WOODLAND HILLS, Calif., April 15, 2009 (GLOBE NEWSWIRE) -- HealthSport, Inc. (OTCBB:HSPO) announced today that its annual report on Form 10-K will be filed late with the Securities and Exchange Commission. The release of the 10-K filing is being delayed to allow the Company to work with its independent auditors to thoroughly analyze the Company's Assets to the extent any potential Goodwill and/or any Intellectual Property impairment has occurred since the acquisition of InnoZen, Inc.
"Because of our recent sales growth, the current recessionary economic environment, and the new products we plan on introducing in 2009, we agree that a complete and thorough valuation of our intangible assets is appropriate to determine if the asset values recorded on our balance sheet are accurate," stated Hank Durschlag, CEO of HealthSport, Inc.
About HealthSport, Inc.
HealthSport, Inc. (http://healthsportinc.com) is a fully integrated developer, manufacturer and marketer of unique and proprietary branded and private label edible film strip nutritional supplements and over-the-counter drugs. HealthSport's wholly-owned subsidiary, InnoZen, Inc. (http://www.innozen.com), is the preeminent formulator, developer and manufacturer of edible film strips that deliver drug actives through buccal (between the cheek and gum) absorption. InnoZen's proprietary edible film strip delivery technology is superior to any other competitive edible film strips currently available on the market. InnoZen has five patents pending and has developed numerous trade secrets which it incorporates in the development and manufacturing process of edible film strips.
Forward-Looking Statements in this news release are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks, and uncertainties and actual results could differ from those discussed. This material is information only, and is not an offer or solicitation to buy or sell the securities.