LifeTime is a nutraceutical company that was established in 1988 and specializes in the development, marketing and distribution of its own brands under the LifeTime(R) name. LifeTime's brands currently consist of approximately 370 products that are sold directly to independent and chain health food stores, pharmacies, natural food stores, and other direct-to-consumer channels across the United States. In addition, LifeTime's products are sold internationally through distributors in Canada, Croatia, Turkey, England, Dubai, Holland, Sweden, Portugal and certain parts of Asia. LifeTime had audited sales of $11,900,000 for its fiscal year ended August 31, 2006 and taxable income of $1,250,000. Unaudited sales for calendar 2006 were $12,000,000 and taxable income was $1,500,000. Following the Acquisition, the company intends to operate LifeTime as a separate subsidiary, based at its current location in Orange, California. Mr. Tom Pinkowski, LifeTime's current President and 1/3 owner, will be the President of the LifeTime subsidiary and a Vice President of the company and will continue to execute the business plan of LifeTime following the Acquisition.
"LifeTime has enjoyed a very strong relationship amongst retailers for almost 20 years. This transaction was driven by our desire to partner with a complementary company that shares our vision to continue the momentum and strength of an established brand such as LifeTime in our rapidly growing industry," stated Neil Reithinger, President & C.E.O. of the company. "By coupling LifeTime's existing strengths with a new dynamic sales and marketing focus, we hope to build a preeminent brand within the nutraceutical industry. The needed organizational flexibility and financial backing to execute this vision is what made Baywood a natural fit with LifeTime," Reithinger stated further.