MONTREAL, QUEBEC -- (Marketwire) -- 05/20/10 -- HORIZON HEALTH INTERNATIONAL CORP. (PINK SHEETS: HZHI) (the Company) announces a complete restructuring of its Company.
Cancellation of the Agreements with its Subsidiaries, SunCity Ventures LLC., and Samson Industries Ltd.
Due to the inability to advance the planned business expansion of the two subsidiaries, the Company and the majority shareholder of the two subsidiaries have agreed to cancel the acquisition agreements and both parties have executed and signed a full and complete mutual release of all obligations as given under the agreements with the two subsidiaries.
The Company's future:
The Company has executed and signed a Definitive Agreement with 'NRL Pharma Canada Inc.' of Lachine, QC, Canada (NRL) and approved the issuance of 15 million shares for the acquisition restricted under rule 144 of the SEC, thereby making NRL a wholly owned subsidiary of the Company. The Company's Headquarters and Seat will be relocated to Montreal QC, Canada.
NRL's business: NRL Pharma Canada Inc. is an emerging specialty pharmaceutical company that is committed to supply its Patented delivery systems of enteric lactoferrin, and "PEG-lactoferrin", We have already introduced enteric lactoferrin products in the market as a supplemental food and have also undertaken projects to further study these products and increase their pharmaceutical applications. Since 2008, the company's proprietary enteric lactoferrin has already earned top market share amongst all lactoferrin-containing products.
Appointment and Resignation of Members of the Board of Directors of the Company:
Following were appointed to serve on the new Board of Directors of the Company until the next Annual General Meeting:
- President and CEO Rocco Di Fruscia of Montreal QC, Canada - Chairman Max Arella of Montreal QC, Canada
President & CEO Delbert Blewett and Secretary Jeff Hoogveld have tendered their resignation.
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's products, increased levels of competition, new products and technological changes, dependence upon third-party suppliers, intellectual property rights, and other risks detailed from time to time in the Company's periodic reports.