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Z Trim Holdings Announces Removal of Auditor�s �Going Concern� Opinion from its 2010 Form 10-K; Cash Reserves Increased and Current Liabilities Reduced; Best Year of Revenue and Production
MUNDELEIN, IL, April 18, 2011/PRNewswire/ -- Z Trim Holdings, Inc. (OTC Markets: ZTHO � News), manufacturer of multifunctional ingredients used in food production, today announced that the going concern paragraph has been removed from the audit opinion contained in its 10-K filing for the year ended December 31, 2010. Further, the Company has increased cash reserves and reduced current liabilities, both in 2010 and the first three months of 2011, compared to the previous year. Z Trim Holdings, Inc. filed its Form 10-K for the year ended December 31, 2010 on April 13, 2011, wherein it reported it's finest year of revenues and production of Z Trim products. "Removal of the going concern language by our auditors for the first time in over three years is a significant accomplishment for our management team, and further underscores our continued progress toward achievement of the Company's goals" noted Steve Cohen, President and Chief Executive Officer of Z Trim. "This milestone validates our business strategy and inspires greater confidence in the company�s prospects, not only on the part of our shareholders and current customers, but also the numerous major food companies with which we are in active discussions at this time." Since June of 2010, the Company has raised over $8.1m in funds, while also reducing current liabilities by another $8.1m. �We believe we now have sufficient funds to expand manufacturing capacity and meet the growing demand for our industry-changing products. It is indeed gratifying to see our financial results begin to reflect the improvements we have made, and will continue to make going forward,� said Steve Cohen. The 2010 numbers were the best in Z Trim�s history in terms of both revenue and production. Year-end revenues surpassed 2009 results by 61.4%, increasing in every quarter: Quarter Revenues Q1 $177,071 Q2 $201,717 Q3 $218,958 Q4 $303,295 ABOUT Z TRIM� Z Trim Holdings, Incorporated, https://www.ztrim.com, deploys technology, formulation, and product performance solutions built around cutting edge multifunctional ingredients for both domestic and international food markets. Made from either corn bran or oat hulls, Z Trim� ingredients contribute multifunctional attributes for food product design and processing, including moisture management, texture and appearance quality, fat and calorie reduction, clean labeling, and cost-control. Z Trim� can provide enhanced eating quality, outstanding product performance, and frequently, improved nutritional profiles in meats, sauces, dressings, microwaveable hand-held snacks, baked goods, fillings, toppings, prepared meals, ice cream, cream cheese, dips, and many other food products. Forward-Looking Statements and Risk Factors Certain statements in this press release are "forward−looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve a number of risks, uncertainties and other factors that could cause actual results, performance or achievements of Z Trim Holdings to be materially different from any future results, performance or achievements expressed or implied by these forward−looking statements. Other factors, which could materially affect such forward−looking statements, can be found in our filings with the Securities and Exchange Commission at www.sec.gov, including risk factors relating to our history of operating losses, that our auditors have expressed substantial doubt regarding our ability to continue as a going concern, the fact that we may dilute existing shareholders through additional stock issuances, and our reliance on our intellectual property. Investors, potential investors and other readers are urged to consider these factors carefully in evaluating the forward−looking statements and are cautioned not to place undue reliance on such forward−looking statements. The forward−looking statements made herein are only made as of the date of this press release and we undertake no obligation to publicly update such forward−looking statements to reflect subsequent events or circumstances. Contacts:
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