OWINGS MILLS, Md., April 4, 2013 /PRNewswire/ -- Medifast, Inc.
(NYSE: MED), a leading United
States manufacturer and provider of clinically proven,
portion-controlled weight-loss products and programs, today
announced the company has paid off the remaining value of its
outstanding long term notes and is now completely debt free.
(Logo: http://photos.prnewswire.com/prnh/20120613/NE24271LOGO-b
)
The loans, initiated in September
2007, were originally taken out to consolidate debt
associated principally with the Owings
Mills, MD manufacturing facility and the Ridgely, MD distribution center.
"We are proud to announce that Medifast has successfully paid
down all of its debt and we are now in the strongest financial
position in our history," commented Michael
C. MacDonald, Medifast's Chairman and Chief Executive
Officer. "A debt free balance sheet, combined with increased
momentum, allows us to leverage our business model for continued
growth opportunities. We believe this is a positive step forward
and as we look ahead to the full year 2013, we remain confident in
our ability to increase profitability across each of our sales
channels and enhance shareholder value."
About Medifast
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.
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.
MED-F
SOURCE Medifast, Inc.