Ethos Environmental, Inc. Inks Merger Agreement With Network Marketing Stalwart AL Global Corporation d/b/a Youngevity
Posted on July 29, 2010
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Market Wire, November, 2009
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.
“We have been searching for just the right opportunity to move into the
environmentally-consciousness space,” stated incoming Chairman of the
Board, Dr. Joel Wallach, the founder of Youngevity. “I like that Ethos has
been dedicated to making a positive impact on the environment with the same
passion that Youngevity brings to the healthy-lifestyle market
ethos fuel reformulator
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