Health Sciences Group Inc. said in a Monday regulatory filing that its bid to acquire specialty tea maker Kalahari Limited had fallen through and its chief executive officer of less than a year had resigned.

The Los Angeles-based provider of nutraceutical and cosmeceutical products said that a condition of acquiring the assets of Atlanta-based Kalahari Ltd. included providing a minimum of $1 million by March 31 to Kalahari Inc., the wholly owned Health Sciences subsidiary created to handle the transaction and operate the business. When the company was unable to meet the deadline, the acquisition agreement was terminated, the company said in a Securities and Exchange Commission filing.

The company announced in the same filing that due to the company’s inability to close the Kalahari deal, Chief Executive Stuart Gold had resigned, effective Feb. 16.

Kalahari is a leading provider of Rooibos red tea products. The acquisition announced in October was to have been the first orchestrated by Gold since coming on board last June to develop a new strategic direction for the company. Gold, who lives in Florida, was formerly chief operating officer of The Republic of Tea, another specialty tea company.

In a separate filing, Health