DELRAY BEACH, Fla., Feb. 8, 2005 (PRIMEZONE) -- Hard to Treat Diseases, Incorporated (HTTD) (Pink Sheets:HTDS) (the "Company") announces today that it has cancelled 180 million outstanding shares and restructured the Company.
Pursuant to the May 2, 2003 Share Exchange Agreement, the Company issued 350 million shares to Ronald Shinn and his wife, as 100% of the holders of the common stock in Hard to Treat Diseases, Inc. and T-19, both Oklahoma corporations. Once he was an officer and director of the Company, Shinn issued himself an additional 180 million shares without any consideration in return to the Company. HTTD has cancelled the 180 million shares that Shinn issued himself. By canceling these improperly issued shares, the amount of the Company's outstanding stock is decreased by over 20 percent. The 350 million shares issued to Shinn and his wife pursuant to the Share Exchange Agreement will not be cancelled until the litigation with Shinn is resolved.
In conjunction with the extensive discovery conducted in the pending litigation brought by the Company against former officers Shinn and Knight, and as a result of additional information to which the Company is now privy, HTTD has terminated its Consulting Agreement with Harvey Katz.
Harvey Katz is no longer affiliated with HTTD in any capacity other than as a shareholder. Agreements entered into by Mr. Katz, while purporting to act as a consultant for the Company, will be reviewed to ensure that he was acting within the scope of his limited authority.
Additional Company shares may be cancelled in conjunction with or as a result of pending litigation and upon HTTD's determination that shares were issued in error.
The corporate office of HTTD has been relocated to a new location:
New address: 100 East Linton Blvd.
Suite 106 B
Delray Beach, FL 33483
New telephone No.: 561-278-7856
New facsimile No.: 561-276-2023
Same email: info@htdsotc.com
The $250,000 loan obligation due HTTD, as a result of the sale of recycling assets on May 14, 2004 to International Foam Solutions, Inc. ("IFS"), has been satisfied in full as of January 31, 2005. This satisfaction includes the principal amount of $250,000 and accrued interest in the amount of $7,813. HTTD continues to own 20% of IFS and will benefit from any IFS activity and major transaction entered into by IFS.
Management's intention is not to dilute HTTD's shareholders by issuing unnecessary stock or by performing a reverse split. Stock will be issued only as needed to achieve the Company's goals and, currently, management does not consider that a reverse split is required to achieve HTTD's articulated goal of negotiating and closing a transaction with a major drug firm for the Company's assets.
Management's intention and goal with this litigation is to resolve the current dispute in the most efficient and economical manner to provide the maximum benefit to the Company and to HTTD's shareholders.
HTTD's shareholders and investors will be kept informed of all developments as they occur regarding the above matters.
HTTD is currently involved in litigation regarding the rights to Tubercin(r). Additional information and details regarding the litigation can be viewed at our website at: www.htdsotc.com
Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing and access funds from our existing financing arrangements that will allow us to continue our current and future operations and whether demand for our product and testing service in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events.