SOURCE: Red Reef Laboratories International, Inc.

September 17, 2008 16:00 ET

Red Reef Laboratories International, Inc. (RRLB PK) Acquisition of Myotrend Nutritional Technologies, LLC

DEERFIELD BEACH, FL and NAPOLEONVILLE, LA--(Marketwire - September 17, 2008) - Red Reef Laboratories International, Inc. (PINKSHEETS: RRLB), a diversified scientific research, development, and marketing group, announces it is set to complete the final steps in its acquisition of 100% of Myotrend Nutritional Technologies, LLC, a Pennsylvania limited liability company, that has uniquely integrated medicine, science, and athletic performance into a system of products that bring the latest advances in nutritional technology to the marketplace.

Today, both companies took the important step of initiating the closing process, by placing in escrow, the Red Reef shares, cash and LLC membership units, which will be held until the final documents are executed. Both companies are in agreement as to critical terms and are simply awaiting the drafting and final document preparation from their attorneys. The parties do not anticipate that this process will have any bearing on the outcome, but will be addressed without delay. Both companies agree that the critical terms of the transaction have been met to the satisfaction of both parties.

The final acquisition is to be consummated for a combination of cash, promissory note and restricted Red Reef shares. Myotrend will recommend a representative to be elected to Red Reef's Board of Directors.

Peter Versace, Exec. VP of Red Reef, stated, "Our best conservative projection and evaluation indicates RR may recover the investment in four years or less. This does not take into account the anticipated benefits of cross marketing and the introduction of new products. All in all we believe this is a great opportunity for all parties to maximize growth potential."

David Mehalick, principal member of Myotrend, commented, "I am pleased with the spirit of cooperation and optimism in the transaction which also serves to foster success and stockholder appreciation. The synergies and cross-marketing opportunities should provide significant benefits for both companies going forward."

About Red Reef Laboratories International, Inc.:

Red Reef Laboratories International, Inc. is a diversified scientific research, development, and marketing group established to assemble, develop, commercialize and bring to market a variety of products. The first series of products combine advanced surfactant technology and increasingly "green" compounds to create specialized formulas for the disinfection and decontamination of equipment and surfaces. A second series of products has been developed which are specially formulated nutritional items for the health and wellness industry. For more information, please visit the Company's web site at www.redreef.biz.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:

With the exception of historical information, the statements set forth above include forward-looking statements that involve risk and uncertainties. The Company wishes to caution readers that a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include, but are not limited to, the risk factors noted in the Company's filings with the United States Securities and Exchange Commission, such as the rapidly changing nature of technology, evolving industry standards and frequent introductions of new products, services and enhancements by competitors; the competitive nature of the markets for the Company's products and services; the Company's ability to gain market acceptance for its products and services; the Company's ability to fund its operational growth; the Company's ability to attract and retain skilled personnel; the Company's ability to diversify its revenue streams and customer concentrations; and the Company's reliance on third-party suppliers.

Contact Information

  • Contact:
    Red Reef Laboratories International, Inc.
    Dr. Claus Wagner-Bartak
    (954) 725-9475
    www.redreef.biz