IRVINE, Calif., August 9, 1999 (PRIMEZONE) -- Naturade, Inc. (OTCBB:NRDC) announced today that the United States Bankruptcy Court for the Northern District of Texas has approved its previously reported settlement agreement with Performance Nutrition, Inc. for between $1,774,000 and $2,000,000, a significant reduction from the original judgement of $2,774,000.
With the settlement agreement now approved by the Bankruptcy Court, it is expected that the parties will consummate the terms of the settlement agreement before the end of August, 1999.
Bill Stewart, Chief Executive Officer of Naturade, said, "We are gratified to have reached this agreement and close this chapter in Naturade's history. We believe this settlement is in the best interests of Naturade and we are glad that this matter will soon be behind us.
"Naturade's position in the marketplace is growing stronger. Our new products are making inroads in all of our channels and are gaining rapid acceptance by consumers. And, our core line of protein drinks remains strong in the market with N-R-G continuing as the premier protein drink in the nation."
Stewart continued, "Naturade's Chinese Way line of herbal remedies is showing increasing success in the marketplace and we continue to roll out new products in this line."
Naturade, Inc., founded in 1926, is a leading provider of low carbohydrate, high protein powders in the United States, with eight of the top selling ten brands, including the N-R-G(TM) brand, the nation's number one selling protein powder. In addition to protein powders, the company also distributes The Chinese Way(TM) herbal remedies, and a complete line of high concentrate Aloe-Vera based skincare products using a base of a minimum 80 percent aloe vera extract.
NOTE:
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. The statements contained in this press release that are not historical facts are forward-looking statements based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the Company) and are subject to change based upon various factors. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise. For a more detailed discussion of some of the ongoing risks and uncertainties of the Company's business, see the Company's filings with the Securities and Exchange Commission.