Hard to Treat Diseases Incorporated - HTTD - Announces: Sale of Recycling Assets Finalized.Business Editors/Health/Medical Writers DELRAY BEACH Delray Beach, resort city (1990 pop. 47,181), Palm Beach co., SE Fla., on the Atlantic coast; settled 1895, inc. 1911. Mostly residential, Delray Beach is also the trade center for a citrus-fruit and vegetable-growing region. , Fla.--(BUSINESS WIRE)--May 21, 2004 Hard to Treat Diseases Incorporated ("HTTD HTTD High Temperature Thermal Desorption ") (Pink Sheets:HTDS HTDS Hanford Thyroid Disease Study HTDS Holo Transference Dementia Syndrome (Star Trek Voyager) HTDS Host Terminal Database Server HTDS Horizontal Tactical Display System HTDS Hydrofoil Tactical Data System ) announced today that the Company has finalized See finalization. the sale of its recycling division assets. The Company previously announced that it signed a letter of intent to sell the recycling division assets. HTTD completed the sale of the recycling assets to International Foam Solutions, Inc., a Nevada corporation A Nevada Corporation is a corporation chartered under the laws of the U.S. state of Nevada. Nevada, like the state of Delaware (See Delaware corporation), is well known as a corporate haven. ("IFS") for $250,000 in the form of a secured promissory note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. payable within one year, and 20% of the stock of IFS. The purchasing company is controlled by Harvey Katz, a former officer of International Foam Solutions and a current consultant to HTTD. IFS has the technology and resources to aggressively expand and to move the recycling division to the next level. Mr. Colm J. King, the President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Hard to Treat Diseases, Inc. stated: "The board of directors has chosen the best financial alternative to increase the value of HTTD. The strategic reason for selling the assets was to remove a non-core business division, which will allow HTTD to focus exclusively on operating as a Bio Tech Company with unparalleled potential. HTTD is expanding and freeing up logistical, operational and financial resources. The financial advantages to be realized from selling the assets were to create operating capital Noun 1. operating capital - capital available for the operations of a firm (e.g. manufacturing or transportation) as distinct from financial transactions and long-term improvements capital, working capital - assets available for use in the production of further assets , to increase the revenue stream from the recycling division in the future, and to allocate all HTTD financial resources toward the advancement of Tubercin(R)." Mr. King added: "IFS will have the full attention of its own management team to move IFS forward with its new structure, recycling experience, industry contacts and capital. HTTD will rely on the IFS executives to communicate with shareholders." Statements in this press release that are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing and access funds from our existing financing arrangements that will allow us to continue our current and future operations and whether demand for our product and testing service in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. |
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