SOURCE: Zealous Inc

March 11, 2010 09:33 ET

Zealous Inc. in Negotiations for Algorithms From Financial Services Division

Proceeds From Possible Sale to Repay Creditors

NEWPORT BEACH, CA--(Marketwire - March 11, 2010) -  Zealous, Inc. (OTCBB: ZLUS) announced that it has entered negotiations with two private parties for three of its trading algorithms from its financial services division. "Nearly a decade ago the company began developing trading algorithms and it is from those early efforts that these three algorithms were conceived," said Milton C. Ault III, President, CEO and Chairman of Zealous, Inc. Zealous Holdings, Inc. (ZHI), a wholly owned subsidiary of Zealous Inc., developed, marketed and briefly conducted business utilizing this system and its series of algorithms. ZHI and its two wholly owned subsidiaries were closed in early 2009 as an aftermath to the financial crisis of Fall 2008. ZHI is in the midst of a Chapter 7 proceeding and must get bankruptcy court approval prior to any sale of assets. Zealous Inc., on behalf of its defunct financial services division, will continue the negotiations and manage the process to complete the possible sale of assets. Ault explained, "If sold, the proceeds from the sale of this asset will go directly to resolve the outstanding debt this division has." The company makes no assurances that a transaction will occur and to that end, the company will pursue the negotiations to the benefit of its shareholders.

"Zealous is very pleased that more creditors are working with the company to settle the debt. It is from the cooperation and patience of these creditors that has allowed Zealous to develop and nurture its assets for the benefit of our shareholders and creditors," said Ault.

The company in conjunction with it recent appointment of Gary Gottlieb as Chief Restructuring Officer has established a dedicated email address for all potential creditors to contact the company and present a claim. Any party should remit their claim to settlements@zealousinc.net.

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 500 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.

Contact Information

  • Contact:
    Gary R. Gottlieb
    Chief Restructuring Officer, Zealous Inc.
    President and CEO, Health and Wellness Partners Inc. (HWP)
    President, Zealous Interactive, Inc. (ZII)
    949-471-0123 o
    949-673-3071 f
    Email Contact