VANCOUVER, British Columbia, July 11, 2005 (PRIMEZONE) -- Creative Eateries Corporation (OTCBB:CEAT) -- On April 26, 2005, UltraGuard Water System Corp. announced they had changed their business model and had signed a Consulting Agreement with American Restaurant Development Company moving the Company into restaurant franchising. At a special meeting held June 14, 2005 a majority of the shareholders approved resolutions to change the name of the Company to Creative Eateries Corporation and a 100 - 1 to reverse split the stock.
As part of this business model change, UltraGuard's director had agreed to sell its intellectual technology, its drinking water and wastewater UV disinfection, and its filtration technology (Water Technology) to its 100% owned subsidiary, Innovative Fuel Cell Technology Inc (IFCT). This Water Technology is an integral component used in the manufacture and sale of magnesium-powered fuel cell powered disinfection systems.
On July 8, 2005 the Company filed with the SEC on Form 8-K the above disclosures and outlined the Company's directors' decision to vend by dividend-in-kind, its subsidiary Innovative Fuel Cell Technology Inc. to the shareholders of UltraGuard Water Systems Corp. (now, Creative Eateries Corporation). All UltraGuard shareholders of record June 13, 2005 will receive shares of IFCT pro-rata to their pre-reverse split share holdings in UltraGuard. To take advantage of this offer all shareholders must ensure their share ownership is recorded with the Company.
The effect of these actions is all shareholders holding UltraGuard shares will now hold Creative Eateries Corporation shares, will have their shareholdings reduced by a 100 for 1 ratio and are eligible to receive Innovative Fuel Cell Technology Inc shares.
"Safe Harbour Statement" under the Private Securities Litigation Reform Act of 1995: The statements contained in this news release include certain predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the performance of joint venture partners, as well as other economic, competitive and technological factors involving the Company's operations, markets, services, products and prices. With respect to Creative Eateries Corporation, except for the historical information contained herein, the matters discussed in this news release are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. Potential risks and uncertainties include, but are not limited to, Creative Eateries Corporation extremely limited operating history, uncertainties related to the Company's access to additional capital, competition and dependence on key management.