SOURCE: Blue Star Health

September 05, 2007 10:48 ET

BlueStar Health Takes Steps to Become Fully Compliant With Regulatory Filing Requirements

SUGAR LAND, TX--(Marketwire - September 5, 2007) - BlueStar Health, Inc. (PINKSHEETS: BLSH) announced today that the Company has filed a Form 10-QSB with the Securities & Exchange Commission to update its financial information for the financial quarters ending March 31, 2006 and June 30, 2006, with the express purpose of re-listing the Company on the OTC Bulletin Board and finalizing the previously announced proposed merger with Zeon Fuels, Inc.

BlueStar, which has not had an operating business unit since March of 2006, expects to complete the filing of all remaining financial information through June 30, 2007 over the course of the next week which will bring the Company into compliance with SEC filing requirements necessary to be re-listed on the OTC Bulletin Board and close the pending transaction.

BlueStar's pending merger with Zeon Fuel, Inc, a privately held bio-diesel company based in Texas, is expected to close within the next 30 days. Zeon was formed in 2006 to purchase bio-diesel fuel from producers, facilitate its blending with traditional petroleum based diesel fuels and distribute the blended product primarily through retail outlets. Currently Zeon Fuels has contracts with eight locations in the Houston, Texas area that collectively generate over $2,000,000.00 per month in revenue from sale of fuels and convenience store items The finalization of the agreement to acquire Zeon Fuel requires shareholder approval from both BlueStar Health and Zeon Fuel shareholders in addition to the fulfillment of other conditions typical of such agreements.

About BlueStar Health

BlueStar Health has determined the emerging bio-fuel industry offers an opportunity to long-term build shareholder value. The Company has identified Zeon Fuel, Inc., as a bio-diesel company, through which it can profitably enter the bio-diesel market. Zeon was formed in 2006 to purchase bio-diesel fuel from producers, facilitate its blending with traditional petroleum based diesel fuels and distribute the blended product primarily through retail outlets. Currently Zeon has management contracts on eight locations in the Houston area. Collectively these locations generate over $2,000,000 a month in revenue from sale of fuels and convenience store items

Forward-Looking Statements

This news release includes comments that may be deemed forward-looking within the meaning of the safe harbor provisions of the U.S. Federal Securities Laws. These include, among other things, statements about expectations of future events or transactions, sales of products or performance. Forward-looking statements are subject to risks and uncertainties that may cause the company's results to differ materially from expectations. These risks include the company's ability to complete the transactions, which remain subject to various contractual contingencies, successful completion of negotiations related to the Gold Leaf Homes rescission, completion of due diligence investigations, obtaining shareholder and any regulatory approvals, having necessary financing in time to meet contractual obligations, and other such risks as the company may identify and discuss from time to time, including those risks disclosed in the company's current and future filings with the Securities and Exchange Commission. Accordingly, there is no certainty that the company's plans will be achieved.

Contact Information

  • FOR FURTHER INFORMATION, please contact:
    Richard Greenwood
    President
    BlueStar Health, Inc.
    1 (281) 207-5487