Press Releases

The Medifast, Inc. (BULLETIN BOARD: MDFT) annual meeting of shareholders was held on June 14, 2001. The slate of Directors, led by Chairman of the Board and CEO, Bradley T. MacDonald, and Directors: Michael C. MacDonald, President of Xerox's North American Solutions Group and Trustee at Rutgers University, Fr. Donald F. Reilly, Executive Director of Siloam Ministry and Trustee at Villanova University, Scott Zion, Senior Vice President of Santen, Inc., and Kristina DeSantis, Attorney Employment Manager, Vinson & Elkins, LLP, New York, were elected by over 80% of the shareholders present by proxy and qualified to vote.

Chairman MacDonald announced that "revenues year-to-date in June were up over 40% while inventories were only 10% more than last year." Due to the improved financial condition of the Company, it is rated as `strong' with a Paydex rating of 75. Medifast, Inc.'s strategy of focusing on Internet and teleweb technologies to service its medical practitioner base, new products, and professional management team has produced results to include six (6) consecutive quarters of profit.

Medifast, Inc. reported earnings of $.03 a share in the first quarter of 2001. Our productivity improvements are a result of a dynamic Board of Directors, a sophisticated and technology proficient management team, dedicated employees and successful bank refinancing in November and January.

This release contains forward-looking statements which may involve known and unknown risks, uncertainties and other factors that may cause Medifast's actual results and performance in future periods to be materially different from any future results or performance suggested by these statements. Medifast cautions investors not to place undue reliance on forward-looking statements, which speak only to management's expectation on this date.

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SOURCE: Medifast, Inc.