AMBI buys Lite Bites
This article was originally published in The Tan Sheet
Executive Summary
Purchase, N.Y.-based AMBI acquires Optimum Lifestyle, the Sausalito, Calif.-based marketer of Lite Bites nutrition bars sold on QVC, for $6 mil. in cash and 1.3 mil. shares of AMBI common stock. The purchaser also will make payments based on future Lite Bites sales. Lite Bites recorded sales of about $5.5 mil. in 1998. AMBI says the buy adds direct-to-consumer distribution to its catalog (Heart's Content) and Internet (www.CardiaNutrition.com) programs, slated to begin later in the year. Lite Bites come in 12 flavors and claims to help weight loss. AMBI markets supplements including Cardia Salt, sold through an agreement with Whitehall-Robins, and Chromax chromium picolinate. Financing for the deal is from AMBI's own resources and a bank loan