Natural Harmony Foods, Inc. (PINKSHEETS: NHYF) announced today material changes to the Board of Directors and Management of the Company.
Effectively immediately, Daniel A. Carr has resigned from the position of Director and the "interim" CEO and President of the Company, and Danny Pate from the position of Director, respectively. Both parties cited their decision was based due in part to the lack of "full" disclosure by the former President and CEO, Sam Dewar with regards to the Company's overall financial condition and outstanding liabilities, including, but, not limited to, certain legal actions against the Company and other personal reasons.
Since the resignation of Sam Dewar, it was further disclosed by Mr. Dewar that the Company is also a named Defendant in a $50,000 lawsuit and that a previous judgment for approximately $17,000, was adjusted to approximately $34,000, due to defaults on settlement payments. These additional financial obligations of the Company now brings the total liabilities of the Company to approximately $400,000, and could be more with other obligations that have yet to be disclosed or brought to the attention of the Company. In light of these circumstances, it is uncertain at this time if the Company will be able to continue to operate.
Manual Schapiro, the Company's sole Director, will oversee the continual operations of the Company.
About Natural Harmony Foods, Inc.
Natural Harmony Foods, Inc. (PINKSHEETS: NHYF) is an independent, new food company dedicated to producing healthful, flavorful foods that fit the lifestyles of individuals looking to make better, health conscious diet choices without sacrificing taste. We have combined the taste and nutrition of beef and pork with the health benefits of soy in our SoLean(R) brand foods. SoLean(R) Flame Broiled Beef Patties, SoLean(R) Fully Cooked Pork Patties, SoLean(R) Cheeseburgers, and SoLean(R) Sausage Egg Muffin Sandwiches are 95% fat-free, high protein blends of lean grounds meat and heart-healthy soy protein.
Safe Harbor Statement Under The Private Securities Litigation Reform Act Of 1995:
The Private Securities Litigation Reform Act of 1995 (the "Reform Act") provides a "safe harbor" for forward-looking statements to encourage companies to provide prospective information, as long as those statements are identified as forward-looking and are accompanied by cautionary statements identifying important factors that could cause actual results to differ materially from those discussed in the forward-looking statements. Natural Harmony Foods, Inc. desires to take advantage of the safe harbor provisions of the Reform Act. All future written and oral forward-looking statements attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to above. New risks and uncertainties arise from time to time, and it is impossible for the Company to predict these events or how they may affect the Company. We assume no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by federal securities laws. In addition, it is our policy generally not to make any specific projections as to future earnings, and we do not endorse any projections regarding future performance that may be made by third parties.
Natural Harmony Foods, Inc. is traded on the OTC Exchange (Pink Sheets) under the symbol NHYF. More information is located at the web-site -- www.naturalharmonyfoods.com.