z-trim holdings (ZTHO) Key Developments
Z Trim Holdings, Inc. Promotes John Elo to CFO
Aug 18 14
Z Trim Holdings, Inc. announced that it has promoted Controller, John Elo, to Chief Financial Officer effective August 18, 2014. Prior to joining the company in 2012, Mr. Elo spent over 25 years in corporate finance management at prominent food manufacturing, retail sales and financial services firms. Mr. Elo will take over from current CFO and Chief Legal Officer, Brian Chaiken, who is returning to Florida with his family.
Z Trim Holdings, Inc. Announces Commencement of Animal Feeding Study to Quantify the Physiological Effects of Biofiber Gum
Aug 13 14
Z Trim Holdings, Inc. announced the imminent commencement of an animal feeding study by an independent laboratory to quantify the physiological effects of its recently launched ingredient, Biofiber Gum ("BFG"), on weight gain and cholesterol. Prior studies that identified such health benefits, using similar but non-commercialized soluble fiber, are available upon request. ZTH will further evaluate BFG's impact on Arabinoxylans Oligosaccharides (AXOS) ratios. Of importance are the physiological effects of AXOS on: liver fat; cholesterol; inflammatory cytokines; bacteria for kidney, heart and colon health; intestinal gene expression; type II diabetes; and obesity. Previous animal feeding studies on the benefits of ingesting AXOS (the major components of BFG) have shown improved colon health as well as positive effects on the immune system, obesity, cholesterol levels and type II diabetes.
Z Trim Holdings, Inc. Launches Food Grade Biofiber Gum
Aug 9 14
Z Trim Holdings, Inc. announced the commercial launch of a food-grade, soluble dietary fiber ingredient called Biofiber Gum. BFG is a high quality emulsifier that not only has outstanding microencapsulation capabilities relative to leading gums, but can also supplement the delivery of essential dietary fiber. In addition, ZTH believes that BFG can offer important health benefits when added to foods.
Z-Trim Holdings, Inc. Provides Sales Guidance for the Second Quarter of 2014
Jul 28 14
Z-Trim Holdings, Inc. provided sales guidance for the second quarter of 2014. For the period, the company estimates sales declined from approximately $382,127 in the second quarter of 2013 to $212,154, a decrease of 44%. The reason for the decline was twofold. First, for reasons other than Z Trim product performance, two customers elected to discontinue product lines that incorporated Z Trim ingredients. Second, two of larger customers determined that they had sufficient on-hand inventory so that they did not need to place additional orders in second quarter.
Z-Trim Holdings, Inc. Amends its Revolving Loan with Fordham Capital Partners, LLC to Increase the Principal Amount from $500,000 to $582,841.63
Jul 21 14
On July 16, 2014, Z-Trim Holdings, Inc. amended its revolving loan with Fordham Capital Partners, LLC to increase the principal amount from $500,000 to $582,841.63, evidenced by an Amended and Restated Equipment Revolving Note issued by the company to Fordham. The Note increased the required monthly payments of principal to $12,142.539 plus interest, commencing on July 24, 2014 and continuing until February 24, 2015, followed by a final balloon payment of the entire unpaid principal balance of the Note and all accrued and unpaid interest on March 24, 2015. The interest on the Note was increased to a fixed rate of 22% per annum. The Note may be prepaid in full at any time; provided that if the company prepays the Note prior to September 24, 2014, it must pay a prepayment penalty equal to the amount by which the aggregate interest that Fordham would have received on the Note during the Guaranteed Interest Period had there been no prepayment exceeds and the aggregate interest paid by the company prior to the date of prepayment. The default rate of interest on the loan was increased to 27% per annum. The company also entered into a First Amendment to Security Agreement, dated July 16, 2014, between the company and Fordham in which the amount of the secured liabilities was increased from $500,000 to $582,841.63. The amendment represents an approximately $114,000 increase in the outstanding balance of the Equipment Loan as of July 16, 2014. The net proceeds of the increase in the Equipment Loan were used to pay $113,442 in franchise taxes owed by the company to the Secretary of State of the State of Illinois.