Nutraceutical Clinical Laboratories International said it has sold its majority interest ownership in American Medical Specialties, effective from 1 August 2002.
Details of the transaction were not disclosed. The deal is said to have consisted of a combination of stock, debt forgiveness, and cash.
"The divestiture of our ownership in AMS will enable us to be more focused on our two business units, the Preservative Division and Health Care Direct," said Gary Harrison, NCLII's chairman and chief executive officer.
"By prioritising our resources within these core units, we will be able to help accelerate the growth of these businesses," commented Harrison.
"If we look at our company without AMS, we are currently running at an annualised revenue pace of approximately $5 million. The growth possibilities of our core businesses are favourable, and we are excited about what the second half of 2002 can bring," he added.