ORLANDO, Fla., Apr 1, 2004 -- Bio-One Corporation (BICO) announced today that it has acquired 100% of Interactive Nutrition International, a manufacturer and distributor of branded, specialty, nutritional supplements. Based in Ottawa, Canada, Interactive Nutrition International distributes a comprehensive line of award-winning nutritional supplements for athletes and general consumers. The purchase price was US$23,400,000 with US$11,500,000 paid at closing and the balance payable over five years.
Interactive Nutrition International, which had $12 million in revenues in 2003, has built an outstanding reputation for consistent high-quality product development while marketing products in Canada, Hong Kong and the United States. Currently, 90% of the company's revenues are generated in Canada. The remaining 10% of revenue is generated in the United States and China.
Bio-One President and CEO Armand Dauplaise said, "Interactive Nutrition International has built a strong business based on quality products. Eli, Pamela and Joseph Nesrallah have done a brilliant job of building their company since they started it in 1995. They have agreed to continue managing the business. We believe that synergy with other companies that we have acquired and are in the process of acquiring will greatly help facilitate their growth."
About Interactive Nutrition International
The stated mission of Interactive Nutrition International is to enable people to live their lives to the fullest by realizing their health and fitness goals. The company specializes in providing research, development and custom formulation of premium nutritional supplement private-label formulas including OTC pharmaceutical grade private label formulations. The company uses only premium ingredients and blending for allopathic, homeopathic, OTC and nutritionals. The company's products have won numerous Top Product Awards from Alive Magazine. SoyOne(TM) Protein for Women won a gold medal for Best Women's Supplement. SoyOne(TM) Nutrition Bars won a bronze medal award for Best Nutrition Bar. ISOWhey(TM) protein powder won a silver medal for Best Sports Supplement two years in a row. Two company products have recently undergone clinical testing in Moscow's Research and Practice Center of Sports Medicine. The clinical studies concluded that Creatine Blast(TM) and Total Whey(TM), part of the company's Maximum Performance Series, displayed significant benefits over respective placebo groups. The company is a cGMP (Current Good Manufacturing Practices) manufacturer, which operates in a 40,000-square-foot facility in Ottawa.
Bio-One Corporation is a nutritional supplements company serving the preventive and alternative healthcare segments. The company intends to acquire additional companies in order to provide quality nutraceuticals to consumers through vertical integration of manufacturing, distribution and marketing. Since September 2003, the company has acquired PNLabs, American Nutritional Exchange and Interactive Nutrition International.
Bio-One Corporation is committed to its mission of the continuing pursuit of excellence in serving its customers, suppliers, team members and shareholders. Bio-One is confident that it will accomplish its mission and goals through the application of its management philosophy, which is to treat others the way they would want to be treated themselves.
Certain statements released by Bio-One Corporation that are forward- looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Editors and investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the company's business prospects and performance. These include, but are not limited to, economic, competitive, governmental, technological and other risks detailed in the company's registration statements and periodic reports filed with the Securities and Exchange Commission. By making these forward-looking statements, the company undertakes no obligation to update these statements for revisions or changes after the date of this release.