SOURCE: Heathrow Natural Food & Beverage, Inc.

April 09, 2009 09:15 ET

Heathrow Natural Food & Beverage, Inc. Settles Outstanding Convertible Debenture Note

No Further Dilution Effective Immediately Due to Debt Instrument

LAKE MARY, FL--(Marketwire - April 9, 2009) - Heathrow Natural Food & Beverage, Inc. (PINKSHEETS: HRNF) would like to announce that it has agreed to retire its convertible debenture note with DLC Capital, LLC of approximately $1 million which has been in effect since October 2005. The settlement will consist of one final cash payment of $125,000 between now and May 15, 2009. HNFB has made the first good faith payment of $25,000 and will completely retire the note per the settlement agreement no later than the agreed upon date. Effective immediately, conversion of HNFB common shares to pay down the note per the original agreement of October 2005 will cease.

"We are thrilled to be able to meet our obligation to retire the DLC Capital, LLC debenture, which was originally executed to produce the WGL Million Dollar Shootout reality television series. HNFB will now be debt free, and be in a very advantageous position to seek its business objectives in the very lucrative and fast growing Wellness Industry," said Michael Pagnano, CEO Heathrow Natural Food & Beverage, Inc. In addition to retiring the note, HNFB CEO Michael Pagnano has instructed its transfer agent to cancel 150 million restricted shares, which were issued to him in March 2009, reducing the outstanding common shares to 333 million effective immediately.

About Heathrow Natural Food & Beverage, Inc.: www.iexfuze.net/heathrow

Heathrow Natural Food & Beverage, Inc., is a national distributor of natural food products such as Exfuze, a very popular botanical nutritional beverage and the Heathrow Natural line of Super Food Products. HNFB is based in Florida and generates revenue through online and call center sales as well as over 138 distributors nationwide. HNFB also owns WGL Entertainment, the producer of the WGL Million Dollar Shootout reality television series.

Statements contained in this news release, other than those identifying historical facts, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual Company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.

Contact Information

  • Contact:

    Heathrow Natural Food & Beverage, Inc.
    1-866-754-1115