COPPELL, Texas--(BUSINESS WIRE)--Mannatech, Incorporated (NASDAQ: MTEX), a global health and wellness company committed to transforming lives to make a better world, announced it has resolved its differences with Sam Caster, a co-founder of Mannatech, and his consulting company, Wonder Enterprises, LLC. Caster, who left Mannatech in 2014, and Mannatech have ended arbitration proceedings. Mannatech has agreed to not pursue its rights to enforce certain covenants under the prior consulting agreements with Caster and Wonder Enterprises. For his part, Caster acknowledged that better disclosures could have been made to Mannatech regarding the formation of his new company, EM Squared, Inc., and the development of its products. EM Squared ceased operating at the end of 2015. Caster also stated that he regrets if any of his actions appeared to encourage customers and Associates to leave Mannatech to join his competing venture as that was not his intent; nor is it his intention to encourage them to leave for a competing company in the future.
“We are happy to put this disagreement behind us as we build the new Mannatech. We wish Mr. Caster well as he pursues his social entrepreneurship goals,” said Alfredo “Al” Bala, CEO and President of Mannatech. “For Mannatech, this will enable us to emphasize changes that have occurred during the last two years and yet promote our proud legacy and honor our heritage of hope and service.”
Mannatech, Incorporated offers a profound wellness experience through a financially rewarding opportunity that makes a difference in the lives of people across the world. Through its innovative glyconutrition products, Mannatech transforms lives, providing an unprecedented level of natural wellness, freedom and purpose. With more than 20 years of experience and operations in more than 25 countries, Mannatech is committed to transforming lives. For more information, visit Mannatech.com.
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 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.