SOURCE: Action Products International, Inc.

August 17, 2010 11:23 ET

APII Announces Resignations; Pending Legal Action Against Creditor, APII Founder(s)

LAS VEGAS, NV--(Marketwire - August 17, 2010) -  Action Products International, Inc. (PINKSHEETS: APII) announces the resignation of its board of directors and officers. Mr. Raul Martinez remains as President and Restructuring Officer to defend the rights of stockholders of APII.

Action Products has retained a high powered Florida-based legal firm with a history of success defending corporate and shareholder rights with the intent to file a motion in Marion County Court or other appropriate courts to set aside the judgment obtained by Wild Rhino Enterprises, Inc. ("WRE") which awarded all of the Company's assets and receivables to WRE which lists members of APII's founding family as its sole officers and directors on the State of Florida corporations website. To date, APII estimates the value of the judgment exceeds the value of the debt to WRE (more than $2,000,000 in assets awarded to WRE) in exchange for paying off approximately a $400,000 debt.

Shareholders of APII are asked to contact the company regarding the pending legal action against WRE, et. al., on a toll free hotline 1.888.637-9990. Shareholders of APII are asked to provide current phone, mailing address, and email contact information. The goal of the legal action is to retrieve the assets and seek punitive damages after asking the courts to set aside the judgment to WRE.

In July 2010 the Company announced a restructuring centered on Action Media Group, Inc. a wholly owned, media and production company. Today, APII also announced that the agreement bringing a reality television show and other entertainment projects to Action Products has been terminated. The show's producers believe the negative publicity related to the association with APII and the actions of the WRE have damaged their business. They too will seek action against Wild Rhino Enterprises et. al., but do not anticipate seeking action against APII.

Status updates will be provided to stockholders through the list obtained of those shareholders who call in and provide current contact information.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • Media Contact Only:

    Robert Schechter
    Equity Communications