Press Releases

Medifast, Inc. announced today record revenues for the month of August. The company's revenues were approximately $2.2 million, a 151% increase versus the same period last year. The growth in revenues, during a seasonally-slower period, was a result of strong growth in Asia, through sales to Elken, its distributor. The company's joint venture revenues also contributed to its sales and the company's Take Shape for Life and Consumer's Choice divisions also contributed to the revenue growth.

Medifast also announced today that it would begin testing pilot programs of its short and long-form television commercials during the month of September. The test results are expected to help the company determine how it will proceed with the roll-out of its national television advertising campaign, in January, 2004.

"We have seen strong growth across all of our business lines during a period which is typically a slow one for Medifast," said Bradley T. MacDonald, Medifast's President and Chief Executive Officer. "However, we continue to aggressively move forward with plans for our national television advertising campaign, which we believe will move our base of revenues and profits to substantially higher levels."

The company also announced that it had engaged Merrill Lynch & Co., Inc. as its financial adviser to help it evaluate incremental ways that it could grow its business, including increasing international distribution. Merrill Lynch recently acted as the placement agent on the company's $6.82 million private placement that was completed in July.

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.