Salt Lake City - Nu Skin Enterprises,
Inc. (NYSE: NUS) and its subsidiary Pharmanex®, Inc. today announced
they will be official sponsors of the 2002 Olympic Winter Games in Salt Lake
City and America's Olympic team through 2004. Pharmanex's flagship product,
LifePak®, will also be an officially licensed product of the U.S.
Olympic Committee (USOC).
The sponsorship was announced in the
Delta Center before nearly 10,000 Nu Skin independent representatives,
employees and guests participating in the company's global convention. Nu Skin
President and CEO Steven J. Lund and Chairman Blake M. Roney made the
announcement jointly with Salt Lake Organizing Committee (SLOC) President and
CEO Mitt Romney and USOC Executive Director Dick Schultz.
"We are thrilled to welcome a
great, home-grown company as an official sponsor of the Olympic Winter
Games," Romney said. "Nu Skin is one of the tremendous
success stories in Utah business history. The company is successfully expanding
its operations around the world, and its sponsorship of the 2002 Olympic Winter
Games reflects a commitment to the local community and to the important Olympic
cause."
Schultz said, "The U.S.
Olympic Committee is proud to be part of this announcement, which brings Nu
Skin Enterprises and Pharmanex into our Olympic family. Not only does this
sponsorship benefit the Salt Lake Organizing Committee as it prepares to host
the 2002 Olympic Winter Games, but it also benefits America's athletes for many
years to come."
Nu Skin and Pharmanex officials signed
an agreement for a sponsorship and licensing arrangement with the Olympic
Properties of the United States--Salt Lake 2002, L.L.C. (OPUS)--the joint
marketing venture between SLOC and the USOC. Under the terms of the agreement,
Nu Skin and Pharmanex will contribute cash and in-kind donations, including Nu
Skin and Pharmanex products, as well as a significant amount of labor from Nu
Skin and Pharmanex employees and independent representatives to the Olympic
Games over the next five years.
Nu Skin Enterprises and Pharmanex will
be designated as the exclusive SLOC and USOC sponsor among direct selling
companies and the exclusive licensee for dietary supplements for SLOC and the
USOC. In addition, LifePak® will be an official licensed product of
SLOC through 2002 and the USOC through 2004.
"Pharmanex is proud that its
world-class nutritional products will be made available to America's
athletes," said Bill McGlashan, president of Pharmanex. "We
go to great lengths to ensure each of our products is safe and clinically
proven to be effective."
"As the Games approach, we
feel it is a critical time for local companies to come forward and get behind
the Olympic effort," Lund said. "Nu Skin welcomes this
opportunity to help Salt Lake City stage one of the best Olympic Winter Games
in history. We also look forward to sponsoring America's Olympic teams in
Sydney in 2000 and Athens in 2004."
"Since the founding of the
company, Nu Skin Enterprises has created a global reputation for excellence in
its products," Lund said. "Forming a relationship with the
Olympic Games reinforces the high values and exceptional quality Nu Skin stands
for."
Nu Skin Enterprises and Pharmanex have
become the 14th OPUS sponsor for the 2002 Games, joining General Motors,
AT&T, Texaco, Bank of America, Anheuser-Busch, U S WEST, Lucent
Technologies, The Home Depot, Delta Air Lines, Seiko, BlueCross BlueShield, York,
and Marker Ltd.
About Nu Skin Enterprises
Nu Skin Enterprises, Inc. is one of
the largest direct selling companies in the world. The company's products are
sold in 29 countries throughout the Americas, Europe and the Asia Pacific
region. Nu Skin's personal care division sells premium quality face, body and
hair care products. The company is traded on the New York Stock Exchange under
the symbol "NUS".
About Pharmanex
Pharmanex, a subsidiary of Nu Skin
Enterprises, Inc., is a leader in the research and development of nutrition
products. The company has a growing portfolio of multivitamin/mineral
supplements, natural health products, standardized botanicals and specialized
health systems. Based in San Francisco, Pharmanex products are sold direct to
the consumer through a network of independent representatives, as well as
through a number of independent pharmacies.
Please note: This press release
contains forward-looking statements that represent the company's expectations
concerning future events. These statements are subject to risks and
uncertainties that could cause results and outcomes to differ materially from
those anticipated, including those set forth in the company's filing with the
Securities and Exchange Commission.
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