SOURCE: Skinny Nutritional Corp.

Skinny Nutritional Corp.

February 28, 2011 17:29 ET

Skinny Water Announces Adjournment of Special Meeting of Shareholders to March 11, 2011

BALA CYNWYD, PA--(Marketwire - February 28, 2011) - Skinny Nutritional Corp. (OTCBB: SKNY), the maker of Skinny Water® and a leader in the zero-calorie enhanced water category, announced today that it intends to adjourn its special meeting of shareholders scheduled to be held on Tuesday, March 1, 2011, and reconvene the meeting on Friday, March 11, 2011, at 1:00 p.m. (local time). The adjourned meeting will be held at The Crowne Plaza Valley Forge, 260 Mall Boulevard, King of Prussia, Pennsylvania 19406. The sole purpose of the meeting is to obtain stockholder approval of an amendment to Skinny Nutritional's Articles of Incorporation to increase the total number of shares of common stock that the Company is authorized to issue from 500,000,000 shares to 1,000,000,000 shares of common stock.

The Company determined to adjourn the Special Meeting to March 11, 2011, in order to provide the Company's shareholders of record as of January 14, 2011, the record date for the Special Meeting, with additional time to consider a transaction completed by the Company on February 25, 2011 pursuant to which the Company completed a new investment transaction with a strategic individual investor resulting in gross proceeds to the Company of $300,000. In this transaction, the Company sold an aggregate of 10,000,000 shares of its Common Stock, at a purchase price of $0.03 per share. In addition, in the transaction, the Company also issued the investor Class A Warrants to purchase 10,000,000 shares of Common Stock, which are exercisable at $0.035 per share for a period of 18 months, and Class B Warrants to purchase 10,000,000 shares of Common Stock, which are exercisable at $0.04 per share for a period of 24 months. The Company intends to use such proceeds for working capital and general corporate purposes. In addition, the Company also entered into a consulting agreement with the investor pursuant to which the investor will provide services related to the Company's marketing, distribution and general business functions. In consideration for such services, the Company will issue the investor restricted shares of its Common Stock. The securities of the Company offered and sold to the investor were offered, sold and issued in reliance upon the exemption from registration provided by Section 4(2) of the Securities Act of 1933, as amended (the "Securities Act") as transactions not involving any public offering. Such securities have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Additional details regarding these matters will be described in a Current Report on Form 8-K and in a supplement to the Company's definitive proxy statement concerning the Special Meeting.

The Company has filed with the SEC a definitive proxy statement dated February 2, 2011, as supplemented, in connection with the special meeting. Shareholders are urged to read the definitive proxy statement and other relevant materials filed by the Company with the SEC carefully because they contain important information about the proposed amendment of the Company's Articles of Incorporation. Shareholders may obtain free copies of the definitive proxy statement and other documents filed with the SEC by the Company through the Web site maintained by the SEC at http://www.sec.gov. In addition, shareholders will be able to obtain, without charge, a copy of the definitive proxy statement from the Company by submitting a written request to the Secretary of the Company at the Company's corporate offices.

The Skinny Water® lineup features eight great-tasting flavors, including Acai Grape Blueberry (Hi-Energy), Raspberry Pomegranate (Crave Control), Lemonade Passionfruit (Total-V), Peach Mango Mandarin (Antioxidant), Orange Cranberry Tangerine (Wake Up) and as part of its 'Sport' line: Blue Raspberry (Fit), Pink Berry Citrus (Power), and Goji Black Cherry (Shape). Every bottle of Skinny Water® has key electrolytes, antioxidants, and vitamins and has zero calories, sugar, and sodium, and no preservatives, with all natural colors and flavors.

ABOUT SKINNY NUTRITIONAL CORP. 
Headquartered in Bala Cynwyd, Pa., Skinny Nutritional Corp., the creators of Skinny Water®, a zero-calorie, zero-sugar, zero-sodium and zero-preservative enhanced water with key electrolytes, antioxidants, and vitamins. Skinny Water comes in eight great-tasting flavors that include Acai Grape Blueberry, Peach Mango Mandarin, Raspberry Pomegranate, Orange Cranberry Tangerine and Lemonade Passionfruit, and as part of its 'Sport' line: Blue Raspberry, Pink Berry Citrus, and Goji Black Cherry. Skinny Nutritional Corp. also expects to launch additional branded products, including Skinny Smoothies®, and other Skinny branded beverages. For more information, visit www.SkinnyWater.com and www.facebook.com/skinnywater.

SAFE HARBOR STATEMENT
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. When used in this release, the words "believe," "anticipate," "think," "intend," "plan," "will be," "expect," and similar expressions identify such forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, risks set forth in documents filed by the Company from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of, the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

Contact Information

  • Don McDonald
    CFO
    Skinny Nutritional Corp.
    3 Bala Plaza East, Ste. 101
    Bala Cynwyd, PA 19004
    610-784-2000 ext. 103
    Don@SkinnyCo.com