Navigation Links
The Quigley Corporation Announces Sale of Its Health and Wellness Segment
Date:3/3/2008

DOYLESTOWN, Pa., March 3 /PRNewswire-FirstCall/ -- The Quigley Corporation (Nasdaq: QGLY) today announced that on February 29, 2008 it completed the sale of it wholly owned subsidiary, Darius International Inc. ("Darius"), which markets health and wellness products through its wholly owned subsidiary, InnerLight Inc. to InnerLight Holdings, Inc., whose major shareholder is Mr. Kevin P. Brogan, the current president of Darius.

The terms of the agreement include a cash purchase price of $1 million by InnerLight Holdings, Inc. for the stock of Darius and its subsidiaries without guarantees, warranties or indemnifications. The unaudited net book value of Darius at December 31, 2007 and 2006 approximate $124,000 and $2.4 million, respectively. Darius' net sales for 2007 and 2006 approximate $11.2 million and $15.3 million, respectively with a net loss for 2007 and 2006 approximating $600,000 and $1.2 million, respectively.

Darius is a direct selling organization that constituted the Health and Wellness segment of the Company, which was formed by The Quigley Corporation in 2000 to introduce new products to the marketplace through a network of independent distributor representatives.

Over the last few years, net sales of this wholly owned subsidiary have declined and profits have turned to losses for this Health and Wellness segment reflecting the continued reduction in the number of active independent distributor representatives, and the effects of ongoing litigation with the sponsor of its product line.

As the Company continues to review its current structure, ownership of this subsidiary, constituting the Health and Wellness segment, is no longer a benefit for the Company since losses by this segment have been a drain for the ongoing research and development costs associated with the ethical pharmaceutical segment. Also, separating this segment will help streamline the structure of the Company, which will focus on continuing operations in OTC product marketing and pharmaceutical research.

About The Quigley Corporation

The Quigley Corporation (Nasdaq: QGLY, http://www.Quigleyco.com) is a diversified natural health medical science company. Its Cold Remedy segment is a leading marketer and manufacturer of the COLD-EEZE(R) family of lozenges, gums and sugar free tablets clinically proven to cut the common cold nearly in half. COLD-EEZE customers include leading national wholesalers and distributors, as well as independent and chain food, drug and mass merchandise stores and pharmacies. The Quigley Corporation has several wholly owned subsidiaries; Quigley Manufacturing Inc. consists of two FDA approved facilities to manufacture COLD-EEZE(R) lozenges as well as fulfill other contract manufacturing opportunities. Quigley Pharma Inc. (http://www.QuigleyPharma.com) conducts research in order to develop and commercialize a pipeline of patented botanical and naturally derived potential prescription drugs.

Forward-Looking Statements

Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve known and unknown risk, uncertainties and other factors that may cause the Company's actual performance or achievements to be materially different from the results, performance or achievements expressed or implied by the forward-looking statement. Factors that impact such forward-looking statements include, among others, changes in worldwide general economic conditions, changes in interest rates, government regulations, and worldwide competition.

CONTACT:

George J. Longo Carl Hymans

Vice President, CFO G.S. Schwartz & Co.

(215) 345-0919 (212) 725-4500

carlh@schwartz.com


'/>"/>
SOURCE The Quigley Corporation
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Cardiogenesis Corporation Reports Delay in Earnings Release and Conference Call
2. Dialysis Corporation of America Announces Fiscal Year 2007 Earnings Release Date
3. Pharmos Corporation Reports 2007 Fourth Quarter and Year-end Results
4. National Atlantic Holdings Corporation to Report Fourth Quarter and Year-End 2007 Earnings on March 17, 2008
5. Linkwell Corporations Skin Disinfectant Product Chosen for 2008 Beijing Olympic Games
6. Partners Center for Connected Health and EMC Corporation Launch New Web-Based Remote Monitoring Program to Help Employees Fight Hypertension
7. China Bionanometer Industries Corporation Announces New Products for China
8. Centene Corporation Unveils Winners of the 2008 Physician Summit Award
9. Dialysis Corporation of America Announces its Newest Center Opening in South Carolina
10. Harris Corporation Demonstrates Digital Signage(TM) Solutions for Dynamic, Rapid Communications within Healthcare Enterprises
11. Harris Corporation Unveils Broadcast-Style Multiviewers for Real-Time Multi- Screen Access to Medical Information
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/26/2016)... (PRWEB) , ... June 26, 2016 , ... PawPaws ... a new product that was developed to enhance the health of felines. The formula ... , The two main herbs in the PawPaws Cat Kidney Support Supplement ...
(Date:6/25/2016)... ... , ... The temporary closing of Bruton Memorial Library on June 21 due to a possible ... often overlooked aspect of head lice: the parasite’s ability to live away from a human ... but a necessary one in the event that lice have simply gotten out of control. ...
(Date:6/25/2016)... ... ... On Friday, June 10, Van Mitchell, Secretary of the Maryland Department of Health ... of their exemplary accomplishments in worksite health promotion. , The Wellness at Work Awards ... at the BWI Marriott in Linthicum Heights. iHire was one of 42 businesses to ...
(Date:6/24/2016)... ... June 24, 2016 , ... Marcy was in a crisis. Her son James, eight, was out ... family verbally and physically. , “When something upset him, he couldn’t control his emotions,” remembers ... would throw rocks at my other children and say he was going to kill them. ...
(Date:6/24/2016)... ... , ... Topical BioMedics, Inc, makers of Topricin and MyPainAway Pain Relief Products, join The ‘Business ... to $12 an hour by 2020 and then adjusting it yearly to increase at the ... minimum wage, assure the wage floor does not erode again, and make future increases more ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... 24, 2016  Consumers have taken a more ... placed more emphasis on patient outcomes. ... in the pharmaceutical industry have evolved beyond just ... companies are focusing on becoming more patient-oriented across ... and services that improve health. ...
(Date:6/24/2016)... 24, 2016   Bay Area Lyme Foundation ... Dean Center for Tick Borne Illness , Harvard ... MIT Hacking Medicine, University of California, Berkeley, and ... the five finalists of Lyme Innovation , ... than 100 scientists, clinicians, researchers, entrepreneurs, and investors ...
(Date:6/24/2016)... The Academy of Managed Care Pharmacy (AMCP) ... would allow biopharmaceutical companies to more easily share health ... and coverage decisions, a move that addresses the growing ... The recommendations address restrictions in the sharing of ... label, a prohibition that hinders decision makers from accessing ...
Breaking Medicine Technology: