SOURCE: Zealous, Inc.

January 21, 2010 09:29 ET

Zealous, Inc. Reaches Tentative Agreement With Major Creditor

Creditor to Restructure and Refinance Debt

FOUNTAIN VALLEY, CA--(Marketwire - January 21, 2010) - Zealous, Inc. (OTCBB: ZLUS) announced that it has reached a tentative agreement to restructure the debt due to one of its largest creditors. Zealous, Inc. has diligently worked with its investors and creditors since the financial downturn in Fall 2008 and it is the company's goal for 2010 to restructure its financials. The agreement includes interest forgiveness, reducing the interest rate and extending the term of debt for 36 months.

"This is an important milestone for the company's goal of financial restructuring. This is an important first step and the company is working with other creditors utilizing similar terms and will announce these agreements upon signature of all parties," said Milton C. Ault III, President, CEO and Chairman of the Board of Zealous, Inc. Zealous will announce the final agreement in the next several days and looks forward to working with other creditors in the coming weeks and months.

About Zealous, Inc.

Zealous, Inc. is a holding company that operates through its three subsidiaries, Zealous Interactive, Inc., Health and Wellness Partners, Inc., and Zealous Holdings, Inc. Zealous Interactive, Inc. is a multimedia company specializing in online media distribution and content management. The flagship enterprise of Interactive is its adult portal and social network and features its print and online publications and over 600 URLs and websites. Health and Wellness Partners, Inc. is a distributor of health, energy and vitality products that promote wellness in body, mind and spirit. Zealous Holdings, Inc. was a financial services holding company now discontinued and involved in Chapter 7 dissolution.

Forward-Looking Statements

This press release contains certain forward-looking statements. These forward-looking statements can generally be identified as such because the context of the statement will include words such as Zealous, Inc. "plans," "expects," "should," "believes," "anticipates" or words of similar importance. Stockholders, potential investors and other readers are cautioned that these forward-looking statements are predictions based only on current information and expectations that are inherently subject to risks and uncertainties that could cause future events or results to differ materially from those set forth or implied by the forward-looking statements. Certain of those risks and uncertainties are discussed in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and quarterly reports on Form 10-Q. These forward-looking statements are only made as of the date of this press release and Zealous, Inc., does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Contact Information

  • Contact:
    Gary R. Gottlieb
    Chief Financial Officer, Zealous, Inc.
    President and CEO, Health and Wellness Partners Inc. (HWP)
    President and CEO, Zealous Interactive, Inc. (ZII)
    949-471-0123 o
    714-418-5002 f
    Email Contact