Does he mean that the deal with the private investor is no longer or has that been changed? I may be wrong by I think what is meant is that Creative Edge Nutritions's wholly owned subsidiary CenBiotech will become 100% independent of CEN and be it's own company.

"Wholly owned" just means all the shares belong to another company. In this case, all of Cen-Biotechs shares belong to Creative Edge Nutrition (FITX).

It would be great if they didn't have to give up 25% revs but I really don't think that's the case.

http://dictionary.reference.com/browse/wholly-owned