ADDISON, Texas--(BUSINESS WIRE)--After nearly three years of litigation, trial between Nerium International and Nerium Biotechnology was set to start on July 30th. Nerium International was looking forward to our day in court to address the frivolous claims against the Company as well as recover damages for NBI’s breaches of contract. Coming into the trial, we had already achieved a string of significant rulings in our favor including the denial of NBI’s motion for an injunction, the summary judgment ruling, and even some recent positive rulings since our last update.
We are pleased to announce that we were able to negotiate a favorable settlement with Nerium Biotechnology. There will be no further court hearings or rulings on this issue. As part of the settlement, the pending litigation with Nerium Biotechnology in Hong Kong is also resolved, which will allow us to expand our product offerings in that important market.
Nerium International’s executive team is pleased to inform you that we are moving forward with business as usual. Under terms of the agreement, Nerium International purchased Nerium Biotechnology's minority ownership interest in Nerium International at a great value. This allows us to take 100% control over the future of Nerium International and allowed us the opportunity to protect our brand partners’ businesses.
We are excited to move forward and have never been more confident in our future. With this distraction behind us, we will be able to focus fully on our cutting-edge portfolio of products and supporting our brand partners to help them continue to grow their business.
Nerium Executive Management Team
Jeff Olson, Founder & CEO
Deborah Heisz, Co-CEO
Bo Short, President
Brad Wayment, President Global Markets
Amber Olson Rourke, Chief Marketing Officer
Renee Olson, Chief Leadership Officer
Eric Haynes, Chief Legal Officer
Christi Clinger, Chief Operating Officer
Mark Nicholls, Chief Financial Officer
About Nerium International
Based in Addison, TX, Nerium International is a global relationship marketing company with age-fighting products crafted from cutting-edge research and science. Founded in 2011, Nerium International has shattered industry sales records while developing a strong customer base in North American, Latin American, Asia-Pacific and European markets. This unprecedented success has allowed Nerium International to generate $1.5 billion in cumulative sales after six years. Nerium International was recognized for its historic growth by ranking No. 1 on the 2015 Inc. 500 List of fastest-growing private U.S. companies in consumer products and services and No. 12 in overall, as well as No. 38 on the 2016 Direct Selling News’ Global 100 List. Led by an executive leadership team with vast domestic and international experience, Nerium International is committed to providing an excellent product line based in real science and providing its Independent Brand Partners with a life-changing and outstanding business opportunity through relationship marketing. For more information, please visit: https://www.nerium.com/.