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Nutrition 21 Announces Financial Results for Q4 of Fiscal 2009 and Full Year Fiscal 2009
Date:10/15/2009

provement over negative EBITDA of $11.2 million in the prior year. The primary reasons for this improvement are more target-specific advertising and reduced general and administrative expenses.

The adverse financial results primarily reflect the severe economic downturn and caused the company to breach a financial covenant with its senior lender. The lender waived this breach upon agreement by the company to repay by November 15, 2009 all amounts borrowed from the lender. The company is also negotiating to restructure $2.5 million principal amount of notes plus interest that are past due and are secured by the company's Iceland Health trademark.

The company has signed a non-binding letter of intent for the sale of its retail and direct response businesses to a privately owned company and will announce the terms of the proposed sale if the transaction proceeds and when there is a binding agreement. The company will continue to refocus its main efforts on its profitable ingredients business.

The bid price for the company's common stock has been less than $1 for more than 30 consecutive days and, as a result, Nasdaq Staff notified the company on December 26, 2007 that it does not comply with Listing Rule 5550(a)(2). On October 9, 2009, Nasdaq Staff further notified the company that the period to regain compliance with the Rule expired October 7, 2009, and that unless the company appeals the Staff's determination, trading in the common stock will be suspended on October 20, 2009 and the common stock will be delisted. The company does not plan an appeal and expects that its common stock will be quoted on the OTC Bulletin Board.

About Nutrition 21

Nutrition 21, Inc. (NASDAQ: NXXI - News), headquartered in Purchase, NY, is a nutritional bioscience company and the maker of chromium picolinate-based a
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SOURCE Nutrition 21, Inc.
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