MISSION VIEJO, Calif., March 20, 2014 (GLOBE NEWSWIRE) -- FITT Highway Products, Inc. (OTCQB:FHWY) (the "Company") announces it is liquidating all inventory for the Energy Shot business due to the unavailability of financing for the retail rollout and proper market support. Additionally, the financing was further impeded by a recent unfortunate death of a major doctor founder and shareholder, which complicated the funding. Subsequently the Company, will be looking for a new merger partner. This partner has not been identified as of the date of this Release.
FITT Highway (FITT) has been in the energy shot business since late 2008. The Company currently provides three energy shots to the retail market, which are F.I.T.T. Energy For Life, F.I.T.T. Extreme Energy For Life, and F.I.T.T. RX For Life. FITT also designed a new erectile dysfunction ("ED") shot which is in the final stages of development, but lacks the capital resources for the final development and retail rollout. The Company will continue to operate while it is selling its inventory.
As disclosed in its previous filings, FITT engaged an Investment Banker to raise capital, introduce the Company to independent companies who could perform the valuation for the recently completed F.I.T.T. Energy Products, Inc. Merger on October 29, 2013 and introduce the Company to potential investor relation companies. Unfortunately, due to extenuating circumstances the Company was unable to attract the required capital to fully support a national retail rollout of FITT's three products.
More information about the FITT products and ingredients can be viewed at www.throwafitt.com.
Information about Forward-Looking Statements
This release contains "forward-looking statements" that include information relating to future events and future financial and operating performance. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for FITT 's products, the introduction of new products, the Company's ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company's liquidity and financial strength to support its growth, and other information that may be detailed from time-to-time in FITT Highway Products' Inc, filings with the United States Securities and Exchange Commission. For a more detailed description of the risk factors and uncertainties affecting FITT Highway Products, Inc. please refer to the Company's recent Securities and Exchange Commission filings, which are available at www.sec.gov. FITT Highway Products Inc., undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Michael R Dunn FITT Highway Products Inc. email@example.com (949)-582-5933
Source:FITT Highway Products Inc.