Last week Zevotek, Inc. announced that on November 25, 2009 it entered into a settlement agreement with its former CEO pursuant to which it extinguished an outstanding liability of approximately $490,000 in unpaid compensation and severance in exchange for the issuance of 30,000,000 shares of its common stock.
"The settlement eliminated the single largest liability on Zevotek's books, one that represented about 33% of Zevotek's current liabilities as reported on the September 30, 2009 balance sheet," said Adam Engel, CEO of Zevotek. "Zevotek improved its balance sheet and eliminated a potential distraction from our focus on launching the Ionic Bulb." Commenting on the settlement terms, he added, "We settled by paying with shares instead of cash. We settled this claim for about 13 cents on the dollar. In addition, the settlement allows us to avoid any further costs, burdens, or distractions, and uncertainties of litigation relating to claims by our former CEO and allows us to focus our efforts on generating revenues for the Company."
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Zevotek, Inc. plans to market and sell a range of innovative personal and home care items. Zevotek has a license to sell an energy saving compact fluorescent light bulb (CFL) named the Ionic Bulb. The Ionic Bulb is designed for consumer use by combining the performance features of ionic air cleaning technology with those of a 10,000 hour reduced energy use CFL. The Company plans to market the Ionic Bulb through TV infomercials, catalogs, magazines and major U.S. retail and specialty stores and the Internet. The Company's new 2 minute Ionic Bulb TV ad is designed to air on national cable channels, local broadcast channels and TV superstations
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