Nutritional Supplement Maker FitLife Brands to Buy iSatori.
M2 EQUITYBITES-May 19, 2015-Nutritional Supplement Maker FitLife Brands to Buy iSatori
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19 May 2015 - US-based nutritional supplements maker FitLife Brands, Inc. (OTCBB: FTLF) has agreed to acquire US-based nutritional products marketer iSatori Inc. (OTCQB: IFIT) in an all-stock transaction.
Under the terms of the Agreement, which has been approved by the boards of directors of both companies, FitLife will issue to shareholders of iSatori 0.3 shares of FitLife common stock in exchange for each share of iSatori common stock issued and outstanding, or approximately 4m shares.
At the closing of the transaction FitLife and iSatori shareholders will own 67.6% and 32.4% of the combined company, respectively.
The transaction, which is subject to customary closing conditions and a vote by iSatori shareholders, is expected to close during the 3Q15 or 4Q15.
Upon closing of the transaction, iSatori will become a wholly-owned subsidiary of FitLife. Stephen Adele, iSatori's current chief executive officer, will join the senior management team of FitLife as its chief innovation officer and otherwise remain chief executive officer of iSatori.
John Wilson will remain chief executive officer of FitLife.
FitLife Brands is a marketer and manufacturer of innovative and proprietary nutritional supplements.
iSatori is a consumer products firm that develops and sells nutritional products through online marketing and retailers.
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|Publication:||M2 EquityBites (EQB)|
|Date:||May 19, 2015|
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