Attached files
| file | filename |
|---|---|
| 8-K - NUTRITION 21 INC | v170426_8k.htm |
| EX-10.08 - NUTRITION 21 INC | v170426_ex10-08.htm |
| EX-10.04 - NUTRITION 21 INC | v170426_ex10-04.htm |
| EX-10.02 - NUTRITION 21 INC | v170426_ex10-02.htm |
| EX-10.07 - NUTRITION 21 INC | v170426_ex10-07.htm |
| EX-10.03 - NUTRITION 21 INC | v170426_ex10-03.htm |
| EX-10.05 - NUTRITION 21 INC | v170426_ex10-05.htm |
| EX-10.06 - NUTRITION 21 INC | v170426_ex10-06.htm |
| EX-10.01 - NUTRITION 21 INC | v170426_ex10-01.htm |
Exhibit
99.1
PURCHASE, N.Y., December 30,
2009 - Nutrition 21, Inc. (OTC Bulletin Board: NXXI.OB), the developer
and marketer of nutritional ingredients for the dietary supplement, and
functional food and beverage markets announced today that it has sold
substantially all of the assets of its direct response and retail businesses to
Nature’s Products, Inc., based in Sunrise Florida. The purchase price was
approximately $3.2 million plus the assumption of designated
liabilities.
Nutrition
21 retained its profitable ingredients business and its patent portfolio. The
buyers agreed to purchase their ingredients requirements from Nutrition
21.
The
company applied approximately $2.7 million of the sale proceeds to repay in full
notes that it issued in August 2006.
Commenting
on the sale, Nutrition 21’s President and Chief Executive Officer, Michael Zeher
said, "We entered into this transaction to focus our limited financial resources
on our profitable ingredients business. N21’s patents, technologies,
customer relationships, and innovative new formulations bode well for the future
of this business.”
About Nutrition
21
Nutrition
21, Inc., headquartered in Purchase, NY, is a nutritional bioscience company and
holds over 30 issued and pending patents associated with chromium picolinate as
well as combinations of chromium compounds with other dietary supplement
ingredients. Its ingredients are sold to leading dietary supplement,
and functional food and beverage manufacturers. For more information
please visit http://www.nutrition21.com.
Safe Harbor
Provision
This
press release may contain certain forward-looking statements. The words
“believe,” “expect,” “anticipate,” “bode” and other similar expressions
generally identify forward-looking statements. Readers are cautioned not to
place undue reliance on these forward-looking statements, which speak only as of
their dates. These forward-looking statements are based largely on the Company's
current expectations and are subject to a number of risks and uncertainties,
including without limitation: the effect of the expiration of patents;
regulatory issues; uncertainty in the outcomes of clinical trials; changes in
external market factors; changes in the Company's business or growth strategy or
an inability to execute its strategy due to changes in its industry or the
economy generally; the emergence of new or growing competitors; various other
competitive factors; and other risks and uncertainties indicated from time to
time in the Company's filings with the Securities and Exchange Commission,
including its Form 10-K/A for the year ended June 30, 2009. Actual results could
differ materially from the results referred to in the forward-looking
statements. In light of these risks and uncertainties, there can be no assurance
that the results referred to in the forward-looking statements contained in this
press release will in fact occur. Additionally, the Company makes no commitment
to disclose any revisions to forward-looking statements, or any facts, events or
circumstances after the date hereof that may bear upon forward-looking
statements.
Company
Contact: Alan Kirschbaum - Chief Financial Officer -
914-701-4500