GRAND RAPIDS, Mich., Dec. 22-- IdeaSphere Inc., a leading provider of integrated nutrition and wellness products, health information and lifestyle education solutions, announced today that the planned asset purchase of Twinlab Corporation (BULLETIN BOARD: TWLBE) , Twin Laboratories Inc. and Twin Laboratories (UK) Ltd. (collectively "Twinlab" or the "Company") has been completed.
The Hauppauge, New York-based manufacturer and marketer of nutritional supplements filed a voluntary petition for Chapter 11 reorganization with the U.S. Bankruptcy Court for the Southern District of New York on September 04, 2003. The asset sale was conducted under the supervision of the Bankruptcy Court pursuant to section 363 of the Bankruptcy Code. The Honorable Cornelius Blackshear approved the asset sale on October 27, 2003 pending the submission of a consensual sale order, which was submitted on October 30, 2003. The asset sale, which closed on December 19th, was subjected to the satisfaction of standard and customary conditions of closing, including the receipt of regulatory approvals.
"With the completion of this transaction, IdeaSphere accelerates its vision of becoming a market leader in providing consumers worldwide with real solutions to improve health outcomes in their lives," said Mark A. Fox, IdeaSphere's president and chief operating officer. "Our acquisition of Twinlab's assets and its highly respected brands is a significant part of our plan to provide consumers with access to the complete array of trusted products and resources they may require in improving their lives both physically and emotionally."
Except for historical information contained herein, this release contains, within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, forward-looking statements that are based on management's beliefs and assumptions, current expectations, estimates and projections. Many of the factors that will determine the Company's financial results are beyond the ability of the Company to control or predict. These statements are subject to risks and uncertainties and therefore actual results may differ materially. The Company disclaims any obligation to update any forward-looking statements whether as a result of new information, future events, or otherwise. Important factors and risks that may affect future results include but are not limited to: (i) the impact of competitive products; (ii) changes in law and regulations; (iii) adequacy and availability of insurance coverage; (iv) limitations on future financing; (v) increases in the cost of borrowings and unavailability of debt or equity capital; (vi) the effect of adverse publicity regarding nutritional supplements; (vii) uncertainties relating to acquisitions; (viii) the inability of the Company to gain and/or hold market share; (ix) exposure to and expense of resolving and defending product liability claims and other litigation; (x) consumer acceptance of the Company's products; (xi) managing and maintaining growth; (xii) customer demands; (xiii) the inability to achieve cost savings and operational efficiencies from the consolidation of the manufacturing and distribution facilities; (xiv) dependence on individual products; (xv) dependence on individual customers, (xvi) market and industry conditions including pricing, demand for products, levels of trade inventories and raw materials availability, (xvii) the success of product development and new product introductions into the marketplace including the Company's line of ephedra-free products; (xviii) lack of available product liability insurance for ephedra-containing products; (xix) slow or negative growth in the nutritional supplement industry; (xx) the departure of key members of management; (xxi) the absence of clinical trials for many of the Company's products; (xxii) the ability of the Company to efficiently manufacture its products; (xxiii) the impact of filing for Chapter 11 under the U.S. bankruptcy laws; as well as other risks and uncertainties that are described from time to time in the Company's filings with the Securities and Exchange Commission, copies of which are available upon request from the Company's investor relations department
Grand Rapids, Michigan-based IdeaSphere Inc. is a leader in healthy living solutions for today's natural products consumers. It is an integrated provider of natural and organic supplements, foods, beverages, and is an owner of Rebus Publishing. Rebus is a 25-year-old consumer health and science publisher delivering through print and electronic media. Rebus has built an outstanding reputation for expertise in the areas of health, fitness and nutrition. It is the creator and exclusive publisher of two world-renowned newsletters -- the UC Berkeley Wellness Letter and the Johns Hopkins Health After 50.
Headquartered in Hauppauge, NY, Twinlab Corporation is a leading manufacturer and marketer of high quality, science-based, nutritional supplements, including a complete line of vitamins, minerals, nutriceuticals, herbs and sports nutrition products. It was honored earlier this year by Consumerlab.com, the independent testing group, with the Consumer Satisfaction Award as Top Rated Retail Brand.