Manzo Pharmaceuticals Inc. (MNZO)

[zeekhoe]

NEWS: Manzo Pharmaceuticals Reports on SEC Settlement with CEO Kenneth Manzo

http://www.otcmarkets.com/otciq/ajax/showNewsReleaseDocumentById.pdf?id=21827

Milford, PA, August 22, 2016 -- Manzo Pharmaceuticals (OTCPink:MNZO)today reported that its Chief Executive Officer has resigned in connection with a settlement with the U.S. Securities and Exchange Commission
(SEC).

Under the terms of the consent decree,without admitting or denying any of the charges, Mr. Manzo will pay a $33,000 disgorgement and a $60,000 civil penalty to the SEC and is enjoined from selling unregistered securities. He is also barred from being an officer and director of a public company registered with the SEC. The allegations against Mr. Manzo stem primarily from two press releases , and prior to his becoming MNZO's CEO Mr. Manzo's accepting and selling unregistered securities in another company, and certain sales of unregistered securities by others. Mr. Manzo himself has never sold any MNZO stock.

Mr. Manzo commented on the SEC settlement. “I believe that it is unfortunate that this SEC action, which is meant to protect shareholders, will most likely harm the shareholders and the company by depriving it of my work. I wanted to fight this action in court but I did not have the
resources."

"My main concern was having enough personal funds to keep Lacto-Freedom on track as much as possible. Despite immense pressure from
the shareholders, I did not update them on the progress of the Lacto-Freedom production without them first knowing the outcome of the SEC action so people were not enticed to buy shares.”

The Company noted that Mr. Manzo never received any salary for being CEO, and that the Company was dependent upon his personal financial support. The Company cannot develop its business plan without the services and funding of Mr. Manzo and has conveyed Manzo
Pharmaceuticals, LLC back to Mr. Manzo in exchange for all of Mr. Manzo's common stock in the Company.