Nutra Pharma Majority Shareholders Agree to Retire Up to 20 Million Shares to Facilitate Acquisition of Bio Therapeutics Inc

Business Wire,  May 10, 2002  

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Business Editors and Health/Medical Writers

SEATTLE--(BW HealthWire)--May 10, 2002

Nutra Pharma Corp. (OTCBB:NPHC) announced today that its major shareholders have agreed to retire up to 20 million shares of restricted stock in order to facilitate the company's acquisition of Bio Therapeutics Inc.

On April 30, 2002, Nutra Pharma announced that it had entered into a letter of intent to acquire 100% of the outstanding capital stock of Bio Therapeutics Inc. in a cash and stock transaction, which will add a complete line of patented and patent pending delivery platforms and drug candidates.

"The deal is contingent upon the number of existing shares remaining the same after the closing," reported Board Chairman Zirk Engelbrecht. "And I am pleased to announce that our majority shareholders have agreed to surrender up to 20 million restricted shares to make the deal work. At the closing of the deal, the number of shares in the float will remain at less than 1.3 million shares."

Bio Therapeutics Inc. is a biotech company focused on the optimization of protein compounds in order to achieve maximum therapeutic practicability (enhanced efficacy, minimized toxicity and ease of administration). The company is engaged in the discovery and development of novel peptide therapeutics and drug delivery systems for the treatment of several different human and companion animal diseases. Bio Therapeutics' core technology revolves around the derivation of specialized receptor-binding peptides from natural proteins and peptides found in nature. Product candidates include Multiple Sclerosis, HIV, Herpes, Hepatitis C and Cancer.

This press release contains statements which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Nutra Pharma Corp. and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

For further information, contact Investor Relations at 800/715-9999.

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