Baywood International, Inc. announced that it has officially changed its name to New Leaf Brands, Incorporated, effective today and has begun trading under the listing symbol "NLEF." The name change was effected through the previously announced $8.58 million asset sale of its wholly-owned subsidiary, Nutritional Specialties, Inc./dba LifeTime(R) to Nutra, Inc, a subsidiary of Nutraceutical International Corporation.
The Company is now a pure-play beverage company focused on rapidly expanding the New Leaf Brand of healthy functional beverages nationwide. The New Leaf brand is already established in the Northeast and is emerging in the Southeast, Midwest and South Florida in over 75 distributors and approximately 8,000 accounts in the independent grocery/restaurant "street" channel. The Company's goal is to build the New Leaf brand nationally and drive sales growth through expanded distribution, marketing support and new product additions.
Eric Skae, President and Chief Executive Officer of New Leaf Brands Inc., stated, "As a result of the asset sale of our nutraceutical subsidiary, we are now officially a pure-play healthy beverage Company and have officially changed our name to New Leaf Brands under the ticker symbol NLEF. With the closing of these significant events in our Company's history, the groundwork has been set to build our brand and enhance shareholder value."
For more detailed information regarding the sale of LifeTime, please refer to the Company's previously filed Form 8-K filed October 15th, 2009 on the SEC's website at www.sec.gov.
About New Leaf Brands, Inc.:
Founded by Eric Skae in 2004 in Orangeburg, New York, New Leaf was created with the vision of providing healthy beverages for consumers that are great-tasting and made only with high quality ingredients. New Leaf Tea was the company's first product that was born out of that vision and now is available to consumers in 14 unique flavors and in over 8,000 outlets including restaurants, delis, pizzerias and other retail establishments. Currently, New Leaf's products are sold under the New Leaf(R) Tea brand. For more information, please visit www.newleafbrands.com.
This press release may contain forward-looking statements which involve known and unknown risks, uncertainties or other factors that could cause actual results to differ materially from the results, performance, or expectations implied by these forward-looking statements. The Company's expectations, among other things, are dependent upon general economic conditions, continued demand for its products, the availability of raw materials, retention of its key management and operating personnel, its ability to operate its subsidiary company effectively, need for and availability of additional capital as well as other uncontrollable or unknown factors which are more fully disclosed in the Company's Form 10-Ks and other filings made with the United States Securities and Exchange Commission.