UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OR
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 9, 2002
NUTRASTAR INCORPORATED
(Exact name of registrant as specified in its charter)
California 0-27728 87-0673375
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation Identification Number)
1261 Hawk's Flight Court
El Dorado Hills, CA 95762
(Address of principal executive offices)
(916) 933-7000
(Registrant's telephone number, including area code)
N/A
(Former names or former address, if changed from last report)
Item 5. Other Events
NutraStar Incorporated ("the Company") announced the termination of an existing
distribution and license agreement between the Company and The RiceX Company
("RiceX") effective July 9, 2002. The termination was prompted by the Company's
inability to meet increasing volume purchase requirements and the maintenance of
the required security deposit with RiceX. As a result of this termination, the
Company no longer has the right to be the exclusive distributor of the RiceX
rice solubles and rice bran fiber concentrates in the United States; however,
the Company will continue to buy such products from RiceX on a nonexclusive
basis. Although the Company does not believe that the loss of this exclusive
distributorship will have a material adverse impact on the Company's operations
or potential competition in the foreseeable future, the Company will attempt to
renegotiate and reacquire such exclusive distributorship rights in the future.
The Company will continue to purchase RiceX products in sufficient amounts to
support its sales of dietary supplements for its e-commerce direct sales
programs, products for strategic alliances and for new product research and
development needs.
The agreement also provided for a license to the Company to utilize three
patents relating to the use of rice bran supplements to treat diabetes and
hyperlipidemia. The Company will continue to be allowed to utilize these patents
until a new use agreement can be negotiated.
The Company and RiceX expect to continue to work together in the development of
rice bran science and the production and marketing of stabilized rice bran
products.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements of business acquired. None.
(b) Pro Forma Financial Information. None.
(c) Exhibits. None.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: August 12, 2002
NUTRASTAR INCORPORATED
By: /s/ Patricia McPeak
---------------------------
Patricia McPeak,
Chief Executive Officer