Amendment of terms regarding acquisition of MIG

29.09.2005 - Nutri Pharma ASA announces today amendment of certain terms in the agreement relating to acquisition of 100% of MIG, as announced by Nutri Pharma 2 June 2005....

Oslo, Sep 29, 2005

Nutri Pharma ASA announces today amendment of certain terms in the agreement relating to acquisition of 100% of MIG, as announced by Nutri Pharma 2 June 2005. The agreement has been renegotiated with the owners of MIG due to lower sales in the initial phase, than previously anticipated.

Nutri Pharma ASA acquired all shares in MIG as per 1 July 2005 for a consideration to consist of a maximum of 24 million Nutri Pharma ASA shares.

Today Nutri Pharma ASA has agreed with the sellers of MIG that parts of the consideration shall be postponed and made in instalments at the latest by 31 March 2007. A first instalment of the purchase consideration consisting of 6 million treasury shares in Nutri Pharma ASA shall be made by 31 October 2005, provided that Nutri Pharma has completed a satisfactory due dilligence of MIG. The balance of the purchase consideration, consisting of a maximum of 18 million new issued Nutri Pharma ASA shares, shall be made in one or more instalments at the latest by 31 March 2007, provided that an independent auditor confirms the agreed valuation of MIG.

The Board of Directors of Nutri Pharma ASA plan to summon an extraordinary General Meeting during October 2005 and will ask the general meeting to authorise the board to issue the required number of new shares in Nutri Pharma ASA in order to settle the agreed purchase consideration for the acquisition of MIG.

A further presentation of MIG will be released in connection with the Q3 2005 report from Nutri Pharma ASA.

 

For further information please contact:
Nutri Pharma ASA +47 23310880