Hormel Health Labs Buys Fitness Products Company
Posted on: Tuesday, 1 February 2005, 15:00 CST
Feb. 1--Hormel Health Labs this morning made a $1 million investment in a sports fitness and weight loss nutritional products company, PacificHealth Laboratories Inc. of Matawan, N.J.
The investment is in the form of preferred convertible stock. PacificHealth's common stock closed Monday at $0.68 per share.
Hormel Health Labs is a subsidiary of Diamond Crystal Sales, which is owned by Hormel Foods Corp. Hormel Health Labs makes specialized food products for the health care industry.
"In addition to this investment, we will be working closely with Hormel Health Labs both in manufacturing and in product development. We have a portfolio of innovative, science-based nutritional products that are backed by extensive research studies," PacificHealth chairman and chief scientific officer Dr. Robert Portman said in a statement this morning. "This new relationship with Hormel Health Labs will enable us to bring these products to market faster."
The company, founded in 1995, makes the sports drink Accelerade, the Endurox workout supplement, the weight loss drink Satietrol and the strength training supplement MuscleAde, among others. It reportedly has 15 employees.
In its third quarter earnings report released Nov. 12, PacificHealth reported a net loss of $303,343 and $1.9 million in revenue. The revenues were an increase from the last third quarter, which was $1.5 million.
PacificHealth Labs' cash balance as of Nov. 12 was approximately $272,000.
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HRL,
Source: Post-Bulletin
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