MusclePharm Corporation (MSLP) announced financial results for the first quarter ended March 31, 2016
Operating and Financial Highlights for First Quarter 2016:
Additionally, during April the Company signed a definitive agreement for the sale of its wholly-owned subsidiary, BioZone Laboratories, Inc. ("BioZone") for a purchase price of approximately $9,800,000, subject to certain post-closing adjustments.
"I am pleased to report that MusclePharm continues to show improvement in almost all facets of its business," said Ryan Drexler, MusclePharm's Interim Chief Executive Officer, Interim President and Chairman of the Board of Directors. "While we still haven't completely turned the corner, we believe that we are making good progress in executing the restructuring plan and stabilizing the company."
The previously announced and pending sale of BioZone is the latest step in MusclePharm's restructuring plan, according to Mr. Drexler. "We believe that the Company is in a healthier financial position to grow the MusclePharm brand, while addressing outstanding debt obligations."
Conference Call Information: As a result of management's focus on continuing to execute the restructuring plan, improve liquidity and complete the sale of BioZone, there will be no first quarter conference call to discuss results.