Everybody talks about eating healthier, but few people do anything about it. After all, who wants to eat healthy when eating bad tastes so good? Luckily, there are companies out there willing to watch our diet for us – companies like Wholefood Farmacy (Pinksheets: WFMC), an emerging natural whole foods provider.”We have about fifty basic products,” Wholefoods CEO Steven Tilton told MN1 “We have various packages that mix and mingle those products, we make 50 products that are all whole foods. No artificial foods, no preservatives, no artificial colors.”
If you haven’t heard of Wholefood’s products yet, it’s not surprising – the company’s been entangled in a vicious legal battle over the past several years, based on one of the company’s former members who reportedly mismanaged the company’s funds and brought it into bankruptcy.
Normally, in the pink sheets arena, this would mean the death of the company. Not so for Wholefood Farmacy. Now run by Steven Tilton and CFO Britt Brand, Wholefood is on the way back up.
“We’ve always had a good nucleus of good products, and we’ve used that bankruptcy as an incubation period to develop our products,” Tilton told MN1. “Our creditors all got paid, everyone entitled to money is on a schedule to get paid … bottom line is, we’re a lot stronger than we were when we went into bankruptcy.”
And they certainly are stronger; although the stocks are still trading at 9 cents a share with a volume of zero, Tilton and Brand see their company as leaving the low point and heading for a more positive future.
“Before, we were basically involved in litigation and lawsuits – [one company even] tried to do a hostile takeover right in the middle of court,” Tilton said. “We’ve been in a very defensive posture because of all these legal issues. We’ve been involved in litigation and going through all these minefields to come out of bankruptcy court.
“Now that it’s behind us, we can focus on marketing,” Tilton concluded.
“We’ve come out of all that,” Brand said. “We’ve settled all the lawsuits, we got our final decree two months ago. All the lawsuits are settled. We’ve also pulled back in 34 percent of the company’s stock.”
For more information on Wholefood Farmacy, visit www.wholefoodfarmacy.com
