This designation enables faster, easier, and lower cost transfer of shares in XFTB and is the next important step for investors in the newly-public XFit Brands, Inc., reports http://www.xfitbrands.com
— XFit Brands, Inc. (OTC: XFTB), a global supplier of fitness and MMA equipment sold at retail and fitness outlets worldwide whose brands include XFit Brands, Throwdown, and Transformations, today announced that Depository Trust Company's (the "DTC") has approved XFit's common stock for DWAC/FAST transfer.
The Depository Trust Company's (DTC) Deposit and Withdrawal at Custodian (DWAC) service provides participants with the ability to make electronic book-entry deposits and withdrawals of eligible securities into and out of their DTC book-entry accounts using a Fast Automated Securities Transfer service (FAST) transfer agent as the distribution point. The FAST system eliminates the movement of physical securities certificates for transfers of securities registered in the name of DTC's nominee, Cede & Co, on the transfer agent's books. DTC and its FAST transfer agents reconcile the results of participants' deposit and withdrawal activities electronically on a daily basis. This newly approved stock transfer capability will enable XFit Brands Inc. shareholders to transfer their shares of XFTB stock electronically without the extra expense and delay associated with the processing and transfer of physical share certificates.
VStock Transfer's Vice-President of Sales, Lisa Loew stated, "We are very pleased to have supported XFit Brands, Inc. in this initiative to provide increased service and flexibility for their shareholders. VStock Transfer is always looking to assist its portfolio companies to bring greater efficiencies to investors and XFit hopes to accomplish that with the approval of DWAC/FAST share transfers. We believe this is an important step for XFit to build liquidity for its current shareholders and will enable XFit to continue to expand its shareholder base."
XFit Brands has been growing compound annually in excess of 40 percent over the past three years, and has built an attractive niche as a high value supplier to the growing health and fitness club channel. As a result, XFit has become an exclusive one-stop shop for major gym franchise operators and continues to expand its business worldwide. The Company became a public entity in September 2015 to enable it to access the capital markets to continue supporting the Company's growth.
Brent Willis, the Executive Chairman of XFit Brands and a former Division President at Coca-Cola (NYSE:KO) and CCO at AB InBev (NYSE:BUD), commented, "Gaining DWAC eligibility is the next important step in building the XFit Brands new public entity. It makes it easy on shareowners, and is an important foundational component as we now begin to build awareness of a very good, high growth business."
About VStock Transfer:
VStock Transfer (www.VStocktransfer.com) is a NYC based stock transfer and registrar firm founded by experienced securities lawyers to provide cost savings, DTC Eligibility, DWAC services, dedicated account managers, FREE 24-7 Issuer access online to shareholder reports, and outstanding customer service that will impress the Issuer and shareholders.
About XFit Brands:
XFit Brands, Inc. is one of the leading suppliers of functional fitness brands, products, and equipment sold at retail and fitness outlets in more than 20 countries worldwide. The company provides a full portfolio of products and services spanning MMA, CrossFit, and other high and low impact fitness regimes and owns the trademarks XFIT for its Functional Fitness line, Throwdown for its MMA portfolio, and Transformations in programming. The Company’s websites are www.XFitBrands.com and www.throwdown.com.
Safe Harbor Disclosure
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are any statement reflecting management's current expectations regarding future results of operations, economic performance, financial condition and achievements of XFit, including statements regarding XFit's expectation to see continued growth. The forward-looking statements are based on the assumption that operating performance and results will continue in line with historical results. Management believes these assumptions to be reasonable but there is no assurance that they will prove to be accurate. Forward-looking statements, specifically those concerning future performance are subject to certain risks and uncertainties, and actual results may differ materially. XFit competes in a rapidly growing and transforming industry, and other factors disclosed in the Company's filings with the Securities and Exchange Commission may affect the Company's operations. Unless required by applicable law, XFit undertakes no obligation to update or revise any forward-looking statements
For investor inquiries please contact:
Name: Brent Willis
Organization: XFit Brands
Address: Lake Forest, CA 92630
Phone: (949) 916-9680
Release ID: 107330