Nutroganics Signs LOI To Acquire Nutritional Manufacturing Facility
BETHESDA, Md., Dec. 12, 2013 /PRNewswire/ -- Nutroganics, Inc. (OTC: NUTT) ("Nutroganics") announced today that it has signed an LOI to acquire NuStar Nutritional Manufacturing, LLC ("NuStar"), a state of the art, specialty, nutritional manufacturing facility in Orem, UT. NuStar specializes in manufacturing liquid, gel, and powder nutritional supplements in single and multiple dose flexible packets, pouches, and containers. NuStar's capabilities include formulating, sourcing, blending, mixing, batching, filling, and packing nutritional products for customers. NuStar generated approximately $3 million in revenue over the past year. The completion of the transaction is subject to customary closing conditions. The terms of the transaction were not disclosed.
David Sackler, Nutroganics' President & CEO, said, "We are very pleased with the prospect of NuStar becoming part of Nutroganics. The acquisition of NuStar's business, together with its state-of-the-art manufacturing facilities, will provide Nutroganics with the resources to take advantage of co-packing opportunities with our brand partners, as well as capitalize on our many years of relationships to expand upon an already impressive roster of customers."
Nutroganics, Inc. seeks to acquire and grow revenue-generating businesses operating in the healthy lifestyle marketplace, and seeks to capitalize on synergies from manufacturing through distribution. In May 2013, Nutroganics acquired Silverbow Honey Company, a producer and packager of honey products founded in 1945 and based in Moses Lake, Washington.
This release may contain forward-looking statements, which involve known and unknown risks, uncertainties, and other factors, which may cause Nutroganics' actual results, performance, or achievements to be materially different from actual future results expressed or implied by the forward-looking statements. We undertake no obligation to update any forward-looking statements after the date of such statements.
For more information, contact David Sackler at email@example.com or at (516)-513-5113.
SOURCE Nutroganics, Inc.