Nutroganics (NUTT) Provides Update on M&A Activity
March 31 2014 - 9:00AM
Marketwired
Nutroganics (NUTT) Provides Update on M&A Activity
BETHESDA, MD--(Marketwired - Mar 31, 2014) - Nutroganics,
Inc. (PINKSHEETS: NUTT) ("Nutroganics") announced today an update
on the status its acquisition activities. NUTT continues to pursue
a closing with NuStar Manufacturing, LLC, a state of the art,
specialty, nutritional manufacturing facility in Orem, UT. NuStar
specializes in manufacturing liquid, gel, and powder nutritional
supplements in single and multiple dose flexible packets, pouches,
and containers. NuStar's capabilities include formulating,
sourcing, blending, mixing, batching, filling, and packing
nutritional products for customers. NuStar generated approximately
$3 million in revenue in 2013. The completion of the
transaction is subject to satisfactory completion of work by
Nutroganics's lenders to be completed in the next 5-10
days.
Nutroganics is not currently pursuing an acquisition of
GardenChef Paul Company, a company with which Nutroganics signed a
letter of intent in late 2013; although Nutroganics does remain a
reseller of GardenChef Paul products.
Nutroganics is also looking at several other acquisition
opportunities.
David Sackler, Nutroganics' President & CEO, said, "We
believe that we are in the home stretch of our transaction with
NuStar and look very forward to the lenders completing their work
and closing the transaction. The acquisition of NuStar's business
will provide Nutroganics with the resources to take advantage of
co-packing opportunities with our brand partners, as well as
capitalize on our many years of relationships to expand upon an
already impressive roster of customers."
About Nutroganics:
Nutroganics, Inc. seeks to acquire and grow revenue-generating
businesses operating in the healthy lifestyle marketplace, and
seeks to capitalize on synergies from manufacturing through
distribution. In May 2013, Nutroganics acquired Silverbow Honey
Company, a producer and packager of honey products founded in 1945
and based in Moses Lake, Washington.
For more information, contact David Sackler at
dsackler@nutroganics.com or at (516)-513-5113.
Forward-Looking Statements:
This release may contain forward-looking statements, which
involve known and unknown risks, uncertainties, and other factors,
which may cause Nutroganics' actual results, performance, or
achievements to be materially different from actual future results
expressed or implied by the forward-looking statements. We
undertake no obligation to update any forward-looking statements
after the date of such statements.
Contact: David Sackler Email Contact (516)-513-5113
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