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HealthRite's Chairman of the Board, Bradley T. MacDonald, announces, "HealthRite, Inc.
Wooden & Benson, Chartered, the company's independent auditors, have issued an internal report to the Board of Directors and stated, "Based upon the scenarios described by management and assuming the present sales trends continue or improve and that cost reductions continue to be realized, it is our opinion that we will not need to modify our report on the company's consolidated financial statements as of and for the year ending December 31, 2000 for going concern issues."
The Internet strategy offering physicians, medical practitioners, and patients within the Medifast™ network a direct link to Medifastdiet.com has been a terrific success and has provided better service to its customers. Medifastdiet.com attained almost 1,000,000 hits with patients spending an average of more than 8 minutes visiting the site. Abandoning a retail strategy that has ravaged the nutraceutical industry and focusing on direct physician and patent relationships has returned the company to profitability and improved margins to over 50%. Over the next six (6) months, the company will focus on growing "profitable revenues" now that it has a stable Board of Directors and management team in place with superior technology and Internet infrastructure to reduce costs and improve efficiencies.
This release contains forward-looking statements which may involve known and unknown risks, uncertainties and other factors that may cause HealthRite's actual results and performance in future periods to be materially different from any future results or performance suggested by these statements. HealthRite cautions investors not to place undue reliance on forward-looking statements, which speak only to management's expectation on this date.
SOURCE: HealthRite, Inc.
Contact: Bradley T. MacDonald, Chairman & Chief Executive Officer of
Healthrite, 410-581-8042, ext. 231