Nutroganics (NUTT) Announces Executive Changes, Strategic Discussions & Updates Financial Guidance

BETHESDA, MD--(Marketwired - February 10, 2016) - Nutroganics, Inc. (OTC PINK: NUTT) ("Nutroganics") announces that it has made some changes to its executive ranks. Juan Montano has been promoted to Plant Manager of the Company's NuStar Manufacturing subsidiary, where he has been a long tenured production and business development director. Mike Carnazzo, formerly COO of NuStar, has been terminated for cause. Angela Rataezyk has been promoted to general manager of Nutroganics' Silverbow Honey subsidiary. Mrs. Rataezyk is one of Silverbow's longest tenured employees, having been with the company for over 15 years. Matt Ferguson has departed from the Company.

Nutroganics is investigating certain improper business relationships Mr. Carnazzo appears to have had with at least one customer and their impact on the Company's business. The Company is discussing the situation with the customer and will make additional disclosures as events merit. The Company is also investigating certain other actions that Mr. Carnazzo took while he was employed by NuStar. Once the investigations are completed, the Company will announce material findings, and pursue appropriate courses of action including, but not limited to, legal action against the appropriate parties to recover the value compromised by his actions. The Company is working closely with its customers and vendors to repair the damage done by Carnazzo's actions.

Nutroganics further announces that the Company believes that its 2015 revenue totaled between $11 million and $13 million for the year. Actual 2015 results are expected to be finalized in March and will include Q4 results and may include revisions to prior results to reflect timing and collection issues on receivables. While 2015 revenue exceeded the Company's original 2015 guidance of $9.5 million issued on September 17, 2014, it falls short of the expected revenue in the Company's October 29, 2015 press release. The Company's results are due to poor Q4 performance at NuStar combined with adjustments to the Company's revenue due to bad receivables.

Nutroganics is modifying its range of expected 2016 revenue from the previous $20-22 million range to a range of $13-20 million.

Nutroganics also announces that it is pursuing discussions with multiple parties regarding potential strategic relationships, including potential mergers and/or reverse mergers. The Company believes that it can better leverage its productive capacity, better serve its customer base, and achieve better liquidity for shareholders as part of a larger Company.