The Quigley Corporation Announces Sale of Its Health and Wellne...( DOYLESTOWN Pa. March 3 /- The Qui...),Health

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 dr
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