SAN ANTONIO, TEXAS--(Marketwired - April 5, 2016) - Nerium Biotechnology, Inc. ("Nerium" or the "Company") reported today that its subsidiary, Nerium SkinCare, Inc. ("Nerium SkinCare"), has amended its outstanding claim against Nerium International, LLC (the "Distributor"), Jeff Olson and JO Products, L.L.C. to request additional remedies, including a court-ordered winding-up and termination of the Distributor.
Nerium SkinCare holds a minority interest in the Distributor, which was formed to act as a distributor for certain products researched, developed, and produced by Nerium and Nerium SkinCare. The majority ownership interest in the Distributor is held by JO Products, a company controlled by the Distributor's sole manager, Jeff Olson.
The claim was originally filed by Nerium SkinCare against the Distributor in Texas on August 21, 2015 to seek enforcement of Nerium SkinCare's rights under the Company Agreement that governs the Distributor, a declaratory judgement with respect to certain rights of Nerium SkinCare, an accounting of the Distributor's financial dealings, monetary damages and other remedies. On March 21, 2016, Nerium SkinCare amended the claim to add Jeff Olson and JO Products as defendants and include a claim for breaches by Jeff Olson of his fiduciary duties to the Distributor. On April 4, 2016, the claim was further amended by Nerium SkinCare to request a court-ordered winding-up and termination of the Distributor.
About Nerium Biotechnology, Inc.
Nerium Biotechnology, Inc. is a biotechnology company involved in the research, product development, manufacture and marketing of Nerium oleander-based products. The Company's shares are not listed on any stock exchange or quotation system.
Forward Looking Statements: Statements made in this news release that relate to future plans, expectations, events or performances are forward looking statements. Such statements are based on current expectations and involve risks and uncertainties. There can be no certainty about the outcome of any litigation, including the Company's claim against Nerium International LLC, and such litigation could have an adverse effect on the Company's business, financial condition, results of operation and cash flows.