Mannatech Appoints BDO Seidman, LLP as Company’s Independent Registered Public Accounting Firm

COPPELL, Texas--(BUSINESS WIRE)--Mannatech, Incorporated (NASDAQ:MTEX), a leading developer and provider of dietary supplements and skin care solutions, announced today it has appointed BDO Seidman, LLP as the company’s independent registered public accounting firm in tandem with the release of Grant Thornton LLP.

“We are pleased to engage BDO, a leader in the accounting profession, as our independent auditor and we look forward to working with their team.”

“BDO’s expertise, service and global resources made the accounting firm an ideal match for our company, given our growth, reach and success across 10 international markets,” said Stephen D. Fenstermacher, Senior Vice President & CFO of Mannatech. “We are pleased to engage BDO, a leader in the accounting profession, as our independent auditor and we look forward to working with their team.”

“We look forward to serving as Mannatech’s independent auditors and to building a long-term relationship,” said Jay T. Duke, BDO Seidman, LLP Partner and Southwest Assurance Leader.

There were no disagreements between Mannatech and Grant Thornton on any accounting principles or practices, financial statement disclosure, or auditing scope or procedure. The Company terminated Grant Thornton following the request of Grant Thornton that the Company either remove Sam Caster, current Chairman and Founder of Mannatech, from all responsibilities, or engage another independent accounting firm. The Board of Directors decided that the request of Grant Thornton was not in the best interest of shareholders.

The company does not expect that the change in accounting firms will cause delays in filing reports with the SEC.

About Mannatech

Mannatech, Incorporated is a global wellness solutions provider of innovative, high-quality, proprietary nutritional supplements, topical and skin care products, and weight management products sold through independent associates and members located in the United States and the international markets of Canada, Australia, the United Kingdom, Japan, New Zealand, the Republic of Korea, Taiwan, Denmark, and Germany.

About BDO Seidman, LLP

BDO Seidman, LLP is a national professional services firm providing assurance, tax, financial advisory and consulting services to a wide range of publicly traded and privately held companies. Guided by core values including competence, honesty and integrity, professionalism, dedication, responsibility and accountability for almost 100 years, BDO Seidman has provided quality service and leadership through the active involvement of its most experienced and committed professionals.

BDO Seidman serves clients through 34 offices and more than 300 independent alliance firm locations nationwide. As a Member Firm of BDO International, BDO Seidman, LLP serves multi-national clients by leveraging a global network of resources comprised of 621 Member Firm offices in 107 countries. BDO International is a worldwide network of public accounting firms, called BDO Member Firms, serving international clients. Each BDO Member Firm is an independent legal entity in its own country.

Please Note: This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of phrases or terminology such as “intend” or other similar words or the negative of such terminology. Similarly, descriptions of Mannatech’s objectives, strategies, plans, goals or targets contained herein are also considered forward-looking statements. Mannatech believes this release should be read in conjunction with all of its filings with the United States Securities and Exchange Commission and cautions its readers that these forward-looking statements are subject to certain events, risks, uncertainties, and other factors. Some of these factors include, among others, Mannatech’s inability to attract and retain associates and members, increases in competition, litigation, regulatory changes, and its planned growth into new international markets. Although Mannatech believes that the expectations, statements, and assumptions reflected in these forward-looking statements are reasonable, it cautions readers to always consider all of the risk factors and any other cautionary statements carefully in evaluating each forward-looking statement in this release, as well as those set forth in its latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and other filings filed with the United States Securities and Exchange Commission, including its current reports on Form 8-K. All of the forward-looking statements contained herein speak only as of the date of this release.