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MusclePharm® Corporation (OTCBB:MSLP), one of the fastest growing nutritional supplement companies in the United States with a proprietary formulation used in eight performance products, today reported the appointment of Mariel Selbovitz, MPH, as Director of Global Therapeutics Product Procurement Development. In July 2010, MusclePharm presented at the 18th International AIDS Conference on the benefits of MusclePharm Recon in people with HIV/AIDS, sponsored by the National Association of People with AIDS (NAPWA) and the AIDS Institute, both leading HIV legislative and advocacy organizations. The Global Fund to Fight AIDS, Tuberculosis and Malaria is an international financing institution that invests the world's money to battle disease. To date, it has committed US$19.3 billion in 144 countries to support large-scale prevention, treatment and care programs against these three diseases.
We are thrilled to have Ms. Selbovitz join the MusclePharm team as we enter the therapeutic, nutritional supplementation market that is focused on products to meet the nutritional requirements of people living with HIV/AIDS, stated Cory Gregory, MusclePharm's President. MusclePharm is working to greatly expand our sales of therapeutic, nutritional supplementation and provide increased help to people in need across the globe. Mr. Gregory continued, We believe Ms. Selbovitz expertise and experience in the field of HIV will assist us secure distribution of MusclePharm products, such as Recon, to people living with the HIV disease in developing nations thru The Global Fund to Fight AIDS, Tuberculosis and Malaria, and The Presidents Emergency Plan for AIDS Relief (PEPFAR). PEPFAR was launched in 2003 by President George W. Bush, and is the largest effort by any nation to combat a single disease with $18 billion dollars dedicated to fight HIV/AIDS in developing nations over the five year period of 2003-2008. In the first five years of the program, PEPFAR focused on establishing and scaling up prevention, care and treatment programs. It achieved success in expanding access to HIV prevention, care and treatment in low-resource settings. By securing procurement of the Global Fund and PEPFAR, MusclePharm will be able to distribute Recon and other supplements to millions of people with HIV/AIDS worldwide thru government funds.
I am honored to join MusclePharm in their quest to provide therapeutic, nutritional supplementation to address wasting syndrome in people living with HIV/AIDS, stated Mariel Selbovitz, MPH. Peer reviewed publications on micronutrient deficiencies and malnutrition in AIDS patients definitively concur that aggressive clinical intervention is critical for improving morbidity and mortality among this patient population.
MusclePharm's top management has extensive experience in the sports world and has harnessed this drive and focus into building a business to benefit its customers and help Fuel The Athlete Inside. Headquartered in Aurora, Colorado, the company is a fast-growing developer and manufacturer of safe, scientifically approved, nutritional supplements that are free of banned substances and tested by athletes. They are designed to help athletes, bodybuilders, weightlifters and fitness enthusiasts improve their performance. Each and every MusclePharm product is the end result of an advanced six-stage research and testing protocol involving the expertise of top nutrition scientists. In addition, the products have been field-tested by more than 100 elite professional athletes from the NFL, MMA, MLB and elsewhere. To date, the company has developed six products: ASSAULT®, BATTLE FUEL®, BULLET PROOF®, COMBAT POWDER®, RECON® and SHRED MATRIX®. Two additional products are due in stores in 2010. MusclePharm products offer up to twice as much of the active ingredients per serving as competing products and incorporate a proprietary mix of ingredients not available elsewhere, such as Suma root the Russian Secret. Suma is a natural, performance-boosting, strength-and muscle-building herbal derivative that has been used for years by top Russian athletes.
Town Sports International Holdings, Inc. (NASDAQ: CLUB), a leading owner and operator of health clubs located primarily in major cities from Washington, DC north through New England, operating under the brand names New York Sports Clubs, Boston Sports Clubs, Washington Sports Clubs and Philadelphia Sports Clubs, released TSI's results for the second quarter ended June 30, 2010.
Second Quarter Overview: Revenue decreased 5.2% in Q2 2010 compared to Q2 2009; Comparable club revenue decreased 4.2% in Q2 2010 compared to Q2 2009; Total member count, excluding short-term summer, seasonal and student members, decreased 2.2% compared to March 31, 2010 and 3.8% compared to June 30, 2009; Total number of clubs in operation decreased to 161 as of June 30, 2010 from 166 as of June 30, 2009; Membership attrition averaged 3.3% per month in Q2 2010 compared to 3.5% in Q1 2010 and 3.7% per month in Q2 2009; Loss per share was ($0.04) in Q2 2010; and, Q2 2010 results include fixed asset impairment and severance charges, net of taxes, of $2.0 million or ($0.09) per share. Q2 2009 results included severance charges, early lease termination costs and rent expense related to an anticipated judgment in connection with a lease dispute, net of taxes, of $879,000 or ($0.04) per share.
