SOURCE: Nutrition 21, Inc.

ingredients,Nutrition 21, Chromax, probiomega, NXXI, investment banker, BDO Capital Advisors, patent

December 23, 2010 18:15 ET

Nutrition 21, Inc. Retains Investment Banker

PURCHASE, NY--(Marketwire - December 23, 2010) - Nutrition 21, Inc. (OTCBB: NXXI), the developer and marketer of clinically substantiated ingredients for dietary supplements, foods and beverages, and animal nutrition, today announced that it has retained an investment banker.

As previously reported, the Company is required to redeem its Series J Preferred Stock in September 2011 for approximately $17.8 million. A special committee of the Board of Directors has retained BDO Capital Advisors, LLC as its investment banker to consider approaches to meet this requirement. Possible alternatives include, among other things, negotiation of an extension with the holders of the Preferred Stock, a going private sale or other transaction, and a refinancing of the business.

About Nutrition 21
 
Nutrition 21, Inc. (OTCBB: NXXI), headquartered in Purchase, NY, is a nutritional bioscience company and holds over 60 issued and pending patents for dietary supplement ingredients, including chromium picolinate, and combinations of chromium compounds with other ingredients. Its products are sold to leading dietary supplement, functional food and beverage, and animal nutrition manufacturers. For more information please visit http://www.nutrition21.com.

About BDO Capital Advisors, LLC.
BDO Capital is a separate legal entity and is an affiliated company of BDO USA, LLP, a Delaware limited liability partnership and national professional services firm.

Safe Harbor Provision
This press release may contain certain forward-looking statements. The words "believe," "expect," "anticipate" and other similar expressions generally identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are based largely on the Company's current expectations and are subject to a number of risks and uncertainties, including without limitation: the effect of the expiration of patents; regulatory issues; uncertainty in the outcomes of clinical trials; changes in external market factors; changes in the Company's business or growth strategy or an inability to execute its strategy due to changes in its industry or the economy generally; the emergence of new or growing competitors; various other competitive factors; and other risks and uncertainties indicated from time to time in the Company's filings with the Securities and Exchange Commission, including its Form 10-K for the year ended June 30, 2010. Actual results could differ materially from the results referred to in the forward-looking statements. In light of these risks and uncertainties, there can be no assurance that the results referred to in the forward-looking statements contained in this press release will in fact occur. Additionally, the Company makes no commitment to disclose any revisions to forward-looking statements, or any facts, events or circumstances after the date hereof that may bear upon forward-looking statements.

Contact Information

  • Company Contact:
    Alan Kirschbaum
    Chief Financial Officer
    914-701-4500

    Investor Contact:
    Jeffrey R. Manning
    Managing Director
    BDO Capital Advisors
    212-885- 7396