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
Zealous, Inc. Reaches Tentative Agreement With Major Creditor
Creditor to Restructure and Refinance Debt
| Source: Zealous, Inc.
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.