Business
FitLife Brands Closes Acquisition of Substantially All of the Assets of MusclePharm Corporation
Omaha, NE, Oct. 13, 2023 (GLOBE NEWSWIRE) -- FitLife Brands, Inc. (“FitLife” or the “Company”) (Nasdaq: FTLF), a provider of innovative and proprietary
About this update from Fitlife Brands, Inc.
[{"type":"text","content":"Omaha, NE, Oct. 13, 2023 (GLOBE NEWSWIRE) -- FitLife Brands, Inc. (“FitLife” or the “Company”) (Nasdaq: FTLF), a provider of innovative and proprietary nutritional supplements and wellness products, today announced that on October 10, 2023, it successfully closed the acquisition of substantially all of the assets of MusclePharm Corporation (“MusclePharm”) as previously approved by the US Bankruptcy Court for the District of Nevada. Through the asset purchase transaction under Section 363 of the US Bankruptcy Code, the Company acquired substantially all of the assets and assumed none of the liabilities of MusclePharm other than de minimus cure costs relating to certain assumed contracts. Total consideration for the acquisition was approximately $18.5 million cash. Of this amount, $10.0 million was funded using proceeds from a new term loan provided by First Citizens Bank, with the remainder funded from FitLife’s available cash balances. Dayton Judd, FitLife’s Chairman and CEO, commented, “We are excited to close the MusclePharm acquisition. We expect MusclePharm to drive continued revenue and earnings growth for our Company as we expand distribution and launch new products.” About FitLife BrandsFitLife Brands is a developer and marketer of innovative and proprietary nutritional supplements and wellness products for health-conscious consumers. FitLife markets over 240 different products primarily online, but also through domestic and international GNC franchise locations as well as through more than 17,000 additional domestic retail locations. FitLife is headquartered in Omaha, Nebraska. For more information, please visit our website at www.fitlifebrands.com. Forward-Looking StatementsStatements in this press release that are not strictly historical are “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve substantial risks, uncertainties and assumptions, including statements related to the Company and MusclePharm and our acquisition of MusclePharm’s assets that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements in this communication include, among other things, statements about the potential benefits of our acqui...