PURCHASE, N.Y., June 10, 2008 - Nutrition 21, Inc. (Nasdaq: NXXI), a developer and marketer of nutritional supplements that help consumers manage blood sugar levels, improve cardiovascular health, enhance memory and address chronic joint pain, today announced plans to augment their brand position in the omega-3 direct response market by launching Iceland Health(R) Advanced Memory Formula via direct response channels beginning July 2008. Iceland Health Advanced Memory Formula contains a unique combination of chromium picolinate, phosphatidylserine (PS) and omega-3 (DHA), ingredients that all play an important role in helping maintain brain health.
"With a rapidly expanding 'Baby Boomer' population, products that address memory, mind and brain function have been determined to be among the most desired in consumer studies conducted in this burgeoning demographic group," said Gerard Butler, co-CEO of Nutrition 21. "As with all of our products, we have taken a scientific approach to the development of Advanced Memory Formula by combining nutrients that are essential to improving and maintaining brain health."
Mr. Butler concluded, "We are excited about introducing Iceland Health Advanced Memory Formula this summer via direct response channels, which will include television infomercials, call center and internet e-commerce. We believe this enhances our ability to address a broader segment of our market in a very cost-efficient manner and sets the stage for introducing the product into retail distribution, at a later date, with a loyal customer base."
The Company continues to expect that EBITDA in the fourth quarter ending June 30, 2008 will approach breakeven and that total revenues for the quarter will be in the range of the $10.8 million reported for the third quarter ended March 30, 2008. For the 2009 fiscal year ending June 30, 2009, the Company expects to deliver consistently positive EBITDA on a quarterly basis, with revenues for the year generally in the range of total revenues that will be reported for fiscal year 2008. EBITDA is a non-GAAP measure that is defined as net earnings before interest, taxes, depreciation and amortization.
About Iceland Health(R) Advanced Memory Formula
Iceland Health Advanced Memory Formula, available in soft gel form, contains a proprietary blend of chromium picolinate, Phosphatidylserine (PS) and Omega-3 (DHA). These ingredients have been scientifically tested for their ability to improve cognitive function.
Iceland Health Advanced Memory Formula is manufactured according to strict Food and Drug Administration (FDA) guidelines. This product can be taken safely alone or with medication, with optimal results seen in 30 to 90 days. In addition, the chromium picolinate ingredient is deemed safe by the FDA and is Generally Recognized as Safe (GRAS) for use in foods and supplements. For more information, visit http://www.IcelandHealth.com.
About Nutrition 21
Nutrition 21, Inc. (Nasdaq: NXXI), headquartered in Purchase, NY, is a nutritional bioscience company and the maker of chromium picolinate-based and omega-3 fish oil-based supplements with health benefits substantiated by clinical research. Nutrition 21 holds more than 30 patents for nutrition products and uses. Nutrition 21's portfolio of health and wellness brands include: Chromax(R), Core4Life Advanced Memory Formula(TM), Diabetes Essentials(TM), Iceland Health(R) Maximum Strength Omega-3 and Iceland Health(R) Joint Relief. The company also manufactures private label supplements and ingredients for third parties. Nutrition 21 distributes its products nationally through more than 29,000 major food, drug and super center retailers as well as internationally. For more information please visit http://www.nutrition21.com.
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This press release may contain certain forward-looking statements. The words "believe," "expect," "anticipate" and other similar expressions generally identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are based largely on the company's current expectations and are subject to a number of risks and uncertainties, including without limitation: the effect of the expiration of patents; regulatory issues; uncertainty in the outcomes of clinical trials; changes in external market factors; changes in the Company's business or growth strategy or an inability to execute its strategy due to changes in its industry or the economy generally; the emergence of new or growing competitors; various other competitive factors; and other risks and uncertainties indicated from time to time in the company's filings with the Securities and Exchange Commission, including its Form 10-K/A for the year ended June 30, 2007. Actual results could differ materially from the results referred to in the forward-looking statements. In light of these risks and uncertainties, there can be no assurance that the results referred to in the forward-looking statements contained in this press release will in fact occur. Additionally, the company makes no commitment to disclose any revisions to forward-looking statements, or any facts, events or circumstances after the date hereof that may bear upon forward-looking statements.