TROY, Mich., Sept. 2, 2014 /PRNewswire/ -- ViSalus, Inc,
the weight-loss and fitness company known for its mission of
Challenging the World… 10 lbs. at a Time through the PROJECT
10TM Challenge, a personal health and lifestyle
transformation platform, announced today that its Co-Founders and
key stockholders have reached an agreement in principle to complete
a transaction with Blyth, Inc. (NYSE: BTH) in which all shares of
ViSalus redeemable convertible preferred stock will be exchanged
for ViSalus common stock. ViSalus' Founders', employees' and early
stockholders' ownership of ViSalus will increase to 90%. Blyth will
continue to be an equity holder, retaining 10% of ViSalus common
stock. The transaction will also eliminate ViSalus' obligation to
redeem approximately $143 million of
its preferred stock, most of which is owed to the company's three
Co-Founders, as well as Blyth's guarantee of that obligation.
"The Co-Founders and I are very excited to go 'all in' on a
business that we started and the future prospects of which we
believe in wholeheartedly. I am also personally grateful to the
Goergens and to Blyth for nearly 10 years of mentoring and
support," stated Ryan Blair, ViSalus
Co-Founder and CEO.
ViSalus Co-Founder and Global Ambassador Nick Sarnicola, and ViSalus Co-Founder and CMO,
Blake Mallen further noted, "We are
completely invested in the success of our company and believe that
our long-term growth prospects have never been better."
For more information about ViSalus, please visit vi.com and
follow the Vi Community on Facebook and Twitter.
About ViSalus
Founded in 2005 with headquarters in Los Angeles, CA and Troy, MI, ViSalus is the company behind the
PROJECT 10™ Challenge, personal health and lifestyle transformation
platform. ViSalus champions personal victories and entrepreneurship
through a social marketing model, premium products, and supportive
global community.
Media Contact
Tyler P.
Schuessler
tps@vi.com
SOURCE ViSalus