Biniu
HAUPPAUGE, N.Y.--Aug. 15, 2003--Twinlab Corporation (OTCBB:TWLB) announced that it has filed a Form 12b-25 with the Securities and Exchange Commission, indicating it is unable to file its quarterly report for the second quarter of this year. This inability is due to uncertain accounting treatment for Twinlab's current fincanical situation including declining sales, sales returns and disocunts (especially relating to ephedra containing products) and increasing insurance and litigation costs.
Cost reduction mechanisms implemented by the company over the past eighteen months have failed to arrest continuing losses from operations and the company is currently non-compliant with its financial covenants, including its revolving credit facility. It expects the revolving credit to not be extended on August 27, 2003 and is likely to be forced to sell all, or substantially all of its business in conjunction with a filing under Chapter 11 of the U. S. bankruptcy laws.
Your body is smarter than you and it hates you
'Alternatywna Droga'-Mafia przyszla po mnie -2003
Cost reduction mechanisms implemented by the company over the past eighteen months have failed to arrest continuing losses from operations and the company is currently non-compliant with its financial covenants, including its revolving credit facility. It expects the revolving credit to not be extended on August 27, 2003 and is likely to be forced to sell all, or substantially all of its business in conjunction with a filing under Chapter 11 of the U. S. bankruptcy laws.
Your body is smarter than you and it hates you
'Alternatywna Droga'-Mafia przyszla po mnie -2003
Krzysztof Piekarz
