Ethos Environmental, Inc. (OTCBB: ETEV), a leading manufacturer and distributor of a unique line of proprietary eco-efficient fuel reformulating products that provide fuel efficiency and lower harmful emissions for both commercial and individual vehicles, is pleased to announce the signing of a definitive merger agreement with AL Global Corporation d/b/a Youngevity Essential Life Sciences. The pending merger is expected to close in the first quarter of 2010.
Youngevity is an international direct marketing company that has been supplying hundreds of thousands of satisfied consumers and resellers with innovative products since 1997, grossing over $250 million in sales since inception. With this profitable union, not only will we provide a solution to a growing demand for products that provide a healthy lifestyle but also present an environmentally responsible choice.
Notwithstanding the pending merger, and as part of the effort to integrate Ethos and Youngevity, effective immediately, Stephan R. Wallach has been appointed CEO of Ethos Environmental, Inc., and Dr. Joel D. Wallach becomes Chairman of the Board. Concurrently, Corey P. Schlossmann has resigned as CEO, and Howard Landa has resigned as a Director. Mr. Schlossmann will continue as a Director.
Some of the more notable terms of the merger are set forth below:
— Youngevity shareholders will receive 60% of the post-transaction entity.
— Restructuring of all Ethos shareholder debt into equity.
— The transaction remains subject to the satisfaction of customary closing, including regulatory approval as necessary.
Source: CNN
