LAS VEGAS, March 28, 2005 (PRIMEZONE) -- Strictly Business Inc. (SBI), a Nevada-domiciled company which specializes in the takeover and restructuring of mismanaged public companies, announced today that that the large volume of trading that occurred on Wednesday and Thursday, March 23 and 24, is a part of the implementation of its plan to take over the management and control of Beverly Hills Weight Loss and Wellness Inc. (OTCBB:BHWW).
SBI Chairman, Ron Ray asserts that "the primary reason for the takeover of BHWW is that the company is being mismanaged by current management, and the shareholders are systematically being deprived of an opportunity to derive value for their investment. A main area of concern by SBI relates to the issuance of shares to Insiders in exchange for questionable debt."
SBI has commenced negotiations with the current board of directors, and is in the process of negotiating the terms and conditions relating to the resignation of the board and the appointment of a new board, to become effective immediately, as well as the cancellation of shares that may have been issued without adequate consideration.
It is the intention of the officers and directors of SBI to assume control of BHWW, through a vote of the shareholders, and to appoint new management through a change in the Board of Directors. Once the areas of mismanagement have been resolved, BHWW will be restructured for a potential merger with a private company that has already been targeted.
The target company is in the health fitness and wellness industry, and is currently generating revenues, and is profitable which will increase shareholder value.
The merger of these companies will not only provide the target vehicle access the capital markets, but will increase the share value for all of the current shareholders who may have been victimized by current management.
SBI will issue future releases as additional information becomes available as it relates to the company and its management.