Press Releases

Medifast, Inc. announced today that it expects to report record first quarter revenues for the period ended March 31, 2003. The Company had unaudited revenues of approximately $6 million, a 238% increase versus the same period last year. The Company generated revenues of approximately $2 million for the month of March 2003, versus $653,000 for the year-earlier period. The strong growth was a result of the company's national advertising campaign, escalating sales from its Take Shape for Life division, and increased international distribution. The Company expects its agreements with Hi-Tech Pharmacal and NovaCare Rehabilitation, a division of Select Medical , to begin to generate revenues beginning in the second quarter.

"The investments we have made in advertising and infrastructure have begun to yield significant benefits," said Bradley MacDonald, Medifast's CEO. "Providing quality Medifast products and programs, and looking after the health and well-being of our patients, will provide the financial results that will continue to increase shareholder equity similar to the results of 2002."

The Company expects to report its first quarter results in May.

The Company is revolutionizing the medical meal replacement industry with its high-quality affordable nutritional therapy products. Medifast brand awareness continues to evolve through product development, line extensions and the Company's emphasis on quality customer service, technical support and publications developed by the Company's marketing staff.

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.

SOURCE: Medifast, Inc.