Major Vitacost.com Inc. Shareholder Calls on the CEO & Board to Sell the Leading On-Line Vitamin Retailer after Nearly Four Y...
21 2월 2014 - 6:30AM
Business Wire
A shareholder with 7.7% of Vitacost.com Inc. (NASDAQ:VITC)
common stock today called on the CEO and Board to unlock
shareholder value by putting the Company up for sale.
Ryan Drexler, president and shareholder of Consac, LLC, said
Vitacost has more than two million customers and approximately $400
million in annual revenue but continues to report operating losses
and has seen its stock price decline 37% in the last six
months.
In a letter to CEO Jeffrey J. Horowitz and the Board, Drexler
said he believes the public markets are unlikely to recognize the
full value of the Company’s market presence and distribution
network.
“While I remain supportive of Vitacost.com and its growth
potential as a major on-line retailer, I am deeply concerned with
the significant disparity that exists between the value of the
Company’s customer base and distribution network and the trading
range of its shares,” wrote Drexler, whose family founded Country
Life Vitamins in the 1970s.
“The only way to unlock this value for shareholders is to put
the Company up for sale,” he added. “The Company’s market share and
distribution network will be of interest to several significant
industry players and other retailers, who will be able to better
leverage the Company’s strengths within a larger, better
capitalized entity.”
Drexler said in the letter that he had helped manage and grow
Country Life before he negotiated its sale in 2005 to Japanese
conglomerate Kikkoman Corporation, adding “to say the whole
vitamin-related space is in my blood would be an
understatement.”
Drexler’s Consac, LLC owns 2.6 million shares totaling 7.7% of
the Company.
About Consac, LLC
Consac, LLC ("Consac") invests in the securities of publicly
traded and venture-stage companies, primarily in the health and
wellness space. Consac may increase, decrease, dispose of or change
the form or substance of its investment in Vitacost.com for any or
no reason, at any time. Consac also may change its views about
Vitacost.com at any time. Consac disclaims any obligation to notify
the market of any such changes.
The information and opinions contained in this press release and
the letter attached hereto are based on publicly available
information about Vitacost.com and other companies. Although Consac
believes the statements it makes in this press release and such
letter are accurate in all material respects and do not omit to
state material facts necessary to make those statements not
misleading, Consac makes no representation or warranty, express or
implied, as to the accuracy or completeness of the statements
contained in this press release or such letter and expressly
disclaims any liability relating to those statements (or any
inaccuracies or omissions therein). Thus, shareholders and others
should conduct their own independent investigation and analysis of
those statements and of Vitacost.com and any other companies to
which those statements may be relevant. Furthermore, some of the
statements herein and in the letter attached hereto are
forward-looking statements, estimates, projections and opinions.
Such statements, estimates, projections and opinions may prove to
be substantially inaccurate and are inherently subject to
significant risks and uncertainties beyond Consac's control.
The statements that Consac makes herein and in the letter
attached hereto are not investment advice or a recommendation or
solicitation to buy or sell any securities, nor is Consac
soliciting any proxy or other action from or by any shareholder.
Except where otherwise indicated, those statements speak as of the
date made, and Consac undertakes no obligation to correct, update
or revise those statements.
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Sitrick And CompanyTony Knight or Seth Lubove310-788-2850
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