NEWPORT BEACH, CA--(Marketwire - April 6, 2010) - Zealous, Inc. (
As stated in previous press releases, the Company's goals for 2010 have been to settle its debt with creditors, sell Health and Wellness Partners, Inc. to allow the business to maximize its potential and provide capital for various purposes and to nurture its future core business in Interactive Media and Social Networking.
The previously announced tentative agreement for the sale of Health and Wellness Partners, Inc. to Premiere Acquisitions Corp. is proceeding as expected and a final agreement is anticipated in the coming weeks. The company will be renamed BioGeron Labs, Inc. and will launch with years of experience in the herbal industry. As indicated when initially announced, the proceeds from this sale should allow Zealous to pay over time all its debt and to provide working capital for growth of the primary business.
With respect to business operations, the company has continued to enjoy growth with its interactive media and social network business and is making commitments to focus its future efforts to grow this division. "We have been very well received and the growth of both the social network, as well as our 3D world, is excellent in these initial months. Enhancements to the products continue and major upgrades, which will substantially improve them, are expected to be rolled out by this summer. Revenue from membership is growing daily and ad revenue is ramping up as we continue to develop our 3D world and marketing alliances. The potential of this world-wide market is enormous," said Zealous Interactive President Gary Gottlieb.
With the Chapter 7 bankruptcy coming to a close, the Company has announced it has reached a milestone by settling with a majority of its creditors and will remain dedicated to settling with the remaining creditors.
With this overall progress, the Company's management has reorganized to realign its talent and resources to focus on its future. Today the company announced that Milton "Todd" Ault, III has resigned from the positions of President, CEO, and Chairman of the Board effective April 2, 2010. Mr. Ault will join a private equity and hedge fund business and has been retained as a consultant with an initial focus on settling with the remaining creditors. "We are very pleased with our progress to settle with our creditors and have realized it's time to leave our past behind," said Ault.
Gary Gottlieb has been appointed to the positions of CEO and Chairman of the Board. The position of President will remain dormant for the near future. "I believe it is time for the company to concentrate its efforts and attention on its exciting future," said Mr. Ault. "Mr. Gottlieb has the experience and relationships necessary to move the company forward. Mr. Gottlieb's knowledge of the industry has been instrumental in attaining most of our affiliates and the growth of the TheAdultSpot.com to date and we believe he is well suited to take the company to the next level." Mr. Gottlieb has compiled years of experience having worked for media and IT leaders including International Publishers, Western Visuals, Computer Sciences Corporation (CSC), Private Dancer Magazine (PDM) and Stiletto Magazine and Stiletto TV.
To provide better investor communications and related services, Gary Patterson has been retained to provide Investor Relations services. Please contact Mr. Patterson at ir@zealousinc.net or (714) 369-2933.
It is also the intent of the company to sell other assets to increase its capital for future uses. These will be discussed further as appropriate.
About Zealous, Inc.
Zealous, Inc. is a holding company that operates through its subsidiary Zealous Interactive, Inc. Zealous Interactive, Inc. is a multimedia company specializing in online media distribution, social networking, content management and features its print and online publications. Zealous Interactive, Inc.'s flagship enterprise is TheAdultSpot.com and TheAdultSpot 3D. Zealous, Inc. is divesting all its other assets including a nutraceutical business and its financial services division.
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 Patterson
Investor Relations
714-369-2933