Press Releases

The Medifast, Inc. (BULLETIN BOARD: MDFT) annual meeting of shareholders was held on June 6, 2002. 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 O.S.A., Provincial of the Augustinian Order at Villanova University, Scott Zion, CEO of Resources Development, Inc., and David Scheffler, Principal and Registered Representative of JPR Capital, were elected by over 80% of the shareholders present by proxy and qualified to vote.

Chairman MacDonald announced that, "For five months, Medifast increased its sales year-to-date by 45% due to new product introductions including Medifast Plus for Diabetics, a revolutionary line of products specially formulated for physicians who treat diabetics. We expect revenues to significantly increase as a result of the launch of this clinical `soy-based' line tailored to meet the demanding nutritional needs of diabetics."

Dr. Joe DiBartolomeo, Vice President of Clinical Affairs and Business Development states that, "Medifast physicians and clinics are coming back into the best and most diverse medical meal replacement program in the industry." Dr. DiBartolomeo was a 20-year veteran of Nutri/Systems and now is expanding Medifast's business.

Medifast Plus for Diabetics shakes have earned the coveted Seal of Approval from the Glycemic Research Institute. The line, designated as Low Glycemic, does not overly stimulate blood glucose and insulin and does not stimulate fat-storing enzymes. Products included in the Medifast Plus for Diabetics line consist of three delicious shakes, homestyle chili, hearty apple cinnamon oatmeal, creamy chicken soup, creamy broccoli soup, chicken noodle soup, ready-to drink, and two snack bars. Most Medifast products are heart healthy as approved by the FDA contain at least 6.25 grams of soy protein per serving.

The company has attained 10 consecutive quarters of profit, improved cash flow, and with its dynamic advertising program, expects to drive revenues to new levels of success to ensure profitable growth and increased shareholder value.

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.