Robert Giardina, Chief Executive Officer of TSI, commented: After being back at TSI for a few months and visiting almost all of our clubs, I am very encouraged by the condition of our facilities and by the experience our members receive from the team we now have in place. We are also pleased with our improved member attrition and the favorable response to our recent initiatives. So while we are still in the very early stages of reinvigorating our business, we are confident that we are putting the right strategies in place.
For the year ending December 31, 2010, TSI currently plans to invest $26.0 million to $28.0 million in capital expenditures. This is down from $49.3 million of capital expenditures in 2009. TSI expects that the 2010 amount will include approximately $20.0 million to continue to upgrade existing clubs and $4.0 million principally related to major renovations at clubs with recent lease renewals and upgrading our in-club entertainment system network. TSI also expects to invest $1.5 million to enhance our management information systems. The remainder of our 2010 capital expenditures will be committed to building or expanding clubs.
New York-based Town Sports International Holdings, Inc. is a leading owner and operator of fitness clubs in the Northeast and mid-Atlantic regions of the United States and, through TSIs subsidiaries, operated 161 fitness clubs as of June 30, 2010, comprising 109 New York Sports Clubs, 25 Boston Sports Clubs, 18 Washington Sports Clubs (two of which are partly-owned), six Philadelphia Sports Clubs, and three clubs located in Switzerland. These clubs collectively served approximately 484,000 members, excluding short-term, seasonal and student members, and 12,000 student members.
Escalade, Incorporated (NASDAQ:ESCA) reported that, on May 31, 2010, Escalade amended its existing Credit Agreement with Escalade's issuing bank JPMorgan Chase Bank, N.A. (Chase) to provide for a new multi-year loan facility. As amended, the Credit Agreement now provides Escalade with a senior revolving credit facility in the maximum principal amount of up to $27,000,000 with a maturity date of May 31, 2012 and a term loan in the principal amount of $10,000,000 with a maturity date of May 31, 2015.
"We are very pleased with the improved multi-year credit agreement reached with Chase," stated Robert J. Keller, President and Chief Executive Officer of Escalade, Incorporated. "The amended agreement is a direct result of actions we took to streamline the business, reduce inventory levels and focus on cost savings. Over the past year, we have reduced our debt load by approximately $19 million or 40%. The improved credit terms enhance our ability to execute our growth strategy, including product innovation, brand building and distribution expansion. While we are pleased with achieving this milestone, we are focused on delivering even greater results."
Escalade's Statement of Corporate Beliefs: It is our belief that in order to achieve our full potential, both as individuals and as a corporation, we must meet our responsibility to all those associated with our business; including our community and country; We must treat our employees with fairness, always respecting the dignity of the individual, and provide a clean, safe environment; We must recognize that our customers are of utmost importance; We must treat our best suppliers as partners; We must maintain and enhance the intrinsic value of our shareholders' assets through an attitude of constant growth and improvement; We must insure that open communications exist throughout our business environment; We must provide a sense of security in return for good performance to all those associated with our business; We must demand excellence, recognize it, and reward it; We must be totally committed to producing high quality products at the fairest prices. And while our fiscal responsibility is to make a sound profit, we must do so without harming the community or the environment; If we strive to meet our responsibilities, if we devote our efforts toward that end, we will be able to set ambitious goals and attain them ... we will be able to surpass former accomplishments, and reach even higher; and, We will be successful ... as individuals and as a corporation.
Escalade, Incorporated is a quality manufacturer and distributor of sporting goods and office/graphic arts products through two wholly owned subsidiaries: Escalade Sports and Martin Yale. Escalade delivers outstanding products, superior customer service and consistent shareholder value. Escalade Sports manufactures and sells a variety of sporting goods that include table tennis, pool and game tables; basketball hoops; darts and accessories; archery/bow hunting equipment; wooden swing sets and personal fitness products. Utilizing strong, well-recognized brand names such as Stiga®, Ping Pong®, Harvard®, Goalrilla®, and Woodplay®; Escalade Sports sells its products through quality retailers and sports specialty stores. Martin Yale is a multinational manufacturer and distributor of a wide variety of office products including paper folding machines, paper cutters/trimmers, paper hole punches, data shredders, and office accessories such as keyboard drawers and copyholders. Brands include Martin Yale®, Premier®, Master®, Intimus®, and Mead Hatcher®. Martin Yale sells its products through a combination of distributors and office supply retailers.
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