Circle Group Holdings, Inc. Signs Z-Trim Development Deal With Dr. Triveni P. Shukla

Circle Group Holdings, Inc. Signs Z-Trim Development Deal With Dr. Triveni P. Shukla
Wednesday June 11, 9:45 am ET

MUNDELEIN, IL--(MARKET WIRE)--Jun 11, 2003 -- Circle Group Holdings, Inc. (OTC BB: CRGQ) (www.crgq.com/), a pioneer of emerging technology companies, announced today the signing of an agreement with Triveni P. Shukla, Ph.D., to provide strategic business consulting services and advise Circle Group on technical and scientific matters. Dr. Shukla has also been appointed as Fiber-Gel Technologies "Vice President of Technology Development" and will work to accelerate Z-Trim's manufacturing process and market acceptance. Fiber-Gel Technologies, Inc. is a wholly owned subsidiary of Circle Group Holdings, Inc. (OTC BB: CRGQ).

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"We are very excited about this relationship with Dr. Shukla because it gives Circle Group the opportunity to speed up our time table for Z-Trim by leveraging his significant knowledge, experience and industry contacts," said Circle Group CEO Gregory Halpern. "The relationship has already begun to provide us with access to new opportunities through his contacts in the food industry."

F.R.I. founder and president, Triveni P. Shukla, has a 28-year industry track record, the first 10 years as head of R&D and Engineering at Krause Milling Co. (now ADM), and 17 years as a private consultant to the global food processing industries. "Z-Trim affords an outstanding opportunity for normalizing America's dietary profile to a nutritious and healthful standard," said Dr. Shukla. "Furthermore, the patented Z-Trim process is capable of yielding two additional co-products that could maximize profitability and operating efficiency."

Dr. Shukla's association with Cargill, A.E. Staley, American Maize Co., US Feed Grains Council, Winrock International (cereal/legume), Monsanto, and many other multi-national food processing foreign clients constitutes a rare body of experience that Fiber Gel expects to leverage to its benefit. The list of companies that Dr. Shukla has worked with also includes: Anheuser-Busch, Bimbo (Mexico), Cedarburg Dairy/Kemp, Conagra, Experience Inc., Frigo Cheese Co./Unigated Ltd., Grupo Minsa s.a. de c.v. (Mexico), Heinz Co./Ore-Ida Foods, Heinz Co./Foodways Natl., Hershey Foods Corporation, Illinois Cereal Mills, Kraft-General Foods, Labbat Anderson, Mexican Accent Inc., Monsanto Company, Nabisco Brands, National Honey Board, Oscar Meyer Foods/Philip Morris, Procter & Gamble Company, Quaker Oats Company, Sigma Alimentos/Grupo Alpha (Monterey, Mexico), Group Minsa of Mexico and Matrix Group of Malaysia, as well as four companies in Japan, two in India, and two more in Korea.

About Fiber-Gel Technologies, Inc.

On August 27, 2002, the Circle Group Holdings, Inc. acquired Fiber-Gel, which was previously a wholly owned subsidiary of UTEK Corporation ("UTEK"). Fiber-Gel owns the exclusive, worldwide license for all fields of use to Z-Trim, an all-natural, carbohydrate-based fat replacement developed by the Agricultural Research Service of the United States Department of Agriculture ("USDA"). Z-Trim can be used to decrease fat and calories and increase insoluble healthy fiber in foods. The target markets for Z-Trim include: dairy (cheeses, dips, spreads) baked goods & confectionary (breads, cookies, candies, cakes, pies), cereals, pasta, snack foods (chips, crackers, energy bars), meats (burgers, lunch meats, deli meats, sausages, hot dogs, fish dogs), beverages (energy drinks, shakes, beers, weight-loss drinks), face and hand lotions.

Fiber-Gel has received over 100 inquiries since September 2002 relating to the manufacture, food processing, distribution and sale of Fiber-Gel's primary product, Z-Trim, which the Fiber-Gel has the right to produce pursuant to an exclusive license from the USDA. Fiber-Gel began sample production in April 2003 of Z-Trim and has entered into mutual non-disclosure agreements and discussions with one of the world largest food companies, McDonald's, Mitsubishi Australia, Manildra Mills and Proctor & Gamble to pursue potential opportunities for Z-Trim. Fiber-Gel recently provided milk & dark chocolate samples to a multi-national food and candy company using Z-Trim. Fiber-Gel also received a request from a large Canadian brewing company to provide a low-calorie lager formula using Z-Trim. To respond to the recent concerns over obesity, and rising health care costs, Fiber-Gel is launching a campaign to offer Z-Trim usage "Rights of First Refusal" to large food processing companies in several categories.

For more information about Fiber Gel Technologies, Inc., visit ztrim.com.

About Dr. Shukla

Dr. Shukla is a scientist of vast and varied business and technical experience in grain industry manufacturing, commercial development, and R&D. His activities and expertise cover a wide range: Post-Harvest Technology assessment and forecasting; technology tracking; contract R&D; market research, market development, and market improvement strategies; technical and economic feasibility studies; competitive analysis and market intelligence; assistance to plant designers, architects and facility planners; sub-sector analysis and privatization; joint-venture analysis; merger and acquisition; assistance to legal counsel; international technology transfer and technical assistance; food business and technology intelligence reporting; and information service and documentation. He is an internationally recognized expert in dry and wet corn milling.

For more information about Dr. Shukla, visit https://www.frienterprises.com/.

About Circle Group Holdings, Inc.

Circle Group Holdings, Inc. (OTC BB: CRGQ) (www.crgq.com/), is a pioneer of emerging technology companies. The Company provides small business infrastructure, funding, and substantial intellectual capital to bring important and timely life-changing technologies to market through all early phases of the commercialization process.

For more information about Circle Group Holdings contact Greg Halpern, at 847-549-6002, email [email protected]. This press release and prior releases are available on the Circle Group Holdings, Inc. Web site at www.crgq.com/HTML/breakingNews.html.

Forward-Looking Statements

Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as "believes" "anticipates" "plans" or "expects" and other statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements. Reference is made to the Company's filings with the Securities and Exchange Commission for a more complete discussion of such risks and uncertainties.