Agreement for Advanced Nutraceuticals
acquire assets of York Pharmaceuticals, Inc.
On September 14, the American nutraceutical and supplement manufacturer Advanced Nutraceuticals, Inc. announced that its newly formed subsidiary, ANI Pharmaceuticals, Inc., has signed a definitive agreement to acquire certain equipment, customer lists and other assets of York Pharmaceuticals, Inc. The company also announced that George Chin, previously with York, has joined ANI Pharmaceuticals as vice president of Sales and Marketing. He commented, "I am very excited about the long awaited consummation of the transaction and the benefits we can bring to the industry. Our unique vertically integrated liquid manufacturing facility coupled with our marketing focus will position us as the premier manufacturer and marketer of high quality liquid stomach remedies and other OTC products." Advanced Nutraceuticals, Inc. will issue shares of a newly created series of convertible preferred stock to York in the transaction. York should receive approximately 210,000 common stock equivalent shares at closing and should be entitled to earn additional shares based on certain performance criteria. Completion of the transaction is subject to approval of the Company's senior lender and other closing conditions. ANI Pharmaceuticals, formerly ASHCO, was formed to own and operate the pharmaceutical division of Advanced Nutraceuticals, Inc. Advanced Nutraceuticals, Inc. also owns Bactolac Pharmaceutical, Inc., which manufactures a comprehensive assortment of vitamin, mineral and nutritional supplement products.