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SeaLife Announces Major Restructuring

Published on 2006-08-11. Author : SpecialChem

CULVER CITY, Calif. -- SeaLife Corporation (Pink Sheets:SLIF - News) announced the following changes:

  • The filing of Form 15 under the Securities and Exchange Act of 1934 (the 34 Act), thereby relieving the Company of the costly filing of 34 Act reports and Sarbanes Oxley compliance.
  • The election of Joel Heffron as a new and independent Director of the Board of Directors.
    Joel Heffron is a graduate of the Wharton School of Finance, and has a Bachelor of Laws from New York University School of Law. He is a member of the Bar of the State of New York, and is a licensed real estate broker in both California and New York. Since 1986, Mr. Heffron has worked as an advisor and intermediary for numerous small and middle-market companies, working with owners of small to middle-market companies to buy and sell assets to maximize returns. Mr. Heffron has lived and traveled extensively in Asia, and maintains close contacts with Asian individuals and companies who are interested in developing relationships within the United States and Canada.
  • The immediate cessation of all issuance of S-8 free trading stock by the Company.
  • The retention of P.R. Specialist Maris Somerville to assist the Company with a Marketing and promotional Campaign for the Company's unique line of environmental Products, including SeaLife 1000 and ProTerra Plant & Soil ResQ.
    Maris Somerville (Somerville Associates) has over 25 years' experience in full-service public relations. Somerville began her professional career in Hawaii with Lennen & Newell/ Pacific, a national advertising and public relations firm, and then with Margo Wood Communications. Somerville, a member of the Public Relations Society of America and Society of American Travel Writers, holds a bachelor's degree in radio/ television broadcast from the University of Hawaii and is a member of Phi Kappa and Mortar Board Society honoraries.
  • Management intends to continue to prepare and file with the Pink Sheets Financial News Service, Quarterly and Annual Reports with Audited Financial Statements, which meet the 34 Act disclosure requirements.

This restructuring is part of Management's plan to concentrate capital resources on the marketing and sales of the Company's two product lines, SeaLife 1000 Antifoul Marine Paint and ProTerra Plant & Soil ResQ.

SeaLife Corporation is a development stage public company currently traded on the Over the Counter Pink Sheets under the symbol (SLIF). Its Sealife paints Division has developed and has now initiated manufacturing and distribution of a proprietary line of environmentally friendly antifoul marine coatings and paints. Its Proterra Division has developed and is now testing a proprietary line of environmentally friendly soil enhancers, for large scale agricultural and row crop applications.

This document may contain certain forward-looking statements with respect to product marketing and report filings. Statements in this document that are not historical facts are hereby identified as "forward-looking statements." The words "estimate," "project," "intend," "expect," "believe," "plan," and similar expressions are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. These forward-looking statements are necessarily estimates, reflecting the best judgment of senior management that rely on a number of assumptions concerning future events, many of which are outside of our control, and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in this document. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

Source: SeaLife Corporation

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