Pet Ecology Brands Inc. Wins Lawsuit, Results in Elimination of Claims of $500,000 and $400,000 in Recorded Debt
13 Januar 2009 - 2:00PM
Marketwired
Pet Ecology Brands, Inc. (PINKSHEETS: PECD) announced today that it
has secured a summary judgment against TBeck Capital in which all
claims totaling $500,000 made by TBeck in a previously filed
lawsuit have been dismissed in addition to liabilities amounting to
approximately $400,000 that had been recorded in Pet Ecology's
audited financial statements for the years ended December 31, 2006
and 2007. The claims made in TBeck's original filing had been noted
by counsel to be frivolous and without merit. Further 417,000 (post
October 2007 reverse split) warrants owned by TBeck or its
affiliates have also been cancelled. TBeck is an entity that had
provided investment capital to Pet Ecology in 2005 and 2006.
Ralph Steckel, PEB's President and CEO, expressed satisfaction
with the court's ruling and added, "The elimination of this debt
represents a tremendous improvement to our balance sheet in that it
represented nearly 25% or our recorded liabilities. As important we
have eliminated a nuisance lawsuit that has cost us in legal fees
and time."
About Pet Ecology Brands, Inc.
Pet Ecology Brands, Inc. has developed a revolutionary patented
cat litter that destroys urine odor, clumps, and is earth-friendly.
The litter is ultra-lightweight and convenient to use (3 lbs works
like 21 lbs of clay/sand-based products), it is 100% flushable and
safe for sewer and septic tank systems. Most importantly, it is
completely safe for cats and our environment, and does not contain
any sodium bentonite, as used in many competing brands. The design
helps to protect the landfills, and yet does everything that clay
litters do... and more. It has the ability to help indicate certain
diseases commonly occurring in cats. The technique used is similar
to that found in Merck's Veterinarian Manual. However, this litter
not only warns of possible illness, but may also help indicate how
far along the illness may be by the color the litter changes to,
thereby providing the pet owner significant additional benefits and
an early warning system concerning the cat's health.
Pet Ecology's K-9 Fat Free Dog Treats(TM) are the first fat free
treats on the market that meet the standards of the U.S. Department
of Agriculture, and offer dog owners an effective means to provide
their pets with a non-fat tasty treat. They are also cholesterol
free and sodium free. According to U.S. News & World Report,
"the number one health problem for dogs is obesity." Today, dogs
are fed fat rich food and treats, and often get significantly less
exercise than required to maintain an ideal weight and healthy
condition. Overweight dogs are more prone to serious injury,
skeletal stress, and the same complications that people experience
with significant weight gain via fat rich diets, ranging from heart
and lung problems, to skin and kidney diseases, to circulatory and
immune system issues.
SAFE HARBOR STATEMENT
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: The statements, other than the statements of
historical facts, may be deemed to contain forward-looking
statements with respect to events, the occurrence of which involves
risk and uncertainties, including, without limitation, demand and
competition for the company's products and services, the
availability to the company of adequate financing to support its
anticipated activities, the ability of the company to generate cash
flow from operations and the ability of the company to manage its
operations. As statements regarding future events concern
management's estimates of future results of operations, and as
these estimates are based on many elements beyond management's
control, differences from management's estimates may occur, and
such differences may be material.
Corporate Contact: Inquiries@petecology.com Pet Ecology Brands,
Inc. 17250 Dallas Parkway Suite 125 Dallas, Texas 75248
972-759-8080
http://www.petecology.com/http://www.petecology.com
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