UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF
THE SECURITIES EXCHANGE ACT OF 1934
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DATE OF REPORT
(Date of Earliest Event Reported): August 5, 1999
NATURADE, INC.
(Exact Name of Registrant as Specified in Charter)
DELAWARE
(State or Other 33-7106-A 23-2442709
Jurisdiction of (Commission (IRS Employer
Incorporation) File Number) Identification No.)
14370 Myford Rd.
Irvine, California 92606
(Address of Principal Executive Offices)
Registrant's Telephone Number,
Including Area Code: (714) 573-4800
Exhibit Index on Page 4
Page 1 of 6
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Item 5. OTHER EVENTS
On August 5, 1999, the United States Bankruptcy Court for the
Northern District of Texas approved the previously reported settlement agreement
between Naturade and the trustee for Performance Nutrition, Inc. Naturade issued
a press release announcing the approval by the Bankruptcy Court, which is filed
herewith as Exhibit 99.
The Private Securities Litigation Reform Act of 1995 provides a
"safe harbor" for certain forward-looking statements. The statements contained
in this report that are not historical facts are forward-looking statements
based on Naturade's current expectations and beliefs concerning future
developments and their potential effects on Naturade. There can be no assurance
that future developments affecting Naturade will be those anticipated by
Naturade. Actual results may differ from those projected in the forward-looking
statements. These forward-looking statements involve significant risks and
uncertainties (some of which are beyond the control of Naturade) and are subject
to change based upon various factors. Naturade undertakes no obligation to
publicly update or revise any forward-looking statements, whether as the result
of new information, future events or otherwise. For a more detailed discussion
of some of the ongoing risks and uncertainties of Naturade's business, see
Naturade's filings with the Securities and Exchange Commission.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS
(a) Not applicable.
(b) Not applicable.
(c) Exhibits.
Exhibit No. Description of Exhibit
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99 Press Release dated August 9, 1999.
Page 2 of 6
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
NATURADE, INC.
By: /s/ Lawrence J. Batina
----------------------
Lawrence J. Batina,
Chief Financial Officer
Dated: August 10, 1999
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Sequentially
Numbered
Exhibit Number Description of Exhibit Page
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99 Press Release dated August 5, 1999. 5
Page 4 of 6
<PAGE>
Exhibit 99
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Monday August 9, 5:19 pm Eastern Time
Company Press Release
NATURADE ANNOUNCES COURT APPROVAL OF
SETTLEMENT OF TEXAS LITIGATION
IRVINE, CALIFORNIA--Naturade, Inc. (OTCBB:NRDC - news) announced today that the
United States Bankruptcy Court for the Northern District of Texas has approved
its previously reported settlement agreement with Performance Nutrition, Inc.
for between $1,774,000 and $2,000,000, a significant reduction from the original
judgement of $2,774,000.
With the settlement agreement now approved by the Bankruptcy Court, it is
expected that the parties will consummate the terms of the settlement agreement
before the end of August, 1999.
Bill Stewart, Chief Executive Officer of Naturade, said, "We are gratified to
have reached this agreement and close this chapter in Naturade's history. We
believe this settlement is in the best interests of Naturade and we are glad
that this matter will soon be behind us."
"Naturade's position in the marketplace is growing stronger. Our new products
are making inroads in all of our channels and are gaining rapid acceptance by
consumers. And, our core line of protein drinks remains strong in the market
with N-R-G continuing as the premier protein drink in the nation."
Stewart continued, "Naturade's Chinese Way line of herbal remedies is showing
increasing success in the marketplace and we continue to roll out new products
in this line."
Naturade, Inc., founded in 1926, is a leading provider of low carbohydrate, high
protein powders in the United States, with eight of the top selling ten brands,
including the N-R-G(TM) brand, the nation's number one selling protein powder.
In addition to protein powders, the Company also distributes The Chinese Way(TM)
herbal remedies, and a complete line of high concentrate Aloe-Vera based
skincare products using a base of a minimum 80 percent aloe vera extract.
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NOTE:
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor"
for certain forward-looking statements. The statements contained in this press
release that are not historical facts are forward-looking statements based on
the Company's current expectations and beliefs concerning future developments
and their potential effects on the Company. There can be no assurance that
future developments affecting the Company will be those anticipated by the
Company. Actual results may differ from those projected in the forward-looking
statements. These forward-looking statements involve significant risks and
uncertainties (some of which are beyond the control of the Company) and are
subject to change based upon various factors. The Company undertakes no
obligation to publicly update or revise any forward-looking statements, whether
as the result of new information, future events or otherwise. For a more
detailed discussion of some of the ongoing risks and uncertainties of the
Company's business, see the Company's filings with the Securities and Exchange
Commission.
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Contact:
Pondel / Wilkinson Group
Steven Stern/Cecilia Wilkinson
(310) 207-9300
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