SOURCE: VitalTrust Business Development Corp.

August 15, 2007 09:38 ET

VitalTrust Business Development Company Files Quarterly Report, Increases Managed Company Holdings, Continues Shift From a Business Development Company to a Management Company

TAMPA, FL--(Marketwire - August 15, 2007) - VitalTrust Business Development Company (to be named Pangea Ultima Corporation) (OTCBB: VTBD) ("VitalTrust" or the "Company") today announced the further consolidation of managed company equity interests. The Company also announced the evolution from a Business Development Company (BDC) to a management Company.

As more fully discussed in the Company's quarterly report for the period ended June 30, 2007, the Company increased its equity holdings in managed companies through the exchange of preferred shares for ownership in Online Sales Strategies and through increasing our ownership of US Energy Initiatives. Since 1988, our Chairman of the Board and Chief Executive Officer and our Chief Operating Officer and Director have provided finance and management for distressed public and private companies. The following chart displays our current roles and ownership in each of our managed companies:

Company             Current Roles     Shares Held       Market Sector
                  ----------------- ----------------  -----------------
EarthFirst         Chairman of the       120,000,000  Energy-related
 Technologies      Board                              technology
 (EFTI)                                               development

Nanobac            Chairman of the        20,000,000  Healthcare
 Pharmaceuticals   Board                              related
 (NNBP)                                               nano technology

US Energy          Chairman of the      57,593,800(1) Energy and
 Initiatives       Board                              electronic
 (USEI)            Director                           related

Online Sales       Chairman of the     385,369,360(1) Internet-related
 Strategies        Board                              technology
 (OSSG)                                               development

VitalTrust         Chairman of the               100% Technology
 Solutions Inc.    Board                              facilitator

(1) Includes USEI 37,593,800 and OSSG 385,369,360 shares acquired during the quarter ended June 2007. We also hold positions in the following companies which our Chief Executive Officer and Chairman have made financial investments but of which we have not served in any official capacity:

Company                  Shares Held             Market Sector
                         ------------ ------------------------------------
US Sustainable Energy     450,000,000 Energy-related technology
 (USSE)                               development
Nano-Chemical (NCSH)       36,000,000 Nano-aerosol related technologies

The Company further announced its intention to withdraw as a formal Business Development Company and facilitate its business model as a management company. "To our shareholders, this change will be seamless," said USEI CEO John Stanton. "While our trading symbol will change when we complete the name change to Pangea, our shares will continue to trade in the open market. A BDC is a specialized public company and our managed company model envisions we will proceed as a conventional public company." VitalTrust detailed its shift from a BDC to a management company in an informational statement filed with the Securities and Exchange Commission. "As we continue consolidating our holdings under the VitalTrust banner, we look forward to focusing on each of our entities in developing their respective business models," concluded Mr. Stanton.

About VitalTrust Business Development Corporation (to be named Pangea Ultima Corp.):

VitalTrust, provides management and finance to public and private companies which can be improved through our capital and management. The Company invests and manages enterprises in the healthcare, energy, internet and services sectors.

Investors are cautioned that certain statements contained in this document are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects" and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future VitalTrust actions, which may be provided by management, are also forward-looking statements as defined by the act. These statements are not guarantees of future performance.

Contact Information

  • For information at the Company contact:
    Mark Clancy
    Chief Operating Officer