Board Chairman Donovan Comments on Board and Management Realignment at House of Brussels Chocolates.HOUSTON -- House of Brussels Chocolates ("Brussels", the "Company"or "HBSL") (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :HBSL), through its Chairman of the Board of Directors (the"Board"), William Donovan William Donovan may refer to:
"Brussels' wishes to thank its departing Directors and Officers, including Harold Kahn, Dale Frey, Corbin Miller and Robert Wesolek for the sincere efforts they have expended on the Company's behalf. In just the three short years, Brussels has come a long way in terms of manufacturing infrastructure, blue chip clients, and top line revenue growth. The Company recognizes, however, that its pace of expansion has resulted in challenges to the cost effective integration of its operations. In an effort to reduce costs and enhance results, the Board has determined to geographically streamline Company operations, and realign re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. its management team. Accordingly, Brussels recently closed its Houston based administrative office and accepted the resignation of Robert Wesolek from his role as the Company's CFO See Chief Financial Officer. . Mr. Wesolek will continue to serve as a Company Director. Dr. Donovan also accepted the resignations of Harold Kahn, Dale Frey and Corbin Miller as Directors of the Company. The Board is currently evaluating possible nominees to replace certain resigning members." Donovan continued, "Brussels' sales for the year ended April 30, 2005 increased 202% when compared to the prior year and assets increased 160% during that same period. These increases resulted from the Company's continued investment in its growth and facilities. We believe our enhanced infrastructure directly resulted in new customers and opportunities. Our private label relationships have grown substantially and we have experienced a maturation of opportunities for our nutraceutical subsidiary, ChocoMed(TM). Currently however, the Board is convinced that the time has come to cut our costs and focus on the efficiency of newly acquired capacity. The Company believes elevated cost-control and consolidation efforts will provide a basis for enhanced pricing, plant controls and production margins. In that connection, the Board also terminated the employment of its Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , Guy Debbas. To support an orderly transition, the Board expects to shortly finalize consulting arrangements to supply the Company with manufacturing and financial expertise while management replacements are identified and installed." "With the above changes, and better shareholder communications the Board believes, shareholder confidence and increased value should be sustained." About House of Brussels Chocolates Inc. (www.brusselschocolates.com) For more than 20 years, House of Brussels Chocolates has manufactured and distributed high-end, award-winning chocolates. HBSL's signature product is the chocolate hedgehog, which marries the traditional Belgian symbol of good luck (i.e., the hedgehog) with taste (i.e., chocolate) for a strong customer appeal. In addition to its house brands, HBSL creates custom packaging, shaping and sizing as well as private labels for numerous North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. retailers. DeBas Chocolatier choc·o·la·tier n. 1. One who makes or sells chocolate. 2. A place where chocolate is made or sold. [French, from chocolat, chocolate, from Spanish chocolate , a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of HBSL, produces the Company's artisan chocolates. Every piece of DeBas chocolate is handcrafted hand·craft n. Variant of handicraft. tr.v. hand·craft·ed, hand·craft·ing, hand·crafts To fashion or make by hand. hand·craft to be a true work of art that is distinctly superior in quality and taste. DeBas is also famous for its panned chocolate products such as chocolate-covered coffee beans Chocolate-covered coffee beans are confections made by coating roasted coffee beans in some kind of chocolate: dark chocolate, milk chocolate, or even white chocolate. They are usually only slightly sweet, especially the dark chocolate kind, and the intense, bitter flavor of the , fruits and nuts. The DeBas factory is certified as organic by the State of California, in addition to being Orthodox Kosher kosher [Heb.,=proper, i.e., fit for use], in Judaism, term used in rabbinic literature to mean what is ritually correct, but most widely applied to food that is in accordance with dietary laws based on Old Testament passages (primarily Lev. 11 and Deut. 14). certified. About ChocoMed(TM), Inc. (www.chocomed.com) ChocoMed, Inc., as a wholly owned subsidiary of House of Brussels Chocolates, has a mission to interface with third party companies, laboratories, or organizations that provide us nutritional and dietary supplements, functional foods and pharmaceutical compounds that are suitable candidates for hosting in chocolate-based products. ChocoMed will then bring these compounds to House of Brussels' manufacturing division who will attempt to "marry" these compounds with chocolate. If successful, the resulting nutraceuticals using chocolate as a delivery mechanism should prove to be an extremely marketable product. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. : Certain statements in this news release regarding future expectations and plans may be regarded as "forward looking statements" as defined by federal law. Although the Company believes such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the "safe harbor" protections provided under the Private Securities Reform Act of 1995. They are subject to various risks, including uncertainties regarding timing, and capital availability, as discussed in detail in House of Brussels quarterly and annual reports filed with the SEC. House of Brussels Chocolates Inc. (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :HBSL) |
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