Health & Nutrition Systems International Inc. Announces The Sale Of Acutrim - Tuesday August 19, 3:45 pm ET
WEST PALM BEACH, Fla., Aug. 19 -- Health & Nutrition Systems International Inc. (OTC Bulletin Board: HNNS - News) announced today the sale of its brand Acutrim® to Amerifit, Inc. a Delaware corporation. For more information about Amerifit Inc. visit: www.amerifit.com.
The specific terms of the transaction were not disclosed as per the agreement. The sale of Acutrim was consistent with the Company's strategy to focus on its core brands. Management decided that the cost to resuscitate and position the Acutrim® brand would not generate a sufficient return for the Company. HNNS will use the proceeds generated by this transaction to reduce its promissory note that is currently outstanding with Garden State Nutritional.
The Acutrim® brand was acquired in January 2001, and comprised 22% of the Company's sales for that year. For 2002, Acutrim® sales were 18% of the Company's sales. For the first six months of 2003, Acutrim® accounted for 7% of the Company's sales.
HNS develops and markets weight management products in over 25,000 health, food and drug store locations. The Company's products can be found in CVS, GNC, Eckerd's, Rite Aid, Target, Vitamin Shoppe, Vitamin World, Walgreens and Wal-Mart. The Company's HNS Direct division distributes to independent health food stores, gyms and pharmacies. For more information, visit: hnsglobal.com |
