It was only a matter of time before Big Shoe started buying up craft breweries. That’s right, Good Vibrations Shoes, founded in May 2004 to research and develop vibrating shoes, filed with the State of Nevada and FINRA to change its corporate name to Long Beard Breweries Inc. as the company adapts the growing craft beer business model of its recently acquired subsidiary, Long Beard Brewing Co. of Long Island, N.Y.
I know, that same old story.
Anyway, now that various corporate housekeeping items have been completed in preparation of the change, the company is ready to begin building its big craft beer brand, which, jokes aside, is always a fun thing. Jumping many legal hurdles and wading through the mountains of red tape necessary to set up a commercial brewery, Long Beard is now on the path of preparing to build out its unique Long Island brewery and tasting room, and more importantly to start its first batches of beer as a commercial brewery once the appropriate licensing is processed. If all goes well, the company could be putting out its brews in time for summer.
“We could not be happier with the process so far,” commented Long Beard’s chief executive officer Paul Carlin. “The approvals are flowing in because we took the time to do everything the right way, and we are confident the last steps will be completed very quickly allowing us to start doing what we love, making great beer.”
The company was waiting to file the name change amendment until there was a level of certainty that the project would be approved fairly soon, and now since that is the case, the process of formulating a public equity strategy can begin. The first part of that strategy is to create a share structure that will allow liquidity for new investors while protecting existing shareholders. As part of this strategy, some shares will be issued to the two principals of Long Beard to assure they maintain control of the company, but since those shares are issued to insiders they will not be free trading for a minimum of a year, and even then their sale will be highly restricted.