Bactolac Pharmaceutical, Inc. – ‘10-K’ for 9/30/03 – EX-14

On:  Tuesday, 1/13/04, at 2:08pm ET   ·   For:  9/30/03   ·   Accession #:  1079973-4-10   ·   File #:  0-26362

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                         54    266K 
 2: EX-10.68(A)  First Amd to Loan and Security Agmt Dtd 12/31/03      5     21K 
 3: EX-14       Code of Ethics of Advanced Nutraceuticlas, Inc.        2±     9K 
 4: EX-21       Subsidiaries of the Company                            1      5K 
 5: EX-23.1     Consent of Grant Thornton LLP                          1      7K 
 6: EX-23.2     Consent of Gelfond Hochstadt Pangburn, P.C.            1      7K 
 7: EX-31.1     Section 302 Certification From CEO                     2±    10K 
 8: EX-31.2     Section 302 Certification From CFO                     2±    10K 
 9: EX-32       Section 906 Certifications                             1      8K 

EX-14   —   Code of Ethics of Advanced Nutraceuticlas, Inc.

                                                                      Exhibit 14

 ADVANCED NUTRACEUTICALS, INC.

CODE OF ETHICS

 Principles Governing Professional and Ethical Conduct

It is the policy of Advanced Nutraceuticals, Inc. (the "Company") that the      
Company's Chief Executive Officer, Chief Financial Officer, principal accounting
officer and controller (or persons performing similar functions) adhere to,     
advocate and promote the following principles:                                  

   o    Honest and ethical conduct, including the ethical handling of actual
       or apparent conflicts of interest between personal and professional
relationships;                                              
    o    Full, fair, accurate, timely and understandable disclosure in reports
 and documents that the Company files with, or submits to, the
   Securities and Exchange Commission (the "SEC") and other public
communications made by the Company; and                     
     o    Compliance with laws, rules and regulations applicable to the Company.

Reporting and Treatment of Violations                                           

Persons who become aware of suspected violations of this Code should report such
suspected violations promptly to the Chairman of the Company's Audit Committee  
of the Board of Directors. To assist in the response to or investigation of the 
alleged violation, the report should contain as much specific information as    
possible to allow for proper assessment of the nature, extent and urgency of the
alleged violation. Without limiting the foregoing, the report should, to the    
extent possible, contain the following information:                             

    o    the alleged event, matter or issue that is the subject of the alleged
violation;                                                  
o    the name of each person involved;                                
o    if the alleged violation involves a specific event or events, the
approximate date and location of each event; and            
    o    any additional information, documentation or other evidence available
relating to the alleged violation.                          

        The Audit Committee shall have the power to monitor, investigate, make
determinations and recommend action to the Board of Directors with respect to   
violations of this Code. In determining whether a violation of this Code has    
occurred, the Audit Committee may take into account:                            

o    the nature and severity of the violation;                        
 o    whether the violation was a single occurrence or involved repeated
occurrences;                                                
     o    whether the violation appears to have been intentional or inadvertent;
     o    whether the person in question had been advised prior to the violation
as to the proper course of action;                          
   o    whether the person in question had committed other violations in the
past; and                                                   
   o    such other facts and circumstances as the Audit Committee shall deem
advisable in the context of the alleged violation.          

Consequences of Violations                                                      

If a violation is substantiated, the Board of Directors, upon the recommendation
of the Audit Committee, may impose such sanctions or take such actions as it    
deems appropriate, including, but not limited to, the following:                

o    Disciplinary action (including censure, re-assignment, demotion, 
suspension or termination);                                 
o    Pursuit of any and all remedies available to the Company for any 
    damages or harm resulting from a violation, including injunctive
relief; and                                                 
     o    Referral of matters to appropriate legal or regulatory authorities for
investigation and prosecution.                              

Requests for Waivers and Changes in Code                                        

   A waiver of a provision of this Code shall be requested whenever there is
reasonable likelihood that a contemplated action will violate the Code. Any     
waiver (including an implicit waiver) that constitutes a material departure from
a provision of this Code shall be publicly disclosed on a timely basis, to the  
extent required by applicable rules and regulations of the SEC. In addition, any
amendments to this Code (other than technical, administrative or other          
non-substantive amendments) shall be publicly disclosed on a timely basis, to   
the extent required by applicable rules and regulations of the SEC.