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This gapped and ran this a.m. now is pulling back to fill gap IMO>
December 01, 2005 09:05:33 (ET)
MUNDELEIN, Ill., Dec 01, 2005 /PRNewswire-FirstCall via COMTEX/ -- Circle Group Holdings, Inc. (CXN, Trade), makers of Z-Trim(R) zero calorie fat replacement ingredient, today announced a new partnership with George Foreman Enterprises, Inc. (GFME.OB), the lifestyle brand company created to harness and leverage the George Foreman brand name, to promote and market Z-Trim to major food companies, QSR and restaurant franchises, the health and wellness community and the consumer market. The transaction is the first venture announced for George Foreman Enterprises, Inc. since their launch last August.
"Today's agreement with Circle Group is the perfect way to kick start our new venture as this deal will help us begin to actualize our vision of creating a lifestyle brand empire based on health, fitness, quality and the embodiment of the American dream," said George Foreman, Co-Chairman of George Foreman Enterprises. "Z-Trim is designed to help people lead healthier, more active lives, and that is exactly what George Foreman Enterprises was created to do. As everyone knows, I love to find terrific products that everyone doesn't know about just yet. Z-Trim is my new secret, and I am looking forward to working toward turning it into another national treasure."
Z-Trim, which was developed by Dr. George Inglett, a leading scientist at the USDA's Agricultural Research Service, and then exclusively licensed by the U.S. government to Circle Group's subsidiary FiberGel Technologies, is a natural zero-calorie fat-substitute that can be made from the hulls of corn, oats, soy, rice, or barley. The product lowers calories and fats by 25% to 50% in most foods without negatively affecting taste or texture.
"After years of research and development, we have unquestionably proven that Z-Trim(R) can substantially reduce harmful trans and saturated fats and add healthy insoluble and soluble dietary fiber which can be beneficial to heart patients and diabetics," commented Dr. Inglett. "As our nation's obesity crisis continues to mount, we believe Z-Trim can be a powerful tool in helping people to lead more healthy lifestyles, particularly as the product can improve digestion without any of the negative side effects sometimes associated with other fat substitutes."
Z-Trim, which is being marketed both as an ingredient brand to major food companies and restaurants, and as a product sold directly to consumers, is anticipated to receive a welcome response from both of those key audiences as it generally can't be detected when formulated correctly in dairy, dressings, dips, sauces, baked goods, processed meats, snack foods, cookies, pies, cakes, icings, brownies, bars, ice cream, milk shakes and many other foods.
"With an unprecedented track record of successful salesmanship, we are honored that George and George Foreman Enterprises have chosen to help bring Z-Trim to the public consciousness, with the ultimate goal of improving the health of people everywhere over time," said Greg Halpern, CEO of Circle Group Holdings. "This is sure to be a welcome addition to the current ingredient brands available to the major restaurants and food companies, and a terrific zero-fat product option for consumers, particularly as our nation continues to struggle with its expanding waistline."
Highlights of the new venture include: -- George Foreman Enterprises and Circle Group Holdings will form a jointly owned limited liability company for the specific purpose of promoting Z-Trim. This LLC will have the rights to use George Foreman's name and likeness to promote Z-Trim. -- George Foreman Enterprises shall have the right, subject to Circle Group Holdings' shareholder approval, after performing certain marketing and media activities, to convert its interest in the LLC into up to 50% of the then outstanding shares of Circle Group Holdings. -- The venture contemplates a targeted and intensive media campaign, spearheaded by George Foreman, including multiple print media, national network, cable television, and radio appearances. -- George Foreman has a personal policy of only endorsing products that he strongly believes are highly beneficial to the public. In line with this policy, and owing to George's strong personal belief that Z-Trim is the right product at the right time, the agreement is an equity based partnership rather than a straight cash endorsement deal. About George Foreman Enterprises, Inc.
In August 2005, George Foreman Enterprises, Inc. entered into a series of definitive agreements with former world heavyweight boxing champion George Foreman allowing the company exclusive future use of his name, likeness, and personal services through the assignment of his intellectual property. The company is designed to leverage the assets of one of the most powerful celebrity athlete brands of all time. George Foreman Enterprises, Inc. will exclusively handle all future business developments related to new uses of George Foreman's intellectual property and prospective licensing agreements. See also http://ztrim.com/gfme.html . The company seeks to maximize the George Foreman name through licensing, join ventures and/or the acquisition of operating companies. Prior to August 2005, George Foreman Enterprises was known as Musicmaker.com and then MM Companies.
About Circle Group Holdings, Inc.
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