O/S going to be 333 million per yesterday's PR. HNFB CEO Michael Pagnano has instructed its transfer agent to cancel 150 million restricted shares, which were issued to him in March 2009, reducing the outstanding common shares to 333 million effective immediately.
Heathrow Natural Food & Beverage, Inc. Settles Outstanding Convertible Debenture Note
LAKE MARY, FL -- (Marketwire) -- 04/09/09 -- Heathrow Natural Food & Beverage, Inc.
(PINKSHEETS: HRNF) would like to announce that it has agreed to retire its convertible debenture note with DLC Capital, LLC of approximately $1 million which has been in effect since October 2005. The settlement will consist of one final cash payment of $125,000 between now and May 15, 2009.
HNFB has made the first good faith payment of $25,000 and will completely retire the note per the settlement agreement no later than the agreed upon date. Effective immediately, conversion of HNFB common shares to pay down the note per the original agreement of October 2005 will cease.
"We are thrilled to be able to meet our obligation to retire the DLC Capital, LLC debenture, which was originally executed to produce the WGL Million Dollar Shootout reality television series. HNFB will now be debt free, and be in a very advantageous position to seek its business objectives in the very lucrative and fast growing Wellness Industry," said Michael Pagnano, CEO Heathrow Natural Food & Beverage, Inc. In addition to retiring the note, HNFB CEO Michael Pagnano has instructed its transfer agent to cancel 150 million restricted shares, which were issued to him in March 2009, reducing the outstanding common shares to 333 million effective immediately.,
About Heathrow Natural Food & Beverage, Inc.: www.iexfuze.net/heathrow
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