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ChampionLyte Holdings, Inc. Says Restructuring Plan Has Exceeded Initial Goals For First 90 Days; New Management Team Reports Elimination Of Close To 80% Of Company's Past Due Liabilities.

Publication: PR Newswire
Publication Date: 01-MAY-03 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
ChampionLyte Holdings, Inc., formally ChampionLyte Products, Inc., (BULLETIN BOARD: CPLY) announced today that it has exceeded goals for the restructuring for the first quarter. The Company, through negotiations and conversions of liability to equity, has eliminated close to 80% of the past due liabilities incurred under the previous management team. Approximately a third of these gains came from the conversion of payables and other liabilities into common stock of the Company.

Additionally, the Company said many of the negotiated settlements...

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