Hard to Treat Diseases, Incorporated Announces Share Cancellation and Corporate Restructuring
DELRAY BEACH, Fla., Feb 8, 2005 (PRIMEZONE via COMTEX) -- Hard to Treat
Diseases, Incorporated (HTTD) (Pink Sheets:HTDS) (the "Company") announces today
that it has cancelled 180 million outstanding shares and restructured the
Company.
Pursuant to the May 2, 2003 Share Exchange Agreement, the Company issued 350
million shares to Ronald Shinn and his wife, as 100% of the holders of the
common stock in Hard to Treat Diseases, Inc. and T-19, both Oklahoma
corporations. Once he was an officer and director of the Company, Shinn issued
himself an additional 180 million shares without any consideration in return to
the Company. HTTD has cancelled the 180 million shares that Shinn issued
himself. By canceling these improperly issued shares, the amount of the
Company's outstanding stock is decreased by over 20 percent. The 350 million
shares issued to Shinn and his wife pursuant to the Share Exchange Agreement
will not be cancelled until the litigation with Shinn is resolved.
In conjunction with the extensive discovery conducted in the pending litigation
brought by the Company against former officers Shinn and Knight, and as a result
of additional information to which the Company is now privy, HTTD has terminated
its Consulting Agreement with Harvey Katz.
Harvey Katz is no longer affiliated with HTTD in any capacity other than as a
shareholder. Agreements entered into by Mr. Katz, while purporting to act as a
consultant for the Company, will be reviewed to ensure that he was acting within
the scope of his limited authority.
Additional Company shares may be cancelled in conjunction with or as a result of
pending litigation and upon HTTD's determination that shares were issued in
error.
The corporate office of HTTD has been relocated to a new location:
New address: 100 East Linton Blvd.
Suite 106 B
Delray Beach, FL 33483
New telephone No.: 561-278-7856
New facsimile No.: 561-276-2023
Same email: info@htdsotc.com
The $250,000 loan obligation due HTTD, as a result of the sale of recycling
assets on May 14, 2004 to International Foam Solutions, Inc. ("IFS"), has been
satisfied in full as of January 31, 2005. This satisfaction includes the
principal amount of $250,000 and accrued interest in the amount of $7,813. HTTD
continues to own 20% of IFS and will benefit from any IFS activity and major
transaction entered into by IFS.
Management's intention is not to dilute HTTD's shareholders by issuing
unnecessary stock or by performing a reverse split. Stock will be issued only as
needed to achieve the Company's goals and, currently, management does not
consider that a reverse split is required to achieve HTTD's articulated goal of
negotiating and closing a transaction with a major drug firm for the Company's
assets.
Management's intention and goal with this litigation is to resolve the current
dispute in the most efficient and economical manner to provide the maximum
benefit to the Company and to HTTD's shareholders.
HTTD's shareholders and investors will be kept informed of all developments as
they occur regarding the above matters.
HTTD is currently involved in litigation regarding the rights to Tubercin(r).
Additional information and details regarding the litigation can be viewed at our
website at: www.htdsotc.com
SOURCE: Hard to Treat Diseases, Inc.
By Staff
CONTACT: Colm J. King, CEO
Hard to Treat Diseases, Incorporated
(561) 278-7856
htdsotc.com
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