Symbol has been changed to PECD
Pet Ecology Brands Inc. Wins Lawsuit, Results in Elimination of Claims of $500,000 and $400,000 in Recorded Debt
DALLAS, TX, Jan 13, 2009 (MARKET WIRE via COMTEX) -- Pet Ecology Brands, Inc. (PINKSHEETS: PECD) announced today that it has secured a summary judgment against TBeck Capital in which all claims totaling $500,000 made by TBeck in a previously filed lawsuit have been dismissed in addition to liabilities amounting to approximately $400,000 that had been recorded in Pet Ecology's audited financial statements for the years ended December 31, 2006 and 2007. The claims made in TBeck's original filing had been noted by counsel to be frivolous and without merit. Further 417,000 (post October 2007 reverse split) warrants owned by TBeck or its affiliates have also been cancelled. TBeck is an entity that had provided investment capital to Pet Ecology in 2005 and 2006.
Ralph Steckel, PEB's President and CEO, expressed satisfaction with the court's ruling and added, "The elimination of this debt represents a tremendous improvement to our balance sheet in that it represented nearly 25% or our recorded liabilities. As important we have eliminated a nuisance lawsuit that has cost us in legal fees and time."
About Pet Ecology Brands, Inc.
Pet Ecology Brands, Inc. has developed a revolutionary patented cat litter that destroys urine odor, clumps, and is earth-friendly. The litter is ultra-lightweight and convenient to use (3 lbs works like 21 lbs of clay/sand-based products), it is 100% flushable and safe for sewer and septic tank systems. Most importantly, it is completely safe for cats and our environment, and does not contain any sodium bentonite, as used in many competing brands. The design helps to protect the landfills, and yet does everything that clay litters do... and more. It has the ability to help indicate certain diseases commonly occurring in cats. The technique used is similar to that found in Merck's Veterinarian Manual. However, this litter not only warns of possible illness, but may also help indicate how far along the illness may be by the color the litter changes to, thereby providing the pet owner significant additional benefits and an early warning system concerning the cat's health.
Pet Ecology's K-9 Fat Free Dog Treats(TM) are the first fat free treats on the market that meet the standards of the U.S. Department of Agriculture, and offer dog owners an effective means to provide their pets with a non-fat tasty treat. They are also cholesterol free and sodium free. According to U.S. News & World Report, "the number one health problem for dogs is obesity." Today, dogs are fed fat rich food and treats, and often get significantly less exercise than required to maintain an ideal weight and healthy condition. Overweight dogs are more prone to serious injury, skeletal stress, and the same complications that people experience with significant weight gain via fat rich diets, ranging from heart and lung problems, to skin and kidney diseases, to circulatory and immune system issues. |
