UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
July 27, 1998
HealthRite, Inc.
Delaware 13-3714405
State of Incorporation I.R.S. Employer I.D. No.
11445 Cronhill Drive, Owings Mills, MD 21117
(Address of principal executive offices & zip code)
(410) 581-8042
(Registrant's telephone number, include area code)
Not Applicable
(Former name or former address if changed since last report)
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Item 5. Other Events
On July 24, 1998 HealthRite, Inc. (the "Company") closed a Private Placement
Offering of 880,000 shares of its common stock that will net the Company
approximately $1,035,000. The proceeds will be used for working capital,
Medidfast Take Shape brand support, matching of bank financing for the building
expansion of the Montana Naturals Int'l., Inc. facilities and upgrade of the
Company's information system necessary for ongoing operations. The working
captial portion will include partial payment of advertising commitments and
employment contracts entered into by prior management and replacement of cash
taken by management immediately prior to their departure.
Officers and Directors of the Company purchased 37% of the offering, Pure
World, Inc. (Nasdaq: PURW) purchased 45%, and qualified individual investors
purchased the remaining 18%. The Company retains the voting rights for two
years.
SIGNATURES
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.
Date ____________________ ________________________
Bradley T. MacDonald
Chairman & CEO
