Quebec City (Quebec), December 15, 2010 – Atrium Innovations Inc. (TSX: ATB), arecognized leading developer, manufacturer and marketer of professionally endorsed, sciencebaseddietary supplements for the health and nutrition industry, today announced the purchaseof Belgium-based Minami Nutrition, a niche brand of superior quality scientifically provenOmega-3 products primarily sold in several European countries.
Minami’s product portfolio consists of sixteen Omega-3 supplements with revenues derivedlargely from Belgium, Holland, Ireland and the UK. Minami’s products distinguish themselvesthrough an exclusive sourcing of oil with a high level of concentration and purity and a smallecological footprint. Some competing brands may require a larger number of softgel capsules todeliver the full benefit of Omega-3 on a daily basis. In contrast, with up to 90-95% of pureOmega-3 per softgel, Minami’s products require considerably fewer capsules. Based on aunique, exclusive and patented manufacturing process, the purity of Minami’s Omega-3supplements surpasses industry standards for PCBs, dioxins and heavy metals. Finally, nochemical products are used in the manufacturing process and the oil is derived from nonendangeredspecies of fish or algae. Minami’s fish oil has Eco-Management and Audit Scheme(EMAS) certification which is approved by the European Parliament.
“We seek worldwide for acquisitions with brands and products that can reinforce ourcommitment to innovation and superior quality products, and Minami’s Omega-3 clearly standsapart in this market category,” said Pierre Fitzgibbon, Atrium’s President and CEO. “We focusupon and derive a large percentage of our revenues from specialty supplements, a high growthmarket segment of which Omega-3 is part. This new high-end brand is complementary to thewide range of Omega-3 products among our group. The objective is to leverage Atrium’s multichanneldistribution and geographic capabilities to considerably increase the penetration level ofthe Minami brand to achieve its full potential.”
Mr. Jo Wyckmans, the founder, will remain with Minami and will assist with its continued growthin Europe through Atrium’s MCO Health organization. The Minami brand will be launched byGarden of Life in the spring of 2011 in the USA, to be followed by Trophic as soon as theproduct registration is completed in Canada. Minami has a strategic long-term Omega-3 sourcing supply agreement with KD-Pharma Bexbach GmbH for the European and NorthAmerican markets.
For the past twelve months, Minami reported European revenues of approximately €5 million(US$6.71 million). Under the terms of the acquisition, Atrium acquired Minami for a total cashconsideration of €5.5 million (US$7.38 million) before a revenue earn-out payment of up to €2million (US$2.68 million) payable at the end of 2011 if the revenue growth reaches 20%. Theacquisition price EBITDA multiple before earn-out is 5.5. The acquisition is immediatelyaccretive to earnings and was financed with available credit facilities. The transaction closed onDecember 14, 2010.
About Atrium
Atrium Innovations Inc. is a globally recognized leader in the innovation, formulation, productionand commercialization of science-based and professionally endorsed dietary supplements forthe health & nutrition industry. The Company focuses primarily on growing segments of thehealth and nutrition markets, which are benefiting from the trends towards healthy living and theageing of the population. Atrium markets a broad portfolio of finished products through its highlyspecialized sales and marketing network in more than 35 countries, primarily in North Americaand Europe. Atrium has over 925 employees and operates seven manufacturing facilities.Additional information about Atrium is available on its website at www.atrium-innovations.com.
About Minami Nutrition
Minami Nutrition is based in Aartselaar, Belgium. Jo Wyckmans, the current CEO, founded thecompany in 1999. The Minami Brand is specialized in high-end Omega-3 products supported byextensive scientific research. Additional information about Minami Nutrition is available on itswebsite at www.minami-nutrition.com.
Cautionary Note and Forward-Looking Statements
This press release contains certain forward-looking statements with respect to the Company.These forward-looking statements, by their nature, necessarily involve risks and uncertaintiesthat could cause actual results to differ materially from those contemplated by these forwardlookingstatements. The Company considers the assumptions on which these forward-lookingstatements are based to be reasonable, but cautions the reader that these assumptionsregarding future events, many of which are beyond its control, may ultimately prove to beincorrect since they are subject to risks and uncertainties that affect the Company. Foradditional information with respect to these and other factors, see the Company’s quarterly andannual filings with the Canadian securities commissions. The Company disclaims any intentionor obligation to update or revise any forward-looking statements, whether as a result of newinformation, future events or otherwise, other than as required by law.
