Natural Health Trends Corp. Continues To Re-Focus Business, Enters Into Agreement to Sell Vocational Schools for $1.8 Million.POMPANO BEACH Pompano Beach (pŏm`pənō), city (1990 pop. 72,411), Broward co., SE Fla., on the Atlantic coast and the Intracoastal Waterway; inc. 1908. It is a resort city with ocean beaches, excellent fishing, and a harness-racing track. , Fla.--(BUSINESS WIRE)--April 30, 1998-- Proceeds Will Be Used to Redeem a Portion of the Outstanding Series A Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". and for Marketing the Company's Natural Health Products Natural Health Trends Corp. (the "Company") (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : NHTCD) announced today that it has taken several additional steps in the process of refocusing the company's business to becoming a leading marketer of natural health products in national drug store chains and health food stores. The company, subject to obtaining stockholder approval, has agreed to sell its three Florida vocational schools which offer courses in massage therapy Massage Therapy Definition Massage therapy is the scientific manipulation of the soft tissues of the body for the purpose of normalizing those tissues and consists of manual techniques that include applying fixed or movable pressure, holding, and/or and skin care to Florida College The high emphasis Florida College places on its Christian heritage is expressed in its tradition of daily chapel services. All members of the board of directors and all faculty members are required to be active members in a Church of Christ. of Natural Health Inc. ("FCNH FCNH Florida College of Natural Health ") for a purchase price of $1.8 million in cash. FCNH has also agreed to assume all the liabilities of the company in connection with the operation of the schools together with approximately $250,000 of additional liabilities. Neal R. Heller and Elizabeth S. Heller, his wife, each directors, officers and principal stockholders of the company, together with Arthur Keiser, a director of the company, are principal stockholders of FCNH. Upon the closing of the transaction, Mr. and Mrs. Heller have agreed to resign as officers and directors of the company and Mr. Keiser will resign as a director. In addition, Mr. and Mrs. Heller have agreed to surrender to the company 79,175 of the 129,175 shares of the common stock of the company which they own. This transaction, together with the recent disposition of the company's two natural health care centers, will enable the company to focus its capital and human resources in developing and marketing its proprietary line of natural health products. The company intends to utilize the proceeds from the sale of the schools, together with anticipated additional financing, to expand the marketing program for the company's line of topically applied Natural Relief 1222(R) products and to redeem a portion of the company's Series A Convertible Preferred Stock. Natural Health Trends Corp. develops and markets a variety of all natural health products which are sold in well known national, main stream drug store chains such as Rite Aid, Walgreens, Eckerd, Osco, Sav-on, Genovese, Arbor Drug and Long's, as well as in leading health food stores. All of the company's products are comprised of natural ingredients. -0- This press release contains statements of a forward-looking nature relating to future events. Shareholders are cautioned that such statements are predictions and that actual events or results may differ significantly. This release is available on the KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Worldwide Website at www.kcsa.com. CONTACT: Natural Health Trends Corp., Pompano Beach Tracy Kollmer, 954/969-9771 or KCSA Worldwide, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Robert Giordano, 212/682-6300, ext. 289 |
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