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Microcap & Penny Stocks : Performance Nutrition (PNII) -- Ignore unavailable to you. Want to Upgrade?

To: DJ Clancey who wrote (249)	8/16/1999 12:40:00 PM
From: Bird	Read Replies (1) \| Respond to of 285

>IRVINE, Calif., August 16, 1999 (PRIMEZONE) -- Naturade, Inc. >"OTCBB:NRDC" today announced Health Holdings and Botanicals, Inc. will >invest $4 million in the company. >*Naturade said the proceeds will be used to fund the recently announced >settlement of litigation in Texas of approximately $2 million* and for working >capital.** >Health Holdings and Botanicals, Inc. is a consortium of investors led by the Doyle & >Boissiere Fund, LLC, an equity investment fund headquartered in Burlingame, CA, >which, prior to the new financing, owns 55 percent of Naturade, Inc. >The investment will be for convertible debt with an annual eight percent coupon >maturing on July 31, 2004. Cash will be infused in two drawdowns of $3 million, >which occurred on August 9, 1999 and $1 million to be drawn down at a later date. >Any portion of the cash advances may be converted into shares at a conversion price >of $0.75 per share, or at the fair market value of Naturade's common stock on the >date of notice by Health Holdings. >Lionel P. Boissiere, Jr., President of Health Holdings and Botanicals, said, "This >additional investment in Naturade is a strong vote of confidence in the company's >strategy, its management and its strategic new products and packaging. With the >introduction recently of The Chinese Way line of herbs and a new marketing program, >as well as the management team, we believe that Naturade is clearly on track for >recovery." >Bill Stewart, chief executive officer of Naturade, said, "We are gratified that Health >Holdings has the continued confidence in our position and strategy to make this >investment. And, with the Texas litigation now behind us, Naturade will be able to >focus solely on its new approach to the marketplace, its new products and its new >distribution channels." ---------------------------------------------------------------------- It seems PNII's settlement will soon be safely in the bank!!!! Birdade