Naturade Sells 2 Million Shares to Health Holdings

PARAMOUNT, CA—Naturade Inc. (NRDC) signed a term sheet with Doyle & Bossiere LLC, a Burlingame, CA-based manager of a $100 million fund, to sell 2 million newly issued shares of Naturade common stock for $6 million or $3/share to Health Holdings, a California corporation to be formed by Doyle & Bossiere and Taishan Holdings Inc., based in New York City.

Taishan was formed in 1995 to introduce pharmaceutical-grade botanical medicines to the global marketplace. Certain shareholders of Naturade will sell additional shares to Health Holdings at the same price in order to allow the company to hold 55% of Naturade.

Allan Schulman, president of Naturade, will continue in his current role pursuant to a four-year employment, consulting and noncompetition agreement.