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Iovate Addresses Inaccurate Bloomberg Report
Iovate (makers of MuscleTech®, Six Star Pro Nutrition®, Purely Inspired®, Hydroxycut®, and the soon-to-be released Conscious Kitchen™) is one of the largest supplement company conglomerates in the world. Unfortunately, Iovate and their parent company (Xiwang Group) faced some bad press in the supplement industry recently which was caused by an inaccurate news article originally published on Bloomberg Terminal and republished by Bloomberg Law. The article incorrectly described Xiwang Group's corporate bond refinancing process as something “detrimental” instead of reporting it as the positive news that it is. This inaccurate news caused many in the supplement industry to discredit Iovate to retailers, distributors and industry insiders aimed at providing uncertainty on their financial stability. Fortunately, on March 18, 2020, Bloomberg L.P. and its affiliates issued a correction to retract and replace their inaccurate news article but nobody can erase the damage caused to Iovate and their reputation within the industry which is unfortunate. Xiwang Group announced that they anticipate that they will successfully complete a corporate bond refinancing process, scheduled to be completed by the end of March 2020. So rest assured, MuscleTech, Six Star and their family of products are in a very solid position financially, Six Star is still the #1 selling mass market sports supplement company in the world and Hydroxycut is still the #1 selling weight loss brand in the world! Iovate’s success didn’t happen overnight (MuscleTech was founded in 1995) and a bit of erroneous press being spread by naysayers is not going to stop this company.
"Inaccurate translations of corporate filings can lead to grave misunderstandings, the upcoming bondholder meeting has been praised in China as a very positive development in Xiwang Group's corporate bond refinancing process, and will allow the Group to gain access to more capital and resources for our businesses going forward." said Michael Liu, General Manager of Xiwang Iovate.
Founded in 1995 and based in Oakville, Canada, Iovate is a dynamic, leading-edge nutrition company that delivers some of the highest quality, most innovative and effective active nutrition and weight management products in the world. With brand innovations like MuscleTech®, Six Star Pro Nutrition®, Purely Inspired®, Hydroxycut®, and Conscious Kitchen™ the company is committed to being the number one active nutrition and weight management lifestyle company in the world and enabling consumers everywhere to live more active lives. Iovate distributes across all major channels of distribution, including food, drug, mass and club, health food stores and online, as well as in more than 140 countries worldwide.
SOURCE: PR Newswire by Iovate Health Sciences International Inc.