Nu Skin Enterprises, Inc. (NYSE:NUS) announced today that it has received official notification from China's Ministry of Commerce of its approval to commence direct selling activities in five additional provinces and 30 districts. The provinces include Anhui, Gansu, Chongqing, Shaanxi and Yunnan. The licensing process included a review of the company's operations and is the sixth time that the Ministry of Commerce has granted Nu Skin new direct selling licenses. Nu Skin's direct selling footprint will now include 19 of the country's 32 provinces and municipalities.
"We are pleased that China's government has granted us authorization to expand our direct selling activities into additional provinces and districts," said Truman Hunt, president and chief executive officer. "We believe the government's approval of our application is a reflection of our significant investment in China over the past several years, our commitment to enhancing the lives of China's consumers and our desire to be a constructive part of China's social framework.
"We continue to build for the long-term potential of this important market and these new licenses allow us to further expand our direct selling coverage. Additionally, in an effort to better support our sales force and consumers in China, we are accelerating our infrastructure plans, including tripling the number of stores and sales support centers by 2015, as opposed to 2017 as previously announced, and expanding our manufacturing capabilities within the market by the end of 2013," concluded Hunt.
About Nu Skin Enterprises, Inc.
Nu Skin Enterprises, Inc. demonstrates its tradition of innovation through its comprehensive anti-aging product portfolio, independent business opportunity and corporate social responsibility initiatives. The company's scientific leadership in both skin care and nutrition has established Nu Skin as a premier anti-aging company. The company's anti-aging products feature the new ageLOC® suite of products including the ageLOC® R2 nutritional supplement, ageLOC® Galvanic Spa System and ageLOC® Galvanic Body Spa™, as well as the ageLOC® Transformation daily skin care system. A global direct selling company, Nu Skin operates in 53 markets worldwide and is traded on the New York Stock Exchange under the symbol "NUS." More information is available at http://www.nuskin.com.
Please Note:This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that represent the company's current expectations and beliefs. All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws and include, but are not limited to, statements of management's expectations regarding the company's initiatives and plans for Mainland China, statements of belief; and statements of assumptions underlying any of the foregoing. In some cases, you can identify these statements by forward-looking words such as "believe," "expect," "project," "anticipate," "estimate," "intend," "plan," "targets," "likely," "will," "would," "could," "may," "might," the negative of these words and other similar words.
The forward-looking statements and related assumptions involve risks and uncertainties that could cause actual results and outcomes to differ materially from any forward-looking statements or views expressed herein. These risks and uncertainties include, but are not limited to, the following:
changes in operations or future financial results from those currently anticipated; any inability to secure necessary government approvals or licenses for future expansion or changes; and continued regulatory scrutiny and investigations in Mainland China, which have from time to time in the past, and could in the future, negatively impact the company's business, including the interruption of sales activities in stores, loss of licenses, and the imposition of fines.
The company's financial performance and the forward-looking statements contained herein are further qualified by a detailed discussion of associated risks set forth in the documents filed by the company with the Securities and Exchange Commission. The forward-looking statements set forth the company's beliefs as of the date that such information was first provided and the company assumes no duty to update the forward-looking statements contained in this release to reflect any change except as required by law.
