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CLEARWATER — As Seen On TV Inc. announced its eDiets.com Inc. subsidiary is selling its fresh and frozen meal delivery business assets to Chefs Diet National Co. LLC for $1.1 million.
In a letter to shareholders, Ronald Pruett Jr., As Seen On TV's CEO, says the firm was repositioning eDiets as a primarily digital business. The company plans to unveil a different eDiets over the next few weeks.
“The sale of our meal delivery operation to a fine partner like Chef's Diet National serves our customers well and allows us to expand our promising digital platform,” Pruett Jr. says in a news release.
Additional terms of the transaction are scheduled to be released in an SEC filing later this week. The deal is scheduled to close on Sept. 30.
As Seen On TV purchased eDiets.com Inc. on Feb. 28 for 19 million shares of stock equal to about $13 million.
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