Health and Wellness Sold to Angel Acquisition
Terms of the deal weren't immediately disclosed, but Carson City, Nev.-based Angel Acquisition Corp. will pick up Health and Wellness Partners' distribution rights for the Surge brands with the issuance of convertible debt bonds.
It's the first venture into the nutraceutica drink market for Angel Acquisition, which operates The Palomar Group, which provides residential home loans; Angel Finance Group; and virtual business incubator Angels in Action, which operates AngelsinAction.tv.
"The acquisition will allow Angel to aggregate companies in the health-care sector and advance its strategy of nurturing successful early-stage growth companies," Angel Acquisition said in a statement.
Angel Acquisition is led by H. Steven Bonenberger, who acts as the company's CEO. Bonenberger, chairman and CFO. Bonenberger also is an author, talk show host and business leader who is completing his doctoral dissertation to become a baptist minister.
XBIZ calls to Bonenberger for more details and comment on the acquisition were not immediately returned.
Angel Acquisition also named Lew Graham as president and COO. Graham, who is a special consultant for the mediation and settlement of Zealous debt and legal issues, said that the sale marks the beginning of the end for company's adult assets.
"This is one of the most important steps in a series of events leading to the liquidation of the non-core assets of CoreStream Energy, formerly known as Zealous Inc.," Graham said.
On Friday, XBIZ reported that Zealous changed its corporate name and its CEO, Milton (Tod) Ault, resigned.
With the news, Zealous will now be known as CoreStream Energy Inc. and the company seeks to broaden its ventures to include gas and oil exploration and development. Up until November 2008, the company operated under the moniker Adult Entertainment Capital Inc.
The company also plans to shed off its other adult assets, including adult nightclub magazine Stilletto and TheAdultSpot.com.