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MLM Companies Directory - AMS Health Sciences

Company Name: AMS Health Sciences

In Business Since: 2001

Product Lines: Weight Loss, Nutrition

Compensation Plan Type: Unilevel

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A Dec. 29, 2007 article in "The Oklahoman" states the company is seeking bankruptcy protection while it challenges a nearly $1 million jury award that the company concedes it cannot pay.

A jury in Nov. 2007 ordered AMS to pay $985,000 to the former owner of Heartland Cup, a Pontotoc County Styrofoam cup plant that AMS bought in 2005.

The jury found AMS violated various agreements with Truett McCarty, the controlling shareholder of the cup company. AMS paid McCarty $200,000 and gave him $200,000 shares of its common stock in exchange for 83 percent of the Heartland Cup.

AMS is seeking an appeal of the judgment based on "approximately 19 substantive points of error that it believes occurred in the trial," according to an AMS statement.

AMS sells diet drinks, nutritional supplements and skin care products through a multi-level marketing network. The company has failed to turn quarterly profit since the Food and Drug Administration in 2004 banned ephedra, the key ingredient in AMS most popular product.

The company went through a series of executive and board room changes, including five presidents in five years. Founder John Hail stepped down as chairman last year, although he continued to recruit independent sales people who make up the company's marketing network.

Grizzle, who took over as chairman early last year, implemented a plan to return AMS to profitability. However, the company continued to post losses each quarter and was removed from the American Stock Exchange in September for its low share price and financial instability.

http://www.tradingmarkets.com/.site/news/Stock%20News/947035/

Posted by : admin - Tuesday, June 10, 2008

According to several AMS distributors, AMS Health Sciences is rumored to have filled chapter 11 bankruptcy as of June 10, 2008.

Posted by : mikez - Tuesday, June 10, 2008

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