Horizon Health International Corp. Announces Restructuring of Company
May 20 2010 - 9:30AM
Marketwired
HORIZON HEALTH INTERNATIONAL CORP. (PINK SHEETS: HZHI) (the
Company) announces a complete restructuring of its Company.
Cancellation of the Agreements with its Subsidiaries, SunCity
Ventures LLC., and Samson Industries Ltd.
Due to the inability to advance the planned business expansion
of the two subsidiaries, the Company and the majority shareholder
of the two subsidiaries have agreed to cancel the acquisition
agreements and both parties have executed and signed a full and
complete mutual release of all obligations as given under the
agreements with the two subsidiaries.
The Company's future:
The Company has executed and signed a Definitive Agreement with
'NRL Pharma Canada Inc.' of Lachine, QC, Canada (NRL) and approved
the issuance of 15 million shares for the acquisition restricted
under rule 144 of the SEC, thereby making NRL a wholly owned
subsidiary of the Company. The Company's Headquarters and Seat will
be relocated to Montreal QC, Canada.
NRL's business: NRL Pharma Canada Inc. is an emerging specialty
pharmaceutical company that is committed to supply its Patented
delivery systems of enteric lactoferrin, and "PEG-lactoferrin", We
have already introduced enteric lactoferrin products in the market
as a supplemental food and have also undertaken projects to further
study these products and increase their pharmaceutical
applications. Since 2008, the company's proprietary enteric
lactoferrin has already earned top market share amongst all
lactoferrin-containing products.
Appointment and Resignation of Members of the Board of Directors
of the Company:
Following were appointed to serve on the new Board of Directors
of the Company until the next Annual General Meeting:
- President and CEO Rocco Di Fruscia of Montreal QC, Canada
- Chairman Max Arella of Montreal QC, Canada
President & CEO Delbert Blewett and Secretary Jeff Hoogveld
have tendered their resignation.
Forward-looking statements in this release are made pursuant to
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve risks
and uncertainties, including, without limitation, continued
acceptance of the Company's products, increased levels of
competition, new products and technological changes, dependence
upon third-party suppliers, intellectual property rights, and other
risks detailed from time to time in the Company's periodic
reports.
Contacts: Horizon Health International Corp. Rocco Di Fruscia
Pres. & CEO 514 586-3799 horizonhealth@shaw.ca
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