Officers Sell Portion of their Holdings for Tax Purposes and Other Obligations
CHESTERFIELD, Mo., May 27 /PRNewswire-FirstCall/ -- Reliv International,
Inc. (Nasdaq: RELV), an international manufacturer and network marketer of
nutritional supplements and food products, announced today that Reliv
purchased an aggregate of 535,008 shares of its common stock from three
officers at the price of $9.50 per share.
Reliv purchased 245,533 shares of its stock from Robert L. Montgomery,
Chief Executive Officer, representing 6.2% of his holdings. The company also
purchased 178,948 shares from Carl W. Hastings, Vice President and 110,527
shares from Stephen Merrick, Senior Vice President, representing 16.1% and
11.9% of each of these individuals' holdings respectively. After the sale,
Mr. Montgomery retained direct and indirect ownership of 23.8% of the
outstanding shares of Reliv, Dr. Hastings 6% and Mr. Merrick 5.2%. The common
stock of the Corporation closed yesterday on the Nasdaq National Market at
$10.58 per share.
The sale of these shares to Reliv by these officers was made principally
to provide funds to the selling shareholders for the payment of income taxes,
arising in substantial part from the exercise of stock options, as well as
other obligations.
These purchases were reviewed and negotiated by a Special Committee of
independent directors of Reliv who engaged and consulted with legal and other
advisors. The Special Committee negotiated a purchase price with the selling
shareholders at a discount from the market price of the stock on the Nasdaq
National Market and recommended the transaction to the Board of Directors as
being fair to Reliv.
NOTE: This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act and Section 21E of the Securities
Exchange Act. Actual results could differ materially from those projected in
the forward-looking statements, which involve a number of risks and
uncertainties, including reliance on the Company's network of independent
distributors, government regulation of products, manufacturing and marketing,
and the risk associated with international expansion. These statements and the
other contents of this release should be considered in conjunction with the
warnings and cautionary statements contained in Reliv's most recent filings
with the Securities and Exchange Commission on Forms 10-Q and 10-K.
SOURCE Reliv International, Inc.
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Company News On-Call:
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CONTACT:
R. Scott Montgomery, Senior Vice President,
+1-636-537-9715, or Fred Nielson, Investor Relations,
+1-636-537-9715, both of Reliv International, Inc.; or Al Palombo
of Cameron Associates, +1-212-554-5488
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