OXNARD, Calif., April 18, 2011 /PRNewswire/ -- HealthSport, Inc. (HSPO.QB), a fully integrated formulator, developer and manufacturer of dissolvable bi-layer oral thin film products that deliver pharmaceutical and OTC drug active ingredients through buccal absorption, announced today that it was not in a position to timely file its Annual Report on Form 10-K for its fiscal year ended December 31, 2010 ("Fiscal 2010″).
The Company announced in previously filed 8-Ks that it has recently completed a significant restructuring and secured additional outside investments. As a result of the management resources dedicated to those efforts, the Company requires additional time to complete the work to finalize the Company's Annual Report on Form 10-K, and did not meet the April 15 extension date..
Management anticipates that the 10-K will be filed within the next 3 to 4 weeks and that all future reporting should be made in a timely manner.
About HealthSport, Inc.
HealthSport, Inc. (www.healthsportinc.com) is a fully integrated developer, manufacturer and marketer of unique and proprietary branded and private label oral thin products for nutritional supplement and over-the-counter drug products. HealthSport's oral thin film product delivers drug or dietary supplement actives through buccal (between the cheek and gum) absorption as well as normal ingestion. HealthSport's proprietary delivery technology is superior to any other competitive, oral thin film product currently available in the marketplace. HealthSport has five patents pending and has developed numerous trade secrets which it incorporates in the development and manufacturing process of its oral thin film products.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include statements regarding letter of intent described in this release and whether or not the joint venture contemplated therein will be consummated and, if consummated, whether it will achieve its intended purpose and result in the successful development and launch of a pharmaceutical drug product. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the HealthSport's filings with the Securities and Exchange Commission. These risks and uncertainties could cause HealthSport's actual results to differ materially from those indicated in the forward-looking statements. HealthSport does not undertake to update any of the forward-looking statements contained in this release other than as required by law.
SOURCE HealthSport, Inc.