Naturade Receives Funding and Emerges From Chapter 11 Bankruptcy
2007年11月13日 - 9:05PM
Marketwired
ANAHEIM, CA announced today that its controlling shareholder,
Redux Holdings, Inc. (PINKSHEETS: RDXH), has completed an infusion
of new capital into the Company in the amount of $1,200,000,
finalizing the plan of reorganization under Chapter 11 as approved
by the United States Bankruptcy Court allowing Naturade to emerge
from bankruptcy.
In addition to a comprehensive debt restructuring, the
reorganization plan features an equity provision rarely observed in
companies emerging from bankruptcy. Of particular note, the plan
allows for Naturade to retain its status as a public company
through the retention of an equity interest by the existing public
shareholders and the Bankruptcy Code allows for the registration of
all of the equity shares of Naturade.
"Although it has taken a bit longer than originally anticipated,
today's news reaffirms that our efforts have been for a good cause
and that the reorganization process remains a valid method to
repair companies that are worth saving," stated Adam Michelin,
Naturade's Chairman. "Naturade is now clear of the bankruptcy
process and has the financial resources to meet the demands of its
customers. Equally important, our employees can refocus their
efforts on rebuilding and growing a premium brand that has helped
develop the 'health food' industry before there was one."
The money was privately raised with help from The Ventana Group
based in Menlo Park and Lawrence Financial Group based in Los
Angeles.
About Naturade, Inc.
Founded in 1926, Naturade (www.naturade.com) is a leading
marketer of scientifically supported natural products formulated to
improve the health and well-being of consumers. Naturade's products
can be found in health food stores and natural foods supermarkets
as well as supermarkets, mass merchandisers, club stores and drug
stores.
About Redux Holdings, Inc.
Redux Holdings (www.reduxholdings.com) acquires the assets of
companies and isolates, recombines and manages those assets to
increase their value and develop profitable strategic options. The
Company is distinguished by the extensive experience of its
personnel in identifying, analyzing and stabilizing these business
opportunities and effecting efficient turnaround and asset
monetization.
Investor information, including an investor fact sheet, is
available for download at
www.firstcapitalinvestors.com/rdxh.html.
"SAFE HARBOR"
This press release contains forward-looking statements within
the definition of Section 27A of the Securities Act of 1933, as
amended and such section 21E of the Securities Act of 1934,
amended. These forward-looking statements should not be used to
make an investment decision. The words 'estimate,' 'possible' and
'seeking' and similar expressions identify forward-looking
statements, which speak only as to the date the statement was made.
The company undertakes no obligation to publicly update or revise
any forward-looking statements, whether because of new information,
future events, or otherwise. Forward-looking statements are
inherently subject to risks and uncertainties, some of which cannot
be predicted, or quantified. Future events and actual results could
differ materially from those set forth in, contemplated by, or
underlying the forward-looking statements. The risks and
uncertainties to which forward-looking statements are subject
include, but are not limited to, the effect of government
regulation, competition and other material risks.
Contacts: Investor Relations First Capital Investors, Inc. Email
Contact (321) 221-2910