SOURCE: VitalTrust Business Development Corp

April 18, 2007 08:55 ET

VitalTrust Reports 2006 Revenue and Provides Annual Report Updates on Portfolio Companies EFTI, USEI and NNBP

TAMPA, FL -- (MARKET WIRE) -- April 18, 2007 -- VitalTrust Business Development Corporation ("VitalTrust" or "the Company") (OTCBB: VTBD) today reported 2006 revenue and earnings with the filing of the Company's annual report. Since January 2007, the Company has been under new management. During the first quarter, 2007, the Company engaged its Chief Operating Officer and interim Chief Financial Officer and entered an agreement to acquire a portfolio of securities valued in excess of $130,000,000. These factors contributed to the Company's late submission of its annual report.

The Company also provided the following annual report updates for three of its pending portfolio companies:

US Energy Initiatives Corporation (USEI). The Company will own 20,000,000 shares of USEI. USEI recently moved to its new manufacturing facility which caused a delay in the submission of USEI's annual report. USEI intends to file its annual report within time to maintain that Company's OTC listing.

EarthFirst Technologies Incorporated (EFTI). The Company will own 120,000,000 shares of EFTI. EFTI has recently undergone certain dynamic activities particularly with its electronic contracting and bio-diesel business segments which caused a delay in the submission of EFTI's annual report. EFTI intends to file its annual report within time to maintain that Company's OTC listing.

Nanobac Pharmaceuticals Inc. (NNBP). The Company will own 20,000,000 shares of NNBP. NNBP has recently undergone a change in its executive officers as well as re-coordinating its nano-technology research and development which caused a delay in the submission of NNBP's annual report. NNBP intends to file its annual report within time to maintain that Company's OTC listing.

About VitalTrust Business Development Corporation:

VitalTrust, a registered Business Development Company under the Investment Company Act of 1940, provides management and finance primarily to private companies that desire to become publicly traded during the course of their business cycle. The Company invests and manages enterprises in the healthcare, energy, internet and services sectors. The Company's business model foresees the finance and management of client companies through the point of profitable operations and positive cash-flows and concludes with a spin-out distribution to the VitalTrust shareholders of record.

Investors are cautioned that certain statements contained in this document are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects" and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future US Energy Initiatives actions, which may be provided by management, are also forward-looking statements as defined by the act. These statements are not guarantees of future performance.

Contact Information

  • For information at the Company contact:
    Mark Clancy
    Chief Operating Officer and Interim Chief Financial Officer
    813-287-5787 ext. 222

    or

    Charles Broes
    Chief Executive Officer
    813-287-5787 ext 226