FORT LAUDERDALE, Fla., July 5, 2005 (PRIMEZONE) -- Natural Harmony Foods, Inc. (Pink Sheets:NHYF), a producer and marketer of unique, natural protein foods, announced today that it has eliminated a substantial portion of the company's debt, as the company's major shareholders agree to buy additional shares.
Natural Harmony Foods' board of directors offered the company's major shareholders, who also hold notes from Natural Harmony Foods, the opportunity to convert a portion of the notes receivable to restricted shares at the then trading price of $.03 per share. All note holders accepted the offer resulting in their purchase of six million shares and improving the company's balance sheet by eliminating $180,000 of debt.
Natural Harmony Foods' shareholder loan balance stood at $420,224 on March 31, 2005, and has been reduced to $240,224 following this transaction. As of June 2, 2005, the number of outstanding shares increased from 51,379,910 to 57,379,910.
Natural Harmony Foods' SoyLean(R) brand products marry the taste and nutrition of natural, lean beef, chicken and pork with heart-healthy soy protein. Targeting a broad range of consumers who enjoy the taste and texture of real meat but who want to eat healthier, the products are low in fat, saturated fat, calories and cholesterol with no trans fats. SoyLean(R) brand products are currently available direct-to-consumer via www.naturalharmonyfoods.com, and the company anticipates they will be authorized by several retail accounts during this quarter.
"Natural Harmony Foods' major shareholders have welcomed this opportunity to help the company and increase our stake at the same time," said Moises Blumen, vice president of Natural Harmony Foods. "This action is a clear indication that we believe the company's shares are grossly under-priced. We also are confident in the company's management team and in their ability to engineer a successful retail rollout of the SoyLean(R) brand."
About Natural Harmony Foods
Natural Harmony Foods, Inc. (Pink Sheets:NHYF) is an innovative food company dedicated to producing healthy, flavorful, convenient foods that fit the lifestyles of individuals looking to make better, health conscious diet choices without sacrificing taste. For more information about Natural Harmony Foods, SoyLean(R) products and helpful Internet links, please visit www.naturalharmonyfoods.com. NHYF Shareholders are encouraged to register on the "Investor Relations" page to receive ongoing Natural Harmony Foods news updates, and/or search "NHYF" on www.pinksheets.com for current financial information on the company.
Legal Notice Regarding Forward-Looking Statements: "Forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 may be included in this news release. These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. Natural Harmony Foods disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions, actions of our competitors, the extent to which we are able to develop new products/services and markets for these, the time and expense involved in such development activities, the level of demand and market acceptance for our products/services, and changes in our business strategies.