SAN DIEGO – May 07, 2007 – Who’s Your Daddy, Inc. (OTCBB:WYDY) is pleased to announce that it has closed its round of equity financing in the amount of $3,250,000, which pays off all of its short and long term debt to the NIR Group, while providing the Company working capital.
On April 12th, 2007 the Company announced that it entered into an agreement with institutional investors to provide equity financing, and that the proceeds of the financing were to be used to retire all of the outstanding convertible debt, to expand the Company’s distribution of its entire line of Who’s Your Daddy “King of Energy” Drinks, and to provide ongoing working capital.
Today the Company reports that all of the outstanding convertible debt instruments have been formally retired, the related debt has been removed from the company’s balance sheet, and the financing will provide increased distribution of its energy drinks.
Edon Moyal, CEO of Who’s Your Daddy, stated, “We are very pleased to have closed this round of equity financing. The capital will enable the Company to expand its distribution, and to enhance market penetration at a rate not previously seen. We are thrilled to welcome our new investment partners, and we are pleased that they are firmly committed to our brand, and product lines. We are all of the opinion that the additional capital and the retiring of the old debt will take the Company’s brand to a whole new level.”
Mr. Moyal continued, “This infusion of new capital will allow us to become extremely aggressive in the marketplace in terms of opening new territories, and rolling out major retailers. As a result, our sales forecasts in the coming months should be quite impressive. This is clearly a defining moment for the Company and one that will provide us with the ability to continue to build a tremendously successful brand and one of the leading energy drinks in the marketplace.”
About Who’s Your Daddy, Inc.
Who’s Your Daddy, Inc. (www.whosyourdaddyinc.com) is a publicly-traded company that designs and licenses a variety of products centered on its trademark-protected brand, “Who’s Your Daddy(R).” In addition to its Regular, Sugar-Free and Green Tea (in regular and sugar-free) “King of Energy(TM)” Drinks, which are manufactured, promoted and sold exclusively by the Company, the Company currently holds trademarks for more than 300 products in the U.S., Mexico, Middle East, Far East, Japan and the European Community. The “Who’s Your Daddy” range of product offerings is designed to appeal to young men, women and sports fans who strive for “style with authority.” Who’s Your Daddy, Inc. is traded under the WYDY stock ticker.