OWINGS MILLS, Md., Jan. 2 /PRNewswire-FirstCall/ -- Medifast, Inc. (AMEX:MED) announces that Jason Enterprises, Inc., a wholly owned subsidiary of Medifast, Inc., and Health Care Products, a division of Hi Tech Pharmacal, (NASDAQ:HITK) have signed a joint venture and distribution agreement to develop and produce retail diabetic meal replacement products for their extensive quality line of Diabetic products under the DiabetiTrim(TM) brand.
Health Care Products is a leading manufacturer and marketer of OTC, HBA, and nutritional products for people with diabetes. Medifast, Inc. is a leader in the medical marketplace providing thousands of physicians with weight and disease management meal replacement products. Most Medifast products are clinically tested at Johns Hopkins University to include their Medifast Plus for Diabetics line. Medifast has invested significant research and development dollars developing the most extensive physician Diabetic nutrition and weight management line in the industry. Medifast has recently earned the prestigious Glycemic Research Institute of Washington, D.C. seal of approval on most of its Diabetic Product Line. Medifast meal replacement products are high in protein, low calorie, low in carbohydrates, low sugar, low Glycemic, and are kosher.
Chairman Brad MacDonald of Medifast, Inc. says, "We look forward to a unique partnership with Health Care Products and their terrific sales and marketing group as we assist 18 million Diabetics lead healthier lives. We are delighted to be working with a company that has significant retail penetration and distributed such high quality products to Diabetics."
Gary M. April, President of Health Care Products, says, "We are looking forward to our partnership with Jason Enterprises, Inc. in distributing DiabetiTrim(TM) to retail outlets nationwide. Health Care Products is dedicated to offering a complete line of products for people with diabetes to help them live healthier lives. DiabetiTrim will specifically address the proper maintenance and daily regimentation of weight management."
This release contains forward-looking statements, which may involve known and unknown risks, uncertainties and other factors that may cause Medifast's actual results and performance in future periods to be materially different from any future results or performance suggested by these statements. Medifast cautions investors not to place undue reliance on forward-looking statements, which speak only to management's expectation on this date.