LifeVantage Corporation (Nasdaq: LFVN) (“LifeVantage” or the “Company”), a leading health and wellness company with products designed to activate optimal health processes, issued the following statement in response to a press release issued by Bradley L. Radoff and Sudbury Capital Fund, LP (collectively with the other participants in their solicitation, the “Radoff-Sudbury Group”):
“LifeVantage did not compensate any consultant for providing a statement to the media regarding the consultants’ perspectives on LifeVantage’s strategy, Board of Directors and leadership team.
The nearly 300 consultants who signed the statement in support of the Company –who are responsible for over 80% of the Company’s net revenue – did so voluntarily, independently and without any compensation. LifeVantage took no part in drafting the consultants’ statement.
The Radoff-Sudbury Group’s allegations to the contrary are simply false.”
LifeVantage earlier press release:
A coalition of nearly 300 Senior Marketing Consultants to LifeVantage Corporation who represent more than 80 percent of the company’s revenue, announced their support for the existing company Board and management.
Many of the company’s Field Advisory Board Members signed an open letter expressing confidence in the existing leadership and direction of the company.
Tyler Daniels, a LifeVantage Field Advisory Board Member who helped organize the coalition of signers, said,
“In unity, we find strength, and as a collective of Senior Marketing Consultants, we stand firmly in support of the existing LifeVantage Corporation Board and management. The journey we’re on, guided by the vision of our chairman Garry Mauro and the recent strategy changes, have yielded remarkable growth in the last five quarters.
We firmly believe that introducing any disruptions would only detract from the remarkable momentum we’re currently experiencing. We wholeheartedly endorse the current team, from the Board of Directors to the corporate staff and our field leadership.”
The full text of the letter signed by nearly 300 LifeVantage Senior Marketing Consultants is below:
“We as a Field Advisory Board, as well as field leadership, are taking this opportunity to express our great satisfaction with the current direction and decisions made by our corporate executive team as well as the guidance and support/experience provided by our current Board of Directors.
The historical perspective of our chairman Garry Mauro, blended with the recent additions over the last 5 years, are providing a current broad perspective and have led to an environment for growth evidenced by the most recent 5 quarters reported.
We believe any disruption would work counter to the excitement and momentum we are experiencing. This is because our Board of Directors, corporate staff and field consultants understand and agree with the direction we are headed. Interjecting a new agenda would be an unnecessary distraction.
We are in full support of the current team from the Board to the corporate team to the field leadership.”
About LifeVantage Corporation
LifeVantage Corporation (Nasdaq: LFVN), the activation company, is a pioneer in nutrigenomics, the study of how nutrition and naturally occurring compounds affect human genes to support good health. The Company engages in the identification, research, development, formulation and sale of advanced nutrigenomic activators, dietary supplements, nootropics, pre- and pro-biotics, weight management, skin and hair care, bath & body, and targeted relief products.
The Company’s line of scientifically-validated dietary supplements includes its flagship Protandim® family of products, LifeVantage® Omega+, ProBio, IC Bright®, Daily Wellness, Rise AM, Reset PM, and D3+ dietary supplements, the TrueScience® line of skin, hair, bath & body, and targeted relief products.
The Company also markets and sells Petandim®, its companion pet supplement formulated to combat oxidative stress in dogs, Axio® its nootropic energy drink mixes, and PhysIQ, its smart weight management system. LifeVantage was founded in 2003 and is headquartered in Lehi, Utah. For more information, visit www.lifevantage.com.
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