IRVING, TX--(Marketwire - December 30, 2010) - CoreStream Energy, Inc. (
"After the financial crisis of 2008, we made a commitment to our creditors and shareholders to pay off the debt and to resolve legacy issues. We are very pleased that we have resolved this long outstanding and pressing issue," said Milton "Todd" Ault III, managing director of the two hedge funds. "This is a very important moment for the Company. When I became CEO on June 4, 2010, the former CEO, Mr. Ault, made a commitment to the Company to assist in settling all outstanding legacy debt and issues. This marks a major milestone towards that promise and allows all the parties to move onto more important business matters," said Chris Rainbolt, Chairman and CEO of CoreStream Energy, Inc.
The Company expects that the settlement should have a major positive effect on its balance sheet and help the Company reduce its legal costs and obligations. The Company is still assessing the financial implications of this settlement and will discuss some of the effects of the settlement in the upcoming investor update next week. "The last 6 months has exceeded my expectations as we continue to restructure the Company and continue our divestiture efforts. I am very proud of the progress we have made so far," stated Rainbolt.
Zealous Asset Management (ZAM), the managing entity for the two hedge funds, its parent company, Zealous Holdings, Inc. (ZHI), along with its parent, CoreStream Energy, Inc. (ZLUS), f/k/a Zealous, Inc., have all issued a full release and consider this matter closed. With this major issue settled CoreStream Energy, Inc. looks forward to continuing ahead with the complete divestiture of all of its non-Energy related assets and liabilities. The Company will continue to keep its shareholders, its creditors and the public informed as more progress is made and news develops.
About Zealous Partners, LLC, Ault Glazer Capital Partners, LLC and Zealous Holdings, Inc.
Zealous Partners, LLC, and Ault Glazer Capital Partners, LLC are independent Delaware Corporations and investment funds managed by Zealous Asset Management, Inc. Zealous Holdings, Inc. is a Nevada Corporation and a financial holding company and parent of Zealous Asset Management, LLC, a defunct company that previously raised funds and managed financial assets on behalf of its clients and a wholly-owned subsidiary of CoreStream Energy, Inc. f/k/a Zealous, Inc. Zealous Holdings, Inc. is currently involved with bankruptcy proceedings. CoreStream Energy, Inc., a Nevada Corporation, is focused primarily on the US oil and gas energy market. It currently trades on the OTC Markets as ZLUS.PK with a symbol change expected soon from FINRA.
Forward-Looking Statement:
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 Info:
Gary Patterson
ir@corestreamenergy.com
(714) 369-2933