IRVINE, Calif., Jan. 30, 2003 (PRIMEZONE) -- Thinka Weight-Loss Corporation (the "Company") (OTCBB:TWLO) announced today that the acquisition of TransWorld Benefits, Inc. ("TransWorld") of Irvine, California has been completed. The Company has reserved the name TransWorld Benefits International, Inc. and intends to change its name to TransWorld Benefits International, Inc. As a result of the acquisition, the Company issued 4,500,000 shares of its common stock to the former stockholders of TransWorld Benefits, Inc., representing 23.64% of the post-closing, issued and outstanding shares. Following the acquisition, the Company has 100,000,000 shares of common stock authorized, of which 19,034,600 shares are issued and outstanding.
In a related move, the Company also announced the completion of a $1.8 million equity financing agreement with LaJolla Cove Investors. The Company issued a convertible debenture in the principal amount of $300,000, together with a warrant for up to $1,500,000 worth of common stock. The first installment of $177,500 of funds has already been received. The Company has committed to register the sale of the common stock to be issued upon conversion of the debenture and warrant, and the Company will receive the remaining principal amount of the debenture upon effectiveness of the registration statement. The Company will reserve a minimum of 2,750,000 shares of common stock to be issued upon conversion of the debenture and warrant.
The Company also announced the appointment of two new officers and directors; Charles C. Seven as Chairman and President and Keith T. Romine as Secretary and Treasurer. Charles Seven, President of TransWorld Benefits, Inc., said, "We believe that over the next year, TransWorld will become the leader of the emerging market of repatriation and retrieval of deceased travelers worldwide. The equity financing provided by LaJolla Cove Investors will springboard our efforts over the next quarter."
About TransWorld
TransWorld's exclusive program, Above and Beyond, is offering emergency assistance for travelers in cases of injury or death. The markets for an Emergency Travel Assistance Program in America are extensive. They are associations, credit card companies, cruise lines, corporations, funeral, insurance, Internet, time-share and travel agencies. These markets have well-developed channels of distribution with over 20,000,000 active sales people. The size of each individual market is exceptional. TransWorld has totally redefined the concept of worldwide air ambulance, medical evacuation and fast, dignified repatriation and retrieval of deceased travelers. TransWorld now has under contract over 1,000 private executive aircraft of all types ready at short notice to respond to disasters, illness, or death while traveling. In addition, TransWorld is providing travelers with sickness/accident benefits including worldwide pre-qualified physician and hospital referrals and arrangements for emergency shipments of lost prescription medications and eyeglasses. Other benefits include legal referrals and emergency translation services. Above and Beyond is offered in Lifetime, Annual and Per Trip programs and is fully backed with a performance guarantee secured with an "A" rated re-insurance company.
TransWorld is located at 18201 Von Karman Avenue, Suite 1170, Irvine, CA 92612. Their telephone is (949) 975-0077. The company website address is www.twbi.com and the stock symbol is OTCBB: TWLO.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact may be forward-looking statements. Without limiting the forgoing words such as, "may," "will," "expect," "believe," "anticipate," "estimate," or "continue," or comparable terminology are intended to identify forward-looking statements. Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Such risks include the possibility that the conditions to the receipt of further funding from the convertible debenture and warrants issued to LaJolla Cove Investors will not be received, and the possibility that the funding to be received will not be sufficient to meet the Company's needs over the next quarter.