In Brief: Naturade/Performance Nutrition
This article was originally published in The Tan Sheet
Executive Summary
Naturade/Performance Nutrition: Paramount, Calif. nutritional manufacturer and distributor Naturade files motion with Dallas bankruptcy court to acquire the assets of Dallas-based specialty nutritionals marketer Performance Nutrition, which has filed for Chapter 11 protection. Under the agreement, Naturade would buy the assets for 675,000 shares of common stock and, conditionally, 375,000 warrants. Naturade manufactures the nutritional powders sold by Performance Nutrition. The purchase is subject to bankruptcy court approval. No other acquisition proposals have been submitted at this point. Naturade also announces that first quarter sales (ended Dec. 31) grew 73.3% to $3.2 mil. and net income reached $277,875, compared to a $19,424 net loss a year ago...