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Editor's notes: Even if the company doesn't capitalize on new sales channels, shares of FTLF appear 30% undervalued. In a bullish scenario, fund manager Igor Novgorodtsev envisions much larger gains than that.

(Editors' Note: This article covers a stock trading at less than $1 per share and/or has less than a $100 million market cap. Please be aware of the risks associated with these stocks.)

Introduction:

FitLife Brands (OTCQB:FTLF) is a relatively young company. It was only incorporated in 2006 when it was a tiny nutritional supplement vendor selling to a handful of GNC (GNC) franchised stores. The company, formerly known as Bond Labs, traded as a "penny stock" in total obscurity on the OTC market for several years. The new management, led by Coca-Cola veteran John Wilson, came aboard in 2010 and decided to shake things up. FitLife simplified its capital structure by converting its preferred stock...

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