Mr. McDevitt added, "Our distinguished board of directors and executive team is populated with members of the U.S. military, the clergy, academia, and the legal profession. We are dedicated to operating our business with the highest ethical standards that the members of our board demand. In that regard, we are dedicated to protecting the Medifast brand and our products against unsubstantiated allegations. Mr. Minkow has in previous instances issued similar reports on other direct-selling organizations in order to generate downward pressure in companies in which he had an economic interest."
Take Shape For Life, Inc. the direct-selling division of Medifast, inc. is a member of the Direct Selling Association (DSA), the national trade association of the leading firms that manufacture and distributes goods sold directly to consumers.
Medifast, Inc., manufactures the vast majority of its products in its wholly-owned manufacturing facility in Owings Mills, MD. The Company's plant is inspected regularly by the Maryland Department of Health and Hygiene and the Food and Drug Administration (FDA). Over the past 10 years there has not been a single product safety claim made against any Medifast product by any government agency.
Colonel Brad MacDonald, USMC (Ret.), chairman of the Board of Directors of Medifast, Inc., concluded, "This form of a false and unfounded attack is a short term tactic to create fear. However, our long term business model will prevail and prosper because it is based on a principled foundation focused on our customers."
Conference Call:
The Company will conduct a conference call on Wednesday, February 18, 2009 at 4:15 pm EASTERN.
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