beverages' name will be transferred concurrently to Toby McBride.
Execution of the deal will ensure that no other individuals, affiliates, or companies associated with Holley and McBride will be in possession of any shares of the company.
High Performance Beverages plans to officially change its name to Cascade Dairy Holdings. Ryan Coulston has been appointed as the president and CEO of the new company, while Cameron Calaway will be part of its Board of Directors.