DENVER, CO--(Marketwired - Aug 12, 2013) - MusclePharm Corporation (OTCQB: MSLP), a fast growing company that develops and markets sports nutritional supplements which address active lifestyles, announced today it has closed a $2.5 million common stock offering. MusclePharm entered into subscription agreements with accredited investors whereby it sold 238,096 restricted shares of its common stock at $10.50 per share.
The Frost Group, LLC ("Frost"), headed by Miami entrepreneur Dr. Phillip Frost, was the lead investor in the offering. This marks the second investment Frost has made in MusclePharm. In February 2013, Frost invested $2.9 million as the lead investor in MusclePharm's previously completed $12 million financing.
Commenting on the announcement, John Bluher, co-Chairman and Executive Vice President, stated, "We appreciate the confidence Dr. Frost's additional investment displays in MusclePharm. The investment further increases both our working capital and shareholder equity, while helping fuel our revenue ramp and transformation into a worldwide leader in the sports nutrition market."
This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of MusclePharm, nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
ABOUT MUSCLEPHARM CORPORATION
Founded in 2008 by former NFL player Brad Pyatt, MusclePharm is a healthy lifestyle company that develops and manufactures scientific and safe nutritional supplements. The company's products are designed for Active Lifestyles who seek muscle building, weight maintenance and general fitness through an internationally recognized daily nutritional supplement regimen. The products are formulated through a six-stage research process designed by leading nutritional scientists at the MusclePharm Sports Science & Research Center in Denver. MusclePharm's products are sold in more than 110 countries and available in 10,500+ U.S. retail outlets, including Dick's Sporting Goods, 24 Hour Fitness, Bally's, GNC, Vitamin Shoppe and Vitamin World. MusclePharm products also are sold globally through more than 100 online channels, including Bodybuilding.com, Amazon.com and Vitacost.com.
For more information, visit www.MusclePharm.com. Follow the company at www.Facebook.com/MusclePharm and www.Twitter.com/MusclePharm.
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Statements that are not a description of historical facts constitute forward-looking statements and may often, but not always, be identified by the use of such words as "expects", "anticipates", "intends", "estimates", "plans", "potential", "possible", "probable", "believes", "seeks", "may", "will", "should", "could" or the negative of such terms or other similar expressions. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in the Company's business. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012, the Company's Quarter Reports on Form 10-Q and other filings submitted by the Company to the SEC, copies of which may be obtained from the SEC's website at www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and the Company undertakes no obligation to revise or update this release to reflect events or circumstances after the date hereof.