NEWS
DELRAY BEACH, Fla., May 21, 2004 (BUSINESS WIRE) -- Hard to Treat Diseases Incorporated ("HTTD") (Pink Sheets:HTDS) announced today that the Company has finalized the sale of its recycling division assets.
The Company previously announced that it signed a letter of intent to sell the recycling division assets. HTTD completed the sale of the recycling assets to International Foam Solutions, Inc., a Nevada corporation ("IFS") for $250,000 in the form of a secured promissory note payable within one year, and 20% of the stock of IFS. The purchasing company is controlled by Harvey Katz, a former officer of International Foam Solutions and a current consultant to HTTD. IFS has the technology and resources to aggressively expand and to move the recycling division to the next level.
Mr. Colm J. King, the President and CEO of Hard to Treat Diseases, Inc. stated: "The board of directors has chosen the best financial alternative to increase the value of HTTD. The strategic reason for selling the assets was to remove a non-core business division, which will allow HTTD to focus exclusively on operating as a Bio Tech Company with unparalleled potential. HTTD is expanding and freeing up logistical, operational and financial resources. The financial advantages to be realized from selling the assets were to create operating capital, to increase the revenue stream from the recycling division in the future, and to allocate all HTTD financial resources toward the advancement of Tubercin(R)."
Mr. King added: "IFS will have the full attention of its own management team to move IFS forward with its new structure, recycling experience, industry contacts and capital. HTTD will rely on the IFS executives to communicate with shareholders."
Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing and access funds from our existing financing arrangements that will allow us to continue our current and future operations and whether demand for our product and testing service in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events.
SOURCE: Hard to Treat Diseases Incorporated
Hard to Treat Diseases Incorporated, Delray
