Medifast Increases International Expansion Through Medix Strategic Partnership
Medifast (NYSE: MED), a leading United States manufacturer and provider of clinically proven, portion-controlled weight-loss products and programs, today announced increased international expansion plans through a renewed strategic partnership with Productos Medix S.A. de C.V. ("Medix"), a leader in pharmaceutical obesity products in Mexico.
Medix, under an exclusive 5-year licensing agreement, plans to increase distribution of Medifast meal replacement products and programs to Argentina, Bolivia, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, Venezuela, and Uruguay beginning in January 2013. This renewed agreement expands distribution of Medifast's products and programs with Medix beyond the previous 3 year commitment. Medix now plans to work across Mexico as well as these targeted expansion countries over the next 5 years.
"We're extremely pleased to renew our partnership with Medix as we expand the geographic reach of Medifast's products and programs through complementary distribution channels," said Michael MacDonald, Medifast's Chairman and Chief Executive Officer. "We believe Medix's distribution of Medifast products will help us address and reduce obesity long-term."
"Medifast and Medix will provide meal replacements and program solutions for people to live a healthier lifestyle," said Mario Lazcano Torres, Director of Corporate Affairs and Institutional Relations at Medix. "This expanded partnership will enable us to introduce Medifast's clinically proven meal replacement options for our consumers in Mexico, Central and South America."
With this partnership, Medifast plans to focus on the expansion of its Medifast Weight Control Center distribution channel, which provides clinically-focused, one-on-one counseling to clients, along with Medix's network of physicians, which will offer the program to their patients. Medifast products and programs have been recommended by over 20,000 doctors since 1980. Medifast provides clinically proven weight loss plans designed not only to help clients lose weight, but to help them learn how to maintain their weight loss long-term.
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