eFoodSafety.com, Inc. Returns Over Thirty Million Common Shares to Treasury – Reduces Company’s Outstanding Share Count by Over 20%
EFoodSafety.com, Inc (EFSF)
SCOTTSDALE, Ariz.–(BUSINESS WIRE)–eFoodSafety.com, Inc. (OTCBB:EFSF – News), a Company dedicated to improving health conditions around the world through innovative products and technologies, today announced that over thirty million (30,000,000) common shares have been returned to the Company’s treasury, reducing eFoodSafety.com, Inc.’s issued and outstanding shares by over twenty percent (20%).
On September 29, 2006 in the Superior Court of the State of California, County of Riverside, a judgment was entered in favor of eFoodSafety.com, Inc. for the principal sum of $9.2 Million against its former Chairman and CEO. As partial settlement, the shares issued to him in 2003 were returned to the Company after a garnishment proceeding.
Patricia Gruden, President and CEO of eFoodSafety.com, Inc. stated, “The Company has spent over two years litigating this matter. The ruling handed down by the Riverside Superior Court is final and all appeal attempts were denied. The Company has proceeded through the judicial system to attain a judgment and garnishment of these shares. While this process took longer than we anticipated, we were diligent to ensure it was resolved completely in order to secure a ruling that was both final and binding.”
Gruden further added, “We are pleased to have this issue now behind us. The return of these shares and the cancellation of an additional five million shares reduce our outstanding shares by just over 20% and, we expect, the permanent removal of these shares from the public float will serve to dramatically enhance future earnings leverage. Further, we will continue to work hard and as long as necessary to preserve and build value on behalf of our shareholders.”
About eFoodSafety.com, Inc.
eFoodSafety.com, Inc. is dedicated to improving health conditions around the world through its innovative technologies. The company’s Knock-Out Technologies, Ltd. subsidiary has developed an environmentally safe sporicidal product formulated entirely of food-grade components that eradicates anthrax and a germicidal product, Citroxin (formerly named Big Six Plus) – EPA Reg. No. 82723-1 that kills six major bacteria: E-coli, Listeria, Pseudomonas, Salmonella, Staphylococcus, and Streptococcus, Avian Influenza, and Black Mold. The sporicidal product has completed its final efficacy laboratory study requisite for EPA registration. In the study, it eradicated both Clostridium Sporogenes and Bacillus Subtilis with 100% efficacy on both hard and porous surfaces. The company’s MedElite, Inc. subsidiary distributes clinically proven products to physicians who then prescribe the products for their patients. It recently became the owner of the Talsyn(TM)-CI/bid Scar Cream, that has been clinically proven to facilitate and improve the appearance, redness and strength of scars (www.talsyn.com), as well as seven (7) other products in the Talsyn(TM) line. The company is also owner of Cinnergen(TM), a non-prescription liquid whole food nutritional supplement that promotes healthy glucose metabolism (www.cinnergen.com), and Trimmendous(TM), a weight loss formula focusing on the body’s 24-hour metabolic processes. The company has entered into a joint venture agreement with CK41 Direct, Inc. to launch the PurEffect(TM) anti-acne skin care system.
Please visit the Company’s website at: http://www.efoodsafety.com.
Safe Harbor Forward-Looking Statements
Statements contained in this release that are not strictly historical are “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements are made based on information available as of the date hereof, and the company assumes no obligation to update such forward-looking statements. Editors and investors are cautioned that such forward-looking statements involve risks and uncertainties and the company’s actual results may differ from these forward-looking statements. Such risks and uncertainties include but are not limited to demand for the company’s products and services, our ability to continue to develop markets, general economic conditions, our ability to secure additional financing for the company and other factors that may be more fully described in reports to shareholders and periodic filings with the Securities and Exchange Commission.
Contact:
Redwood Consultants, LLC
Jens Dalsgaard, 415-884-0348
Source: eFoodSafety.com, Inc.
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