Medifast, Inc. Increases International Expansion through Medix Strategic Partnership
OWINGS MILLS, Md., Dec. 17, 2012 /PRNewswire/ -- Medifast, Inc. (NYSE: MED), a leading United States manufacturer and provider of clinically proven, portion-controlled weight-loss products and programs, today announced increased international expansion plans through a renewed strategic partnership with Productos Medix S.A. de C.V. ("Medix"), a leader in pharmaceutical obesity products in Mexico.
Medix, under an exclusive 5-year licensing agreement, plans to increase distribution of Medifast meal replacement products and programs to Argentina, Bolivia, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, Venezuela, and Uruguay beginning in January 2013. This renewed agreement expands distribution of Medifast's products and programs with Medix beyond the previous 3 year commitment. Medix now plans to work across Mexico as well as these targeted expansion countries over the next 5 years.
"We're extremely pleased to renew our partnership with Medix as we expand the geographic reach of Medifast's products and programs through complementary distribution channels," said Michael MacDonald, Medifast's Chairman and Chief Executive Officer. "We believe Medix's distribution of Medifast products will help us address and reduce obesity long-term."
"Medifast and Medix will provide meal replacements and program solutions for people to live a healthier lifestyle," said Mario Lazcano Torres, Director of Corporate Affairs and Institutional Relations at Medix. "This expanded partnership will enable us to introduce Medifast's clinically proven meal replacement options for our consumers in Mexico, Central and South America."
With this partnership, Medifast plans to focus on the expansion of its Medifast Weight Control Center distribution channel, which provides clinically-focused, one-on-one counseling to clients, along with Medix's network of physicians, which will offer the program to their patients. Medifast products and programs have been recommended by over 20,000 doctors since 1980. Medifast provides clinically proven weight loss plans designed not only to help clients lose weight, but to help them learn how to maintain their weight loss long-term.
For more information please visit, www.medifastnow.com.
Medifast (NYSE: MED) is the leading easy-to-use, clinically proven, portion-controlled weight-loss program. The company sells its products and programs via four unique distribution channels: 1) the web and national call centers, 2) the Take Shape For Life personal coaching division, 3) Medifast Weight Control Centers, and 4) a national network of physicians. Medifast was founded in 1980 and is located in Owings Mills, Maryland. For more information, log onto www.MedifastNow.com.
Medix is a leading pharmaceutical manufacturer and distributor in Mexico with over 55 years of experience, specializing in comprehensive health care solutions to aid in the struggle against obesity. Medix offers a wide range of weight control products and has also recently expanded into additional countries in Central and South America. For more information, please visit www.medix.com.mx.
Forward Looking Statements
Please Note: This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of phrases or terminology such as "intend" or other similar words or the negative of such terminology. Similarly, descriptions of Medifast's objectives, strategies, plans, goals or targets contained herein are also considered forward-looking statements. Medifast believes this release should be read in conjunction with all of its filings with the United States Securities and Exchange Commission and cautions its readers that these forward-looking statements are subject to certain events, risks, uncertainties, and other factors. Some of these factors include, among others, Medifast's inability to attract and retain independent Health Coaches and Members, stability in the pricing of print, TV and Direct Mail marketing initiatives affecting the cost to acquire customers, increases in competition, litigation, regulatory changes, and its planned growth into new domestic and international markets and new channels of distribution. Although Medifast believes that the expectations, statements, and assumptions reflected in these forward- looking statements are reasonable, it cautions readers to always consider all of the risk factors and any other cautionary statements carefully in evaluating each forward-looking statement in this release, as well as those set forth in its latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and other filings filed with the United States Securities and Exchange Commission, including its current reports on Form 8-K. All of the forward-looking statements contained herein speak only as of the date of this release.
SOURCE Medifast, Inc.