Exhibit 99.1
MEDIFAST, INC. TO LIST ON THE NEW YORK STOCK EXCHANGE
OWINGS MILLS, Md., Aug. 14 /PRNewswire-FirstCall/ -- Medifast, Inc.
(Amex: MED) today announced that it will list its common stock on the New York
Stock Exchange. Accordingly, the Company has applied to withdraw its
securities from listing on the American Stock Exchange. Trading on the NYSE
is expected to commence on August 25, 2006, subject to the Company's selection
of a specialist and the completion of the proper securities filings. The
Company's ticker symbol will remain 'MED'. Medifast common stock will
continue trading on the American Stock Exchange until moving to the NYSE.
"We welcome Medifast to the family of NYSE-listed companies," said Marshall
N. Carter, Chairman, NYSE Group, Inc. (NYSE: NYX). "We look forward to our
partnership with Medifast and to providing the highest levels of market quality
and service to the company and its shareholders."
Chairman of Medifast, Bradley T. MacDonald said, "I would like to extend my
gratitude to all the loyal associates, executives and investors of the Company
who have made the journey from the brink of bankruptcy in 1999 to a company with
a market capitalization over $200 million dollars. Medifast is grateful to the
New York Stock Exchange for allowing us to join some of the best public
companies in the world and for providing superior trading services to ensure
adequate liquidity and an orderly market for investors. Medifast has experienced
extraordinary growth because of our passion for combating obesity with our
clinically proven Medifast products and programs, which have been leaders for
over 25 years in the diet industry. Medifast is proud to join the Big Board."
Michael S. McDevitt, President and CFO, stated, "We would like to thank the
American Stock Exchange for their support and service over the last few years.
During this time, Medifast has achieved significant growth in sales, earnings,
and market cap, and the AMEX has played an important role. I would also like to
thank those at the New York Stock Exchange for inviting Medifast to join their
trading platform. We are very excited for this initiative and look forward to a
long lasting partnership."
Ken Bourne, President of Mercantile Bank & Trust, who has had a banking
relationship with the Company since 1999, in which time the Company has grown
from approximately $4 million annual revenue to a forecasted $70 million for
2006, stated, "Through hard work and assembling a capable management team with a
high degree of integrity, Medifast has become a dynamic and focused developer,
manufacturer, and marketer of meal replacement products."
The Company expects the move to the New York Stock Exchange to be seamless
for Medifast shareholders. Shareholders that hold a stock certificate do not
need to replace the certificate.
Medifast has been helping people lose weight and achieve better health for
25 years. Its meal replacement foods have been proven effective in multiple
clinical studies, recommended by over 15,000 physicians and used by more than 1
million customers. Medifast offers its customers world-class customer service
and nutrition support.
This release contains forward-looking statements which may involve known,
and unknown risks, uncertainties and other factors that may cause Medifast's
actual results and performance in future periods to be materially different from
any future results or performance suggested by these statements. Medifast
cautions investors not to place undue reliance on forward-looking statements,
which speak only to management's expectation on this date.
SOURCE Medifast, Inc.
-0- 08/14/2006
/CONTACT: Investor Relations, Kellie Pizzico of Medifast, Inc.,
+1-410-504-8162, or ir@medifastdiet.com; or Media Contact, Erin Grecu of
Warschawski, +1-410-367-2700, or erin.grecu@warschawski.com, for Medifast,
Inc./
/Web site: http://www.medifastdiet.com /
(MED NYX)