PARAMOUNT, Calif., Dec. 17 /PRNewswire/ -- Naturade, Inc. (OTC Bulletin Board: NRDC) announced the completion of a transaction with Doyle & Boissiere Fund I, LLC, a FINOVA Investment Alliance ("D&B"), to sell in a private placement 2,023,222 newly-issued shares of Naturade common stock to Health Holdings and Botanicals, Inc., a California corporation formed by D&B and Taishan Holdings, Inc. (Taishan), for a purchase price of $6,000,000. Certain shareholders of Naturade sold Health Holdings additional shares of Naturade common stock in order to allow Health Holdings to hold 55% of the outstanding common stock of Naturade following completion of the transaction.
In addition, Health Holdings received shares of Series A convertible preferred stock of Naturade that will permit Health Holdings to maintain its 55% interest in Naturade following consummation of the transaction. Health Holdings received registration rights with respect to the common stock it is acquiring as well as reimbursement of its transaction expenses. D&B will also provide strategic and financial consulting services to Naturade.
Allan Schulman, President of Naturade will continue in his current role with Naturade pursuant to a four-year employment, consulting and non- competition agreement.
"All of us at Naturade are excited about the Doyle & Boissiere/Health Holdings team joining Naturade," said Allan Schulman, Naturade's President. "D&B's reputation is excellent and we are convinced that the capital infusion and management expertise brought by D&B will fuel Naturade's growth and performance in the coming years." D&B is a Burlingame, California-based $100 million fund focused on invigorating well-positioned companies with unusually high potential but constrained by limited capital. D&B assists the companies to realize their potential by combining new operating management with the investment of substantial additional equity/capital.
Taishan, based in New York City, was formed in 1995 to introduce pharmaceutical grade botanical medicines to the global marketplace. Taishan is a partner in Taishan Pharmaceuticals, Ltd., a joint venture in Beijing, China with the Chinese Ministry of Health's State Administration of Traditional Chinese Medicine.
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