SAN ANTONIO, May 16, 2007 (PRIME NEWSWIRE) -- Sweet Success Enterprises (OTCBB:SWTS), the maker of a line of innovative and delicious healthy-lifestyle beverages, announced that the 3.75 million shares of Sweet Success Enterprises, Inc. (SWTS) common stock overhang is gone according to transfer agent records.
3.75 million shares registered in the most recent SB-2 pipe transaction have been completely distributed into the market. Corporate records indicate that early last week there were only 120,000 shares remaining of the 3,750,000 of common stock from debt conversions that were part of a pipe financing last August. Debt conversions lowered the outstanding $3.3 million in notes to approximately $2.5 million.
There are no other conversions available for the near future. According to the current SEC interpretation on Rule 415, a company can not begin a registration for a historic pipe investor until six months from the effective date of its last registration. "I am extremely happy for the pay down of about $700,000 of the outstanding notes. The cleanup of the 3,750,000 shares will assist new plans for funding, build shareholder value and move ahead with marketing and expansion activities within the coming months," says William Gallagher, Sweet Success CEO.
San Antonio-based Sweet Success Enterprises, Inc. acquired Nestle's original Sweet Success brand in 2002. Nestle's spent approximately $180,000,000 dollars developing the brand. The company has re-launched a product line to tap into the rapidly growing demand for convenient and nutritious ready-to-drink functional beverages. Its line of Fuel for Health(tm) all-natural beverages is available in a growing number of stores and includes select ingredients to satiate, boost energy and immunity and enhance a healthy lifestyle. Including GlucaSafe, a nutritional, nutraceutical thirst quencher to enhance glucose maintenance for over one billion people worldwide. See the Company's web site at www.sweetsuccess.com for more information on the products and to order online.
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Product statements have not been evaluated by the FDA. The products are not intended to diagnose, treat, cure or prevent disease.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements which address actual results could differ materially from those expressed or implied in forward-looking statements. These statements are made on the basis of management's views and assumptions. As a result, there can be no assurance that management's expectations will necessarily come to pass. These forward-looking statements generally can be identified by phrases such as management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements in this release that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. Management cautions that the ability to attract clients and generate business may be affected by a decline in the Company's financial ratings, the competitive environment, the Company's ability to raise sufficient capital to meet the collateral requirements associated with its current business and to fund the Company's continuing operations and changes in market conditions.