|By PR Newswire||
|March 24, 2014 03:45 AM EDT||
PROVO, Utah, March 24, 2014 /PRNewswire/ -- Nu Skin Enterprises, Inc. (NYSE: NUS) today provided an update on the regulatory reviews conducted by the Administration of Industry and Commerce ("AIC") in Shanghai, where its China business is headquartered, and the AIC in Beijing, where the company maintains a branch office. These reviews were conducted under the direction of China's State AIC.
As a result of the reviews, Nu Skin China was penalized in the amount of US $524,000 (RMB 3.26 million) for the sale of certain products by individual direct sellers that, while permitted for sale in Nu Skin China's retail stores, were not registered for the direct selling channel. Nu Skin China was also fined US $16,000 (RMB 100,000) for product claims that were deemed to lack sufficient documentary support. The company understands that six of its sales employees have been fined for unauthorized promotional activities in an aggregate amount of US $241,000 (RMB 1.50 million). In addition, Nu Skin China was asked to enhance the education and supervision of sales representatives. The company is already taking steps to correct the issues raised in the AIC reviews, and is not aware of any other material enforcement investigations currently pending in China.
As announced on Jan. 21, 2014, Nu Skin China voluntarily suspended business promotional meetings and applications for new sales representatives to fully cooperate with the regulatory reviews. The company is working diligently to enhance sales representative training and supervision, and will seek direction from the Chinese government with respect to resuming normal business activities.
"We continue to believe in the potential of China's large and growing market," said Dan Chard, president of global sales and operations. "We remain committed to working cooperatively with the Chinese government to ensure the healthy, long-term growth of our business."
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 line of products including the ageLOC® TR90™ weight management and body shaping system, ageLOC® R2 nutritional supplement, and 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 relating to the company's training, compliance and government relations efforts in China; statements of belief regarding whether other material enforcement investigations are pending in China; statements regarding the resumption of normal business activities in China; statements regarding the company's initiatives, plans and growth in China; statements of management's beliefs and expectations regarding China's market; other 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:
- risk that continuing media and regulatory scrutiny and investigations in China, including any additional inquiries or investigations, and any actions taken by the company or by regulators, could negatively impact the company's revenue, sales force and business in this market, including the interruption of sales activities, loss of licenses, and the imposition of fines, and any other adverse actions or events;
- risk of unanticipated delays, complications or other difficulties in resuming all normal business activities in China;
- risks related to negative publicity regarding recent media allegations and subsequent regulatory investigations and fines;
- risk that direct selling regulations in China may be modified, interpreted or enforced in a manner that results in negative changes to our business model or the imposition of a range of potential penalties;
- risks associated with our business in China, including any operating mistakes and errors, inadequate customer service and inappropriate claims or promotions by our sales force.
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.
SOURCE Nu Skin Enterprises, Inc.
SYS-CON Events announced today that Streamlyzer will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Streamlyzer is a powerful analytics for video streaming service that enables video streaming providers to monitor and analyze QoE (Quality-of-Experience) from end-user devices in real time.
Oct. 23, 2016 02:30 AM EDT Reads: 934
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Oct. 23, 2016 02:30 AM EDT Reads: 9,640
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Oct. 23, 2016 02:30 AM EDT Reads: 835
DevOps theory promotes a culture of continuous improvement built on collaboration, empowerment, systems thinking, and feedback loops. But how do you collaborate effectively across the traditional silos? How can you make decisions without system-wide visibility? How can you see the whole system when it is spread across teams and locations? How do you close feedback loops across teams and activities delivering complex multi-tier, cloud, container, serverless, and/or API-based services?
Oct. 23, 2016 02:15 AM EDT Reads: 979
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
Oct. 23, 2016 02:15 AM EDT Reads: 542
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
Oct. 23, 2016 02:00 AM EDT Reads: 10,955
Oct. 23, 2016 01:45 AM EDT Reads: 681
Oct. 23, 2016 01:45 AM EDT Reads: 3,812
Oct. 23, 2016 01:30 AM EDT Reads: 1,027
Oct. 23, 2016 01:30 AM EDT Reads: 3,645
Oct. 23, 2016 01:15 AM EDT Reads: 880
Oct. 23, 2016 01:15 AM EDT Reads: 984
Oct. 23, 2016 12:45 AM EDT Reads: 3,524
Oct. 23, 2016 12:15 AM EDT Reads: 2,432
Oct. 23, 2016 12:00 AM EDT Reads: 1,189