Lake Mary, Fl, May 19 - Heathrow Natural Food & Beverage, Inc. is pleased to announce its First Quarter 2009 financial results.
Operating Income for the first three months ending March 31, 2009 was $127,800. General, Administrative and Other expenses for the same period was $88,128,
Net Income for the same period was $39,672. Total assets as of March 31, 2009 totaled $1,030,637 of which $685,000 is the WGL Million Dollar Shootout Reality television series.
Total liabilities as of March 31, 2009 totaled $924,817. The majority of the liabilities ($812,000) are monies owed related parties (officers) and convertible note debt of $100,000. However, as of today the convertible note has been paid in full, reducing our liabilities to $824,817.
"We have made tremendous progress in bringing financial stability to Heathrow Natural Food & Beverage, Inc. and expect accelerated growth for the remainder of 2009 and beyond. We will need to take on additional debt of approximately $500,000 to finance the manufacture and distribution of our ACAI Plus functional gum. We also expect to be debt free and supporting operations from net income by 1Q 2010," said Michael Pagnano, CEO Heathrow Natural Food & Beverage, Inc.
"We would also like to announce that HNFB will not be acquiring Natural Harmony Foods. After due diligence, it was thought best that we remain in the non perishable natural food sector and not take on the logistics of distributing frozen food.