ATLANTA, April 18, 2011 /PRNewswire/ -- Innovative Health Sciences, Inc. (Pinksheets: IHSN) announced today the cancellation and retirement of 1,000,000,000 (One Billion) of its common shares. As part of its restructuring plan and to bolster the capital structure, the Company has elected to cancel and retire certain common shares of its affiliates.
Innovative Health Sciences, Inc. also announced today certain terms of the restructured agreement with Harrington Multi Media Marketing (HM3). At this time HM3 has not been acquired by IHSN; however, IHSN has an option until April 30, 2011, to acquire 100% of the shares of HM3 in exchange for certain additional funding and the issuance of restricted common shares of IHSN. IHSN is evaluating the merits of completing the acquisition of HM3 or of just maintaining its participation rights for the marketing of certain projects and products including the Forbes Reilly CrossToner, the Yaku Grill, Mytrak and Frielle Pure Effects.
Innovative Health Sciences, Inc. has embraced as its corporate mission, a plan to participate in and acquire interests that are leading edge in their respective market niches, and that have expectations of enhancing shareholder values.
This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from the statements made herein. Statements contained in this news release, other than those identifying historical facts, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual Company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.
Innovative Health Sciences, Inc.
SOURCE Innovative Health Sciences, Inc.