LifeSmart sales rise

LifeSmart Nutrition Technologies, the US company which last week was accused of fraud by one of its private investors, has announced an increase in sales for the fourth quarter and full year ended 31 May 2002.

Sales for the fourth quarter were $784,000 compared with $466,000 for the same period last year, an increase of over 68 per cent. For the full year, sales were $3.5 million, an increase of over 200 per cent compared to sales of $1.2 million in the prior year.

Darald Donnell, chief executive officer and president of the company, said: "Last year was a pivotal year for LifeSmart. In addition to new product launches with our existing customers, we also began to implement our long range plan. This included developing strategic relationships with new retailers and expanding our product line into new key nutraceutical areas."​

He continued: "We made significant strides this past year toward achieving our goals while maintaining a strong presence in our existing business segments. Next year we will bring on several very exciting new products which will greatly enhance both our profitability and market share."​

LifeSmart​ is a nutraceutical company and has developed a number of products over the last five years focusing on human nutrition and health.

Last week a private investor, Kevin Brady, filed a lawsuit against the company and its financial advisors accusing them of fraud when soliciting his investment in the company. LifeSmart said it is taking the allegations extremely seriously, but that it had in no way attempted to deceive Brady.