PHOENIX, Jan 13, 2004 /PRNewswire-FirstCall via Comtex/ -- Vital Living, Inc. (OTC Bulletin Board: VTLV) today announced plans to consolidate operations at its Salt Lake City, Utah facilities as part of a cost-saving strategy, and close most of its Phoenix operations. As a result of the move, Vital Living Chairman, Chief Executive Officer and Founder Brad Edson will resign from his position, but will work with the Company to oversee the launch of X-Fat(TM), Vital Living's proprietary weight-loss product set to launch in the first quarter of 2004.
Vital Living's current President and Vice Chairman, Stuart Benson, will assume the role of Chief Executive Officer. Mr. Benson, who joined Vital Living in April 2001, has served in both public and private companies as Chief Executive Officer and Chairman of the Board, including such companies as The Great Earth Vitamin Store Chain and Nathan's Famous Inc., where he was responsible for significant growth of gross revenues and locations.
Donald Hannah has been elected Vital Living's Chairman of the Board of Directors. Presently Mr. Hannah is the Chairman/CEO of USProperties Enterprises, which assists in the structuring and financing of international entrepreneurial projects. Mr. Hannah has served as a board member of several public companies, including Franchise Finance Corporation, Precision Standard Corporation, and Samoth Corporation. He is on the advisory board of the American Bureau of Shipping and is also a Director of the World Presidents Organization, which is an association of close to 4000 Chairmen, Presidents and CEOs of major corporations from eighty countries.
Mitch Feinglas, currently a full-time consultant to the Company, will become Chief Operating Officer and a member of the Board of Directors. Mr. Feinglas has 15 years of executive experience in the nutraceuticals industry, including several years as President of the Great Earth Vitamin Store, the second largest vitamin store chain in the world.
'I am proud of our accomplishments in bringing Vital Living forward and poised for success with innovative products such as X-Fat,'commented Mr. Edson. 'As one of the Company's largest shareholders, I will continue to work with Vital Living in supporting its marketing goals with X-Fat and other products. The current management team is extremely capable and well positioned to bring the Company to the next level of success.'
'These operational changes will help us to quickly achieve our corporate goals, while increasing efficiencies in our operations,'commented Mr. Benson. 'Brad Edson helped found and position Vital Living for success, and we look forward to his continued commitment to the successful launch of X-Fat. We thank him for his contributions to the Company, and everything he has done to position us for growth.'
About Vital Living
Vital Living, http://www.vitalliving.com, provides unique, safe, and efficacious naturally derived nutritional products, utilizing advanced drug-delivery technologies, including the Geomatrix(TM) technology through its affiliation with SkyePharma PLC. The Geomatrix technology has been provided exclusively for Vital Living's pharmaceutical development in China, and the development of nutraceuticals. Vital Living utilizes, physician-recommended marketing, and pharmaceutical standards. The Company also develops and markets evidence-based nutraceuticals, designed to be incorporated by physicians into a standard physician/patient program, and supported by a specially designed compliance regimen. The Company's initial area of focus was cardiovascular health, the leading health concern in America affecting 60 million consumers. Essentum(TM), currently undergoing clinical trials, is already being endorsed by the Arizona Heart Institute and prescribed throughout the United States. Vital Living also owns MAF Bionutritionals, Christopher's Herb line of over 300 products, and Doctors for Nutrition.
Except for any historical information, the matters discussed in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve risks and uncertainties, including activities, events or developments that the Company expects, believes or anticipates will or may occur in the future. A number of factors could cause actual results to differ from those indicated in the forward- looking statements, including the Company's ability to continue to successfully market and provide its products and services and maintain their effectiveness, the continuation of the arrangements with the Company's product development partners, the ability of the company to meet its financial projections, and general economic conditions. Such statements are subject to a number of assumptions, risks and uncertainties. Readers are cautioned that such statements are not guarantees of future performance and that actual results or developments may differ materially from those set forth in the forward-looking statements. The Company undertakes no obligation to publicly update or revise forward-looking statements, whether as a result of new information or otherwise.