FOUNTAIN VALLEY, Calif., Dec. 24 Today Zealous, Inc. (OTC Bulletin Board: ZLUS) announced that it is considering selling its stake in Zealous Interactive in order to monetize the valued asset and reduce its legacy debt. Company CFO Gary R. Gottlieb said, "We are in detailed talks with a major creditor and other parties to monetize the web, media and marketing assets owned by Zealous Interactive, a wholly owned subsidiary of Zealous, Inc." Gottlieb went on to say, "The Company cannot guarantee any transaction will occur and there is no assurance that a deal can be completed. We will continue to work smart and hard for the best interest of our investors and creditors."
Zealous Interactive currently owns a social network and web portal. The social network and web portal's member rolls are growing exponentially and are starting to show ad revenue. "All metrics of the sites are progressing tremendously. Within the past month since our beta 1 launch the sites have jumped to a rating within the top 100,000 sites in the US, according to Alexa," according to Gottlieb.
"The number one goal for the company in 2010 is to work towards paying off its debts and settling issues which stem from the 2008 financial crisis which lead to the closing of Zealous Holdings," said Chairman and CEO Milton "Todd" Ault, III. He went onto say, "The company must address the outstanding issues and move forward; therefore by monetizing (Zealous) Interactive, it could possibly help solve a mountain of issues for creditors and shareholders alike." The Company expects to update investors in the first week of January 2010 according to Company officials.
About Zealous, Inc.
Zealous, Inc. is a holding company which operates through its three subsidiaries, Zealous Interactive, Inc., Health and Wellness Partners, Inc., and Zealous Holdings, Inc. Zealous Interactive, Inc. is a multimedia company specializing in online media distribution and content management. The flagship enterprise of Interactive is its adult portal and social network and features its print and online publications and over 700 URLs and websites. Health and Wellness Partners, Inc. is a distributor of health, energy and vitality products that promote wellness in body, mind and spirit. Zealous Holdings, Inc. was a financial services holding company now discontinued and involved in Chapter 7 dissolution.
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.
SOURCE Zealous, Inc.