COPPELL, Texas--(BUSINESS WIRE)--Aug. 26, 2016--
Mannatech,
Incorporated (NASDAQ: MTEX),
a global health and wellness company committed to transforming lives
to make a better world, announced it has resolved its differences with
Sam Caster, a co-founder of Mannatech, and his consulting company,
Wonder Enterprises, LLC. Caster, who left Mannatech in 2014, and
Mannatech have ended arbitration proceedings. Mannatech has agreed to
not pursue its rights to enforce certain covenants under the prior
consulting agreements with Caster and Wonder Enterprises. For his part,
Caster acknowledged that better disclosures could have been made to
Mannatech regarding the formation of his new company, EM Squared, Inc.,
and the development of its products. EM Squared ceased operating at the
end of 2015. Caster also stated that he regrets if any of his actions
appeared to encourage customers and Associates to leave Mannatech to
join his competing venture as that was not his intent; nor is it his
intention to encourage them to leave for a competing company in the
future.
“We are happy to put this disagreement behind us as we build the new
Mannatech. We wish Mr. Caster well as he pursues his social
entrepreneurship goals,” said Alfredo “Al” Bala, CEO and President of
Mannatech. “For Mannatech, this will enable us to emphasize changes that
have occurred during the last two years and yet promote our proud legacy
and honor our heritage of hope and service.”
About Mannatech
Mannatech, Incorporated offers a profound wellness experience through a
financially rewarding opportunity that makes a difference in the lives
of people across the world. Through its innovative glyconutrition
products, Mannatech transforms lives, providing an unprecedented level
of natural wellness, freedom and purpose. With more than 20 years of
experience and operations in more than 25 countries, Mannatech is
committed to transforming lives. For more information, visit Mannatech.com.
Please Note: This release contains “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933, as
amended, Section 21E of the Securities Exchange Act of 1934, as amended,
and the Private Securities Litigation Reform Act of 1995. These
forward-looking statements generally can be identified by use of phrases
or terminology such as “intend” “or other similar words or the negative
of such terminology. Similarly, descriptions of Mannatech’s objectives,
strategies, plans, goals or targets contained herein are also considered
forward-looking statements. Mannatech believes this release should be
read in conjunction with all of its filings with the United States
Securities and Exchange Commission and cautions its readers that these
forward-looking statements are subject to certain events, risks,
uncertainties, and other factors. Some of these factors include, among
others, Mannatech’s inability to attract and retain associates and
members, increases in competition, litigation, regulatory changes, and
its planned growth into new international markets. Although Mannatech
believes that the expectations, statements, and assumptions reflected in
these forward-looking statements are reasonable, it cautions readers to
always consider all of the risk factors and any other cautionary
statements carefully in evaluating each forward-looking statement in
this release, as well as those set forth in its latest Annual Report on
Form 10-K, and other filings filed with the United States Securities and
Exchange Commission, including its current reports on Form 8-K. All of
the forward-looking statements contained herein speak only as of the
date of this release.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160826005488/en/
Source: Mannatech, Incorporated
Mannatech, Incorporated
Raquel Mooring, 972-471-1532
pr@mannatech.com