Pet Ecology Brands, Inc. Secures New Financing, Enters Into a Supply Agreement and Adds New Board Members
17 12월 2008 - 11:00PM
Marketwired
Pet Ecology Brands, Inc. (PINKSHEETS: PECD) announced today that it
has secured $500,000 in new financing through the sale, in a
private transaction, of 10,000,000 shares of its common stock. A
condition of the purchase required PEB to enter into a supply
agreement with LifeLabs International LLC, an Internet marketing
company (an affiliate of the purchaser of stock), that would allow
that company to market PEB's products on the Internet, initially on
a non exclusive basis. This agreement may become exclusive if
LifeLabs makes certain purchase commitments during 2009. The supply
agreement is expected to become fully operational in the first
quarter of 2009.
A Company spokesperson indicated that the financing will allow
the Company to more fully implement its sales and marketing plans
relating to retail food and drug chains.
The stock purchase agreement was also conditioned upon the
changing of the Board of Directors of the Company through the
addition of a new Board member to replace Robert Salluzzo who
resigned as of December 12, 2008. Salluzzo was replaced by Jonathan
Martin, a hedge fund portfolio manager from Ridgefield, CT.
Prior to this date two Board members, Alexandra Fincher and
Weston Kirby, had resigned and were replaced by Michael Vasquez and
Charles Miller. Mr. Vasquez is a telecom executive with significant
business and management experience. Mr. Miller is an attorney and
deputy managing director of Patton Boggs, a nationally recognized
law firm. One of Mr. Miller's specialties is corporate governance
and management.
Ralph Steckel, President and CEO, who remains on the Board,
indicated that "the Board recomposition strengthens the company
immensely by bringing experienced financial and management
personnel into the support of operations."
About Pet Ecology Brands, Inc.
Pet Ecology Brands, Inc. has developed a revolutionary patented
cat litter that destroys urine odor, clumps, and is earth-friendly.
The litter is ultra-lightweight and convenient to use (3 lbs works
like 21 lbs of clay/sand-based products), it is 100% flushable and
safe for sewer and septic tank systems. Most importantly, it is
completely safe for cats and our environment, and does not contain
any sodium bentonite, as used in many competing brands. The design
helps to protect the landfills, and yet does everything that clay
litters do... and more. It has the ability to help indicate certain
diseases commonly occurring in cats. The technique used is similar
to that found in Merck's Veterinarian Manual. However, this litter
not only warns of possible illness, but may also help indicate how
far along the illness may be by the color the litter changes to,
thereby providing the pet owner significant additional benefits and
an early warning system concerning the cat's health.
Pet Ecology's K-9 Fat Free Dog Treats(TM) are the first fat free
treats on the market that meet the standards of the U.S. Department
of Agriculture, and offer dog owners an effective means to provide
their pets with a non-fat tasty treat. They are also cholesterol
free and sodium free. According to U.S. News & World Report,
"the number one health problem for dogs is obesity." Today, dogs
are fed fat rich food and treats, and often get significantly less
exercise than required to maintain an ideal weight and healthy
condition. Overweight dogs are more prone to serious injury,
skeletal stress, and the same complications that people experience
with significant weight gain via fat rich diets, ranging from heart
and lung problems, to skin and kidney diseases, to circulatory and
immune system issues.
SAFE HARBOR STATEMENT
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: The statements, other than the statements of
historical facts, may be deemed to contain forward-looking
statements with respect to events, the occurrence of which involves
risk and uncertainties, including, without limitation, demand and
competition for the company's products and services, the
availability to the company of adequate financing to support its
anticipated activities, the ability of the company to generate cash
flow from operations and the ability of the company to manage its
operations. As statements regarding future events concern
management's estimates of future results of operations, and as
these estimates are based on many elements beyond management's
control, differences from management's estimates may occur, and
such differences may be material.
Corporate Contact: Inquiries@petecology.com Pet Ecology Brands,
Inc. 17250 Dallas Parkway Suite 125 Dallas, Texas 75248
972-759-8080 http://www.petecology.com/
Pet Ecology Brands (CE) (USOTC:PECD)
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Pet Ecology Brands (CE) (USOTC:PECD)
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