MIAMI, Oct. 9, 2008 (GLOBE NEWSWIRE) -- Galea Life Sciences Inc. (Pink Sheets:GLSN) announced today that the company has accepted an offer of settlement with the U.S. Securities and Exchange Commission (SEC) in connection with an administrative proceeding instituted pursuant to Section 12(j) of the Securities and Exchange Act of 1934. This will result in revocation of the registration of each class of GLSN securities, and therefore, halt trading of the Company's stock.
The company intends to file a new Form 10 registration statement with the SEC. The company's stock will begin trading on the OTC Bulletin Board, if and when the company clears SEC comments on the Form 10, and FINRA has accepted the Company's stock for quotation.
Paul Zuromski, President of Galea Life Sciences, Inc. said, "We agreed to these sanctions as the most expeditious way to move our company forward. During this time we will continue to execute our business plan. As we work toward filing the Form 10 registration statement, we intend to keep our shareholders informed."
About Nutraplete(tm)
Nutraplete is the first therapeutic dietary supplement designed specifically for people living with HIV/AIDS. It is a multi-nutritional supplement, designed to address AIDS Wasting Syndrome. It works in conjunction with antiviral therapies and assists patients in the adherence and tolerance of drug treatments. Nutraplete is a "functional food" that encourages the restoration of lean body mass, can inhibit pro-oxidative stress, and improves immune function. Nutraplete is distributed exclusively in the U.S. by Allion Healthcare, Inc. (Nasdaq:ALLI) under its MOMS Pharmacy trade name. www.momspharmacy.com. For more information: www.nutraplete.com
About Galea Life Sciences, Inc.
Galea Life Sciences, Inc. identifies and acquires new and innovative nutraceutical products and dietary supplement companies with outstanding growth potential. The Company's focus is in the emerging scientific field of advanced nutritional supplements designed to support traditional medical treatments and therapies.
The Galea Life Sciences logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4489
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect" "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.
Statements herein express management's beliefs and expectations regarding future performance and are forward-looking and involve risks and uncertainties, including, but not limited to, the ability to negotiate outstanding prior debts of acquired companies; properly identify acquisition partners; adequately perform due diligence; manage and integrate acquired businesses; react to quarterly fluctuations in results; raise working capital and secure other financing; respond to competition and rapidly changing technology; deal with market and stock price fluctuations; and other risks.