"PROVO, Utah, Oct. 28, 2011 -- Nu Skin Enterprises, Inc. commenced its global convention with the announcement of new products, sales initiatives and milestones for its non-profit Foundation. In addition, the company's executive Chairman of the Board, Blake M. Roney, announced that he has accepted a three-year leadership assignment to serve as a volunteer for The Church of Jesus Christ of Latter-day Saints.
Roney will continue to serve as the executive chairman of the board through May 2012, shortly before he begins his new church assignment, and will remain involved in the company on a limited basis until his return in 2015. Steven J. Lund, the current vice chairman of the board, will become the next chairman of the board. Lund has been with the company since its infancy and previously served as its chief executive officer.
"This year's convention will go down in Nu Skin history as a truly historic event," said Steve Lund, vice chairman of the board. "We've had the opportunity to honor the distinctive leadership of Blake Roney and wish him well in his new assignment. As the company builds on the foundation of success that he has helped to establish, we see a great future ahead for the company. Much of this optimism comes from Nu Skin's ageLOC platform that is creating a super class of anti-aging products and a powerful business opportunity for the company's expanding sale force. In addition, Nu Skin's founding mission to be a 'force for good in the world' continues to be demonstrated through the generous culture of Nu Skin global family of distributors and employees."
ageLOC Anti-aging Products
At the convention, Nu Skin officially launched its latest ageLOC products, R2 nutritional supplement and Galvanic Body Spa(TM), to the more than 13,000 distributors attending convention. At the beginning of October, Nu Skin began taking orders for the new products on a limited time basis. Orders for the new products have totaled approximately $100 million, well ahead of company expectations. Nu Skin will follow-up the limited time offering with its global roll-out that will begin in the first quarter in the United States, Japan and Korea, with subsequent product introductions in Greater China and Southeast Asia in the following quarters.
Adding to the strength of the ageLOC anti-aging super class of products is the company's recent announcement of its letter of intent to acquire LifeGen Technologies. The acquisition includes substantially all of the assets of LifeGen, including its tissue bank, proprietary gene expression database, patents and intellectual property related to gene research. The acquisition of LifeGen will enhance Nu Skin's pipeline of next-generation anti-aging products for many years to come, allowing Nu Skin to provide a steady stream of innovative anti-aging solutions aimed at helping people live younger, longer.
Nu Skin Corporate Social Responsibility
On the eve of the convention, the Nu Skin Force for Good Foundation hosted a fundraising gala with approximately 700 guests in attendance. Celebrating its 15-Year Anniversary, the foundation raised approximately US$700,000. One hundred percent of donations are used for projects around the world that offer hope for children to have a life free from disease, illiteracy and poverty. "
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"PROVO, Utah, Oct. 27, 2011 -- Nu Skin Enterprises, Inc. is pleased to announce that it has executed a letter of intent to acquire LifeGen Technologies, LLC, a genomics company based in Madison, Wisconsin for $11,662,500. The letter of intent includes the acquisition of substantially all of the assets of LifeGen, including its tissue bank, proprietary gene expression database, patents and intellectual property related to gene research. In connection with the transaction, the company will also enter into consulting agreements with LifeGen co-founders, Richard Weindruch, Ph.D., and Tomas Prolla, Ph.D., and the two will continue to serve on the Nu Skin Anti-aging Scientific Advisory Board.
"Our acquisition of LifeGen will further solidify the competitive advantage Nu Skin enjoys with our ageLOC anti-aging platform with exclusive access to LifeGen's breakthrough work on genetic sources of aging," said Chief Executive Officer, Truman Hunt. "The acquisition also makes financial sense as we will no longer incur royalty obligations on products developed with LifeGen's assistance. Overall, we believe that this acquisition of LifeGen will enhance our pipeline of next-generation anti-aging products for many years to come, allowing us to provide a steady stream of innovative anti-aging solutions aimed at helping people live younger, longer."
"LifeGen truly is a unique resource in the battle against aging," said Dr. Joseph Chang, Nu Skin's chief scientific officer. "Its extensive database of genetic tissue information related to the aging process and its proprietary algorithm provide the unique ability to identify aging-related genes. Few labs in the world can match this capability. We are delighted to welcome the LifeGen team to our own team of world-class scientists."
The company initiated its scientific collaboration with LifeGen in 2009. Since that time, LifeGen's proprietary genetic science has supported Nu Skin's 'super class' of anti-aging products, including the company's most recent introduction of the ageLOC R2 nutritional supplement. The acquisition will further enhance Nu Skin's position as a leader in the anti-aging industry by bringing LifeGen, a company based on more than 30 years of aging research, in house.
"We are pleased to see LifeGen joining the Nu Skin family and cementing our relationship with the company's research and development team as we continue to break new ground in understanding the relationship between gene activity and the nutritional control of the aging process," said Richard Weindruch, Ph.D., co-founder of LifeGen Technologies.
"Since 2009, we have had the pleasure of working closely with Nu Skin's research and development team. We have found significant synergies between our anti-aging expertise and Nu Skin's innovative product development process and extensive knowledge of natural ingredients," added Tomas Prolla, Ph.D., co-founder of LifeGen Technologies. "Working together, LifeGen and Nu Skin will continue to develop the world's largest database of gene expression changes associated with aging and nutritional interventions. We believe this unique resource will allow Nu Skin to continue to launch science-based products that effectively slow aging."
Pursuant to the terms of the letter of intent, the acquisition is subject to completion of a definitive purchase agreement, due diligence and other closing conditions. Assuming satisfactory due diligence, Nu Skin expects to close the acquisition prior to the end of the year. "
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