|
Ethos Environmental, Inc. Inks Merger Agreement With Network Marketing Stalwart AL Global Corporation d/b/a Youngevity
(Market Wire Via Acquire Media NewsEdge) SAN DIEGO, CA -- (MARKET WIRE) -- 11/23/09 --
Ethos Environmental, Inc. (OTCBB: ETEV), a
leading manufacturer and distributor of a unique line of proprietary
eco-efficient fuel reformulating products that provide fuel efficiency and
lower harmful emissions for both commercial and individual vehicles, is
pleased to announce the signing of a definitive merger agreement with AL
Global Corporation d/b/a Youngevity Essential Life Sciences. The pending
merger is expected to close in the first quarter of 2010.
Youngevity is an international direct marketing company that has been
supplying hundreds of thousands of satisfied consumers and resellers with
innovative products since 1997, grossing over $250 million in sales since
inception. With this profitable union, not only will we provide a solution
to a growing demand for products that provide a healthy lifestyle but also
present an environmentally responsible choice.
Notwithstanding the pending merger, and as part of the effort to integrate
Ethos and Youngevity, effective immediately, Stephan R. Wallach has been
appointed CEO of Ethos Environmental, Inc., and Dr. Joel D. Wallach becomes
Chairman of the Board. Concurrently, Corey P. Schlossmann has resigned as
CEO, and Howard Landa has resigned as a Director. Mr. Schlossmann will
continue as a Director.
Some of the more notable terms of the merger are set forth below:
-- Youngevity shareholders will receive 60% of the post-transaction
entity.
-- Restructuring of all Ethos shareholder debt into equity.
-- The transaction remains subject to the satisfaction of customary
closing, including regulatory approval as necessary.
"We have been searching for just the right opportunity to move into the
environmentally-consciousness space," stated incoming Chairman of the
Board, Dr. Joel Wallach, the founder of Youngevity. "I like that Ethos has
been dedicated to making a positive impact on the environment with the same
passion that Youngevity brings to the healthy-lifestyle market. We look
forward to rallying around this product and its cause."
"This merger will provide substantive exposure to our products and
represents a major step forward for Ethos," said Corey P. Schlossmann,
outgoing CEO of Ethos, who will continue as a board member. "We believe
that by merging Ethos with Youngevity, a respected direct selling
distribution company capable of folding our scientifically-proven product
line into their extensive domestic and international distributor base, we
have taken an important step in increasing value for our shareholders. I
am elated with this merger and look forward to supporting incoming CEO
Stephan R. Wallach and his team as they help Ethos further meet its
potential."
Speaking about the benefit for Youngevity, incoming CEO Wallach, an avid
car enthusiast states, "Our distributors have been clamoring for a
breakthrough eco-friendly product like EthosFR+ and EthosFR Oil Treatment.
Youngevity benefits by becoming a public company through this merger,
making this by far the most significant acquisition our company has made to
date. In addition, it will further provide the type of financial audience
we have been looking for to support our unique industry niche and assist
our company in meeting its vast potential."
For additional video commentary from CEO Stephan R. Wallach, visit SNN Wire.
About Youngevity
Youngevity® Essential Life Sciences is a nutritional company dedicated to
improving lifestyles by promoting vibrant health and flourishing economics.
It is the company's mission to deliver the finest array of technologically
advanced essential and beneficial nutritional products available.
Originally founded in 1997 by Dr. Joel Wallach and Dr. Ma Lan as AL Global,
Inc. the company adopted the name Youngevity® in 2006. Youngevity is the
only network marketing company to have an authorized FDA Health Claim. Dr.
Wallach's research has resulted in the publication of more than 70 peer
reviewed and referenced journal articles in the fields of nutrition and
pharmaceutical research, and he has made major contributions to numerous
multi-authored text and reference books on these subjects. The company is
based in San Diego, California and more information on the company can be
found at www.youngevity.com.
About Ethos Environmental, Inc.
Ethos Environmental, Inc. (OTCBB: ETEV), a San Diego-based corporation, has
developed and manufactured award-winning fuel based eco-friendly solutions
that have been incorporated into a family of products that help all
combustion engines meet environmental regulations and achieve greater
engine efficiency. For more information about Ethos Environmental, Inc.,
visit www.ethosfr.com.
Forward-Looking Statements
Except for statements of historical fact, this news release contains
certain "forward-looking statements" as defined by the Private Securities
Litigation Reform Act of 1995, including, without limitation, expectations,
beliefs, plans and objectives regarding future activities. Such
forward-looking statements involve known and unknown risks, uncertainties
and other factors, which may cause the actual results, performance or
achievements of Ethos Environmental to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include general economic and
business conditions, the ability to acquire and develop future assets, the
ability to fund operations and changes in consumer and business habits and
other factors over which Ethos Environmental, Inc., or any affiliates, has
little or no control.
Contacts
Corporate Contact:
Thomas W. Maher
CFO
Ethos Environmental, Inc.
Tel: 619-575-6800
tom@ethosfr.com
www.ethosfr.com
Investor Contact:
Financial Insights
2082 SE Bristol, Suite 209
Newport Beach, CA 92660
888-572-7934
[ Back To greentechnologyworld.com's Homepage ]
|
