DineWise, Inc. Provides Company Update

DineWise, Inc. (OTCPK: DWIS), today provides this corporate update to current and prospective shareholders.

"The Company is currently undergoing a full review of its financial and operational requirements to facilitate funding of its ongoing operations over the next year, a potential recapitalization, and financing its potential merger and acquisition strategy. In preparation for next steps, the Board of Directors recommended, and its majority shareholders by written consent approved increasing the Company’s authorized common shares from 50 million to 250 million. In addition, the Company has hired a consultant to improve market awareness in the financial community and announces that it intends to update its regulatory filings, upon completion of the necessary financing, including filing Form 10 for the fiscal year ended 2010. This will mark a re-entry into the market as a reporting company. In the interim, the following information provided by the Company should prove helpful to shareholders," stated Mr. Paul Roman, the Company's Chief Executive Officer.

Issued and Outstanding Stock and Warrants (as of the quarter ended March 27, 2011):

Total Authorized Common Stock – 250,000,000, outstanding – 33,148,915;

Total Authorized Preferred Stock – 10,000,000, outstanding – none;

Total Outstanding Warrants – 7,550,505 with exercise prices from $.25 to $1.5.

Stock Ownership of Officers and Directors:

Paul Roman, President, CEO and Director: –5,040,386 shares, 15.2% of outstanding stock, Options - none;

Thomas McNeill, Vice President, CFO and Director: – 500,000 shares, 1.5% of outstanding stock, Options – 1,950,000 at $.495/share;

Thomas Hillman, Director, an executive with NYCIC and NYSBVF; none.

Debenture Obligations as of the quarter ended March 27, 2011:

Total Debt outstanding is $3.2 million as of the quarter ended March 27, 2011. The first Debenture has $2.224 million outstanding, an interest rate of 8% per annum and has conversion rights. However, under a past amendment and waiver the Company no longer is required to file a registration statement to cover the potential conversion and sale of the securities. The second debenture has $.976 million outstanding and its interest rate is currently 6.25% per annum. The second debenture accrues interest only, with principal and interest not due until the first debenture is paid in full.

Evaluating Acquisition Oriented Expansion Plans:

The Company has elected to explore whether it should supplant the organic growth of its core business with other similar businesses. In doing so, Management believes it can substantially increase the size of its business, and leverage larger revenues into a more profitable operation. It is evaluating a number of merger candidates, including several food delivery related entities in adjacent markets, and those whose processes could be leveraged to vertically integrate existing operations.

Audit of the Company's Financials:

It is the intention of the Company to file a Form 10 with the Securities and Exchange Commission and related materials upon the successful completion of a financing, and become a fully reporting company. In the interim, Company financial information can be found on the Pink Sheets site, under http://www.otcmarkets.com/stock/DWIS/financials

About DineWise, Inc.

Headquartered in Farmingdale, New York, Dinewise, Inc. is a national distributor of nutritional, fully prepared meals assisting time-impaired, temporarily or permanently homebound consumers and their caregivers via its DineWise® brand. Its branded product lines Home Bistro® and Colorado Prime® cater to the growing demand for gourmet products and services that address prevailing consumer trends for convenience. To learn more, visit www.DineWise.com and find a complete menu of nutritious and convenient dining solutions.

Safe Harbor Statement

This document contains forward-looking statements 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. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors. These factors and others could cause operating results to vary significantly from those in prior periods, and those projected in forward-looking statements. Additional information with respect to these and other factors, which could materially affect the Company and its operations are included in certain forms DineWise has filed with the Securities and Exchange Commission.

Dinewise (PK) (USOTC:DWIS)
Historical Stock Chart
From Mar 2024 to Apr 2024