SOURCE: Divine Capital Markets

August 16, 2005 12:24 ET

Nannaco, Inc. Declared in Default on Convertible Debentures

NEW YORK, NY -- (MARKET WIRE) -- August 16, 2005 -- Divine Capital Markets LLC, a registered broker dealer located in New York, New York, announced that on August 12, 2005, holders of Nannaco, Inc (OTC BB: NNNC) 2003 convertible debentures issued a notice of default to Nannaco. The debentures are convertible by the holders on demand into Nannaco common stock at a 25% discount to the lowest closing bid price of the 20 trading days immediately preceding the date of conversion. Divine Capital Markets LLC acted as Nannaco's placement agent in connection with the issuance of the debentures. Divine Capital is making this news release to ensure that the issuance to Nannaco of a notice of default is publicly disclosed.

Disclaimers and Safe Harbor statements under the Private Securities Litigation Reform Act of 1995: Divine Capital Markets LLC makes no recommendation with respect to the purchase or sale of any securities of Nannaco, Inc. and expresses no opinion on the advisability of any investment in Nannaco, Inc., the accuracy of the factors cited in the notice of default discussed above, the willingness or ability of Nannaco, Inc. to cure the cited or any other any event of default within the applicable cure period or otherwise or the financial condition or prospects of Nannaco, Inc. Statements in this news release looking forward in time involve risks and uncertainties, including those associated with market risks, actions of third parties and other factors, known and unknown. These statements may be identified by the use of words such as "may," "will," "should," "potential," "expects," "anticipates," "intends," "plans," "believes" and similar expressions. These statements are based on current beliefs, expectations and assumptions and are subject to a number of risks and uncertainties. Divine Capital Markets LLC disclaims any obligation or duty to update or correct any of its forward-looking statements.

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    Danielle Hughes
    Divine Capital Markets LLC


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