Advanced Nutraceuticals, Inc.

Nutraceuticals company reports release of escrow funds

Published in Medical Device Business Week, November 3rd, 2004

Advanced Nutraceuticals, Inc., (ANII) announced that it has received the $250,000 proceeds, with no deduction, from the escrow account that had been established in connection with the March 2004 sale of the assets and operations associated with its subsidiary, ANI Pharmaceuticals, Inc., (ANIP) to an unrelated party.

The receipt of this $250,000 escrowed amount, combined with the recent receipt of approximately $10,000 from the final working capital adjustment settlement, finalizes all open items regarding the sale of ANIP. The ANIP sale is now reported in the company's consolidated financial statements as a discontinued operation and will no longer affect the company's...

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Source: Medical Device Business Week (2004-11-03)

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