NEW YORK, Nov. 22, 2016 /PRNewswire/ -- Wynnefield Capital and its affiliates (collectively, "Wynnefield"), stockholders of MusclePharm Corp. (OTCQB: MSLP) ("MusclePharm" or the "Company") with an 8.6% ownership interest, today filed an amended Schedule 13-D/A expressing its approval of the company's current strategic direction under the leadership of Executive Chairman and Interim CEO Ryan Drexler.
Nelson Obus, President of Wynnefield, said "We applaud Ryan Drexler for his success in carrying out a complete overhaul of MusclePharm's business plan and removing executives who made investment in the company a money-losing proposition for so long a period. By jettisoning a series of absurd licensing agreements that threatened MusclePharm's survival, and other beneficial changes, the Company is now approaching a positive free cash flow position. While this significant turnaround came at the steep cost of share dilution, we believe that the improvement in MusclePharm's prospects creates a real opportunity for all shareholders to benefit in the future from Mr. Drexler's value creation skills."
About Wynnefield Capital, Inc.
Established in 1992, Wynnefield Capital, Inc. is a value investor specializing in U.S. small cap situations that have company or industry-specific catalysts.
SOURCE Wynnefield Capital