Health & Nutrition Systems Sells Assets

Weight management product developer and marketer Health & Nutrition Systems (HNS), West Palm Beach, FL, has entered into a definitive agreement to sell the operations of its main business to Florida-based TeeZee Inc., which was formed by Christopher Tsi, who currently serves as the CEO of HNS. Under terms of the agreement, TeeZee will acquire substantially all of the assets of HNS in exchange for payment of $411,000, of which $375,000 will be paid in cash and $36,000 will be represented by a promissory note. TeeZee will also assume ap­proximately $2 million of HNS’ debt.