Eurosport Satisfies Old Debts with Shares Settlement
On March 18, 2008, Inko Sport America LLC (“Inko Sport”) entered into a reverse merger transaction with Wealthhound.com, Inc (“Wealthhound”). Pursuant to this agreement, Wealthhound’s name was changed to Eurosport Active World Corp. (“Eurosport”) and Inko Sport became a wholly owned subsidiary of Eurosport.
In 2000, prior to the reverse merger transaction, Wealthhound issued certain promissory notes now owned by Esquire Trade & Finance, Inc. (“Esquire”) and Alpha Capital Anstalt (“Alpha”).
Wealthhound, its shareholders, officers and directors did not disclose this debt to Inko Sport prior to the reverse merger.
Thereafter, Esquire and Alpha filed suit with the Supreme Court of the State of New York (Index No. 650213/2008) in which they alleged that Wealthhound n/k/a Eurosport defaulted on the notes.
On November 3, 2008, the parties entered into a confidential Settlement Agreement and Release. The Court approved the settlement and the case was closed on December 8, 2008.
As part of the settlement and release, Esquire and Alpha released Eurosport and Inko Sport from any and all obligations under the notes in exchange for the issuance of Eurosport common stock.
About Eurosport
Based in Miami, Florida, Eurosport Active World Corp. (EAWD.PK), a life enhancement company, is focused on providing products and services designed to promote all aspects of maintaining and improving overall health, fitness and well being to a broad demographic population.
The Company provides Sports Nutritional Products and Natural/Organic Beverages to a wide market that ranges from moderately active individuals to serious athletes, encompasses all age groups – from youths to seniors – and includes all persons who want to eat and drink healthy products. Eurosport’s product line are developed and manufactured in Europe meeting rigid government standards established by the German government as part of its strict regulation of nutritional products.
Additional information about Eurosport can be obtained at www.eurosportactiveworld.com
Forward Looking Statements
Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes," "estimates," "potential," "predicts," "continue" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analysis and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. These assumptions are subject to many risks, and actual results may differ materially from those currently anticipated. These risks include, by way of example and not in limitation, general economic conditions, changing beverage consumption trends of consumers, the Company's ability to generate sufficient cash flows to support general operating activities and capital expansion plans, competition, pricing and availability of raw materials, the Company's ability to maintain the current and future retail listings for its beverage products and to maintain favorable supply, production and distribution arrangements, laws and regulations and changes there to that may affect the way the Company's products are manufactured, distributed and sold and other factors beyond the reasonable control of the Company.
Contact
Eurosport Active World Corp.
David Packard VP/COO
305-285-0681
press@eurosportactiveworld.com