PURCHASE, N.Y., Dec. 30 /PRNewswire-FirstCall/ -- Nutrition 21, Inc. (OTC Bulletin Board: NXXI), the developer and marketer of nutritional ingredients for the dietary supplement, and functional food and beverage markets announced today that it has sold substantially all of the assets of its direct response and retail businesses to Nature's Products, Inc., based in Sunrise, Florida. The purchase price was approximately $3.2 million plus the assumption of designated liabilities.
Nutrition 21 retained its profitable ingredients business and its patent portfolio. The buyers agreed to purchase their ingredients requirements from Nutrition 21.
The company applied approximately $2.7 million of the sale proceeds to repay in full notes that it issued in August 2006.
Commenting on the sale, Nutrition 21's President and Chief Executive Officer, Michael Zeher said, "We entered into this transaction to focus our limited financial resources on our profitable ingredients business. N21's patents, technologies, customer relationships, and innovative new formulations bode well for the future of this business."
About Nutrition 21
Nutrition 21, Inc., headquartered in Purchase, NY, is a nutritional bioscience company and holds over 30 issued and pending patents associated with chromium picolinate as well as combinations of chromium compounds with other dietary supplement ingredients. Its ingredients are sold to leading dietary supplement, and functional food and beverage manufacturers. For more information please visit http://www.nutrition21.com.
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|SOURCE Nutrition 21, Inc.|
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