Atrium Innovations Acquires Minami Nutrition – A Niche Brand of Superior Quality Omega-3
New brand will benefit from Atrium’s multi-channel capabilities and geographic reach
Quebec City (Quebec), December 15, 2010 – Atrium Innovations Inc. (TSX: ATB), arecognized leading developer, manufacturer and marketer of professionally endorsed, sciencebaseddietary supplements for the health and nutrition industry, today announced the purchaseof Belgium-based Minami Nutrition, a niche brand of superior quality scientifically provenOmega-3 products primarily sold in several European countries.
Minami’s product portfolio consists of sixteen Omega-3 supplements with revenues derivedlargely from Belgium, Holland, Ireland and the UK. Minami’s products distinguish themselvesthrough an exclusive sourcing of oil with a high level of concentration and purity and a smallecological footprint. Some competing brands may require a larger number of softgel capsules todeliver the full benefit of Omega-3 on a daily basis. In contrast, with up to 90-95% of pureOmega-3 per softgel, Minami’s products require considerably fewer capsules. Based on aunique, exclusive and patented manufacturing process, the purity of Minami’s Omega-3supplements surpasses industry standards for PCBs, dioxins and heavy metals. Finally, nochemical products are used in the manufacturing process and the oil is derived from nonendangeredspecies of fish or algae. Minami’s fish oil has Eco-Management and Audit Scheme(EMAS) certification which is approved by the European Parliament.
“We seek worldwide for acquisitions with brands and products that can reinforce ourcommitment to innovation and superior quality products, and Minami’s Omega-3 clearly standsapart in this market category,” said Pierre Fitzgibbon, Atrium’s President and CEO. “We focusupon and derive a large percentage of our revenues from specialty supplements, a high growthmarket segment of which Omega-3 is part. This new high-end brand is complementary to thewide range of Omega-3 products among our group. The objective is to leverage Atrium’s multichanneldistribution and geographic capabilities to considerably increase the penetration level ofthe Minami brand to achieve its full potential.”
Mr. Jo Wyckmans, the founder, will remain with Minami and will assist with its continued growthin Europe through Atrium’s MCO Health organization. The Minami brand will be launched byGarden of Life in the spring of 2011 in the USA, to be followed by Trophic as soon as theproduct registration is completed in Canada. Minami has a strategic long-term Omega-3 sourcing supply agreement with KD-Pharma Bexbach GmbH for the European and NorthAmerican markets.
For the past twelve months, Minami reported European revenues of approximately €5 million(US$6.71 million). Under the terms of the acquisition, Atrium acquired Minami for a total cashconsideration of €5.5 million (US$7.38 million) before a revenue earn-out payment of up to €2million (US$2.68 million) payable at the end of 2011 if the revenue growth reaches 20%. Theacquisition price EBITDA multiple before earn-out is 5.5. The acquisition is immediatelyaccretive to earnings and was financed with available credit facilities. The transaction closed onDecember 14, 2010.
About Atrium
Atrium Innovations Inc. is a globally recognized leader in the innovation, formulation, productionand commercialization of science-based and professionally endorsed dietary supplements forthe health & nutrition industry. The Company focuses primarily on growing segments of thehealth and nutrition markets, which are benefiting from the trends towards healthy living and theageing of the population. Atrium markets a broad portfolio of finished products through its highlyspecialized sales and marketing network in more than 35 countries, primarily in North Americaand Europe. Atrium has over 925 employees and operates seven manufacturing facilities.Additional information about Atrium is available on its website at www.atrium-innovations.com.
About Minami Nutrition
Minami Nutrition is based in Aartselaar, Belgium. Jo Wyckmans, the current CEO, founded thecompany in 1999. The Minami Brand is specialized in high-end Omega-3 products supported byextensive scientific research. Additional information about Minami Nutrition is available on itswebsite at www.minami-nutrition.com.
Cautionary Note and Forward-Looking Statements
This press release contains certain forward-looking statements with respect to the Company.These forward-looking statements, by their nature, necessarily involve risks and uncertaintiesthat could cause actual results to differ materially from those contemplated by these forwardlookingstatements. The Company considers the assumptions on which these forward-lookingstatements are based to be reasonable, but cautions the reader that these assumptionsregarding future events, many of which are beyond its control, may ultimately prove to beincorrect since they are subject to risks and uncertainties that affect the Company. Foradditional information with respect to these and other factors, see the Company’s quarterly andannual filings with the Canadian securities commissions. The Company disclaims any intentionor obligation to update or revise any forward-looking statements, whether as a result of newinformation, future events or otherwise, other than as required by law.
Investor Relations:
Mario Paradis
Vice President and Chief Financial Officer
Tel.: 418 652-1116
[email protected]
Pierre Boucher
MaisonBrison
Tel.: 514 731-0000, ext. 237
[email protected]
Media Relations:
Amélie Germain
Director of Communications
Tel.: 418 652-1116
[email protected]
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