MusclePharm Raises $1.4 Million Through Convertible Promissory Note & Registration Rights Agreement
DENVER, Dec. 10, 2010 (GLOBE NEWSWIRE) — MusclePharm(R) Corporation (OTCBB:MSLP – News), one of the fastest growing nutritional supplement companies in the United States, today announced it has reached an agreement to raise $1.4 million through a convertible promissory note and registration agreement with an accredited investor.
"We are very pleased with the successful completion of the agreement with the investor and believe this capital will support our capital requirements for growth," commented Brad Pyatt, MusclePharm's Chief Executive Officer. "We appreciate our investor's confidence in MusclePharm as we continue to execute our long-term growth strategy."
This capital raise, combined with the previously released fulfillment agreement with IVitals, further enhances the Company's overall financial strength for future long-term profitable growth. Management will continue to focus on the development, sales & marketing of MusclePharm's growing portfolio of nutritional supplement products.