LAKE WORTH, Fla., March 1, 2005 (PRIMEZONE) -- Suncoast Naturals Inc. (OTCBB:SNTL) announced today that its Board of Directors had approved a spin-off of its wholly owned subsidiary, OptiLiving, Inc., through a stock dividend to its shareholders. The subsidiary owns the formulations and trademarks of the all-natural suncare and skincare products marketed under the brand names of Caribbean Pacific and Suncoast Naturals.
OptiLiving, Inc. will be under the scientific direction of Dr. Sam Saliba, the Company's Director of Research and Development, and a management and marketing team is presently being assembled to re-launch the various product lines. The Company is also negotiating the acquisition of a manufacturing facility which will be fully licensed to produce the all-natural suncare, skincare, and nutriceutical products which will be marketed by OptiLiving.
The spin-off will be accomplished through the dividend of one Share of OptiLiving, Inc. Common Stock to holders of each one Share of Suncoast Naturals, Inc. Common Stock owned of record as of the close of business on March 31, 2005.
"We believe that this dividend to our shareholders will permit the value of our all-natural products to be more fully realized, and it should also assist us in financing the acquisition of a manufacturing facility and to obtain significantly higher profit margins as we bring our product line back to market," said William J. Reilly, Company President. "We will also be able to utilize Suncoast Naturals, Inc. to further benefit our shareholders in the future through targeted mergers and acquisitions."