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POSTED BY YUNG WUN
HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Dec. 23, 2003--Twinlab Corporation (OTCBB: TWLB.PK), Twin Laboratories Inc. and Twin Laboratories (UK) Ltd. (collectively the "Company") announced today, that on December 19, 2003, it completed the sale of substantially all of the assets of the Company to IdeaSphere, Inc. of Grand Rapids, Michigan.
On September 4, 2003, the Company commenced voluntary cases under chapter 11 of the Federal Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. At that time, the Company also announced that it had entered into an asset purchase agreement with IdeaSphere, Inc. The asset sale was completed pursuant to section 363 of the Federal Bankruptcy Code and a sale order entered by the Bankruptcy Court on October 30, 2003
"With the completion of this transaction, IdeaSphere accelerates its vision of becoming a market leader in providing consumers worldwide with real solutions to improve health outcomes in their lives," said Mark A. Fox, IdeaSphere's president and chief operating officer. "Our acquisition of Twinlab's assets and its highly respected brands is a significant part of our plan to provide consumers with access to the complete array of trusted products and resources they may require in improving their lives both physically and emotionally."
With the sale of its assets to IdeaSphere, Twinlabs bankruptcy has effectively made it almost impossible to get any money that Twinkles owes its creditors. That affects the industry because the main bodybuilding magazine who advertised Twinkles will not see their money, as well as future sponsorship may be affect, as well as contracts with athletes.
However, IdeaSphere is committed into bring the Twinlab brand back into full force with a powerful retail and consumer strategy. Twinlab has however, discontinued all of its andro products for 2004.
HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Dec. 23, 2003--Twinlab Corporation (OTCBB: TWLB.PK), Twin Laboratories Inc. and Twin Laboratories (UK) Ltd. (collectively the "Company") announced today, that on December 19, 2003, it completed the sale of substantially all of the assets of the Company to IdeaSphere, Inc. of Grand Rapids, Michigan.
On September 4, 2003, the Company commenced voluntary cases under chapter 11 of the Federal Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. At that time, the Company also announced that it had entered into an asset purchase agreement with IdeaSphere, Inc. The asset sale was completed pursuant to section 363 of the Federal Bankruptcy Code and a sale order entered by the Bankruptcy Court on October 30, 2003
"With the completion of this transaction, IdeaSphere accelerates its vision of becoming a market leader in providing consumers worldwide with real solutions to improve health outcomes in their lives," said Mark A. Fox, IdeaSphere's president and chief operating officer. "Our acquisition of Twinlab's assets and its highly respected brands is a significant part of our plan to provide consumers with access to the complete array of trusted products and resources they may require in improving their lives both physically and emotionally."
With the sale of its assets to IdeaSphere, Twinlabs bankruptcy has effectively made it almost impossible to get any money that Twinkles owes its creditors. That affects the industry because the main bodybuilding magazine who advertised Twinkles will not see their money, as well as future sponsorship may be affect, as well as contracts with athletes.
However, IdeaSphere is committed into bring the Twinlab brand back into full force with a powerful retail and consumer strategy. Twinlab has however, discontinued all of its andro products for 2004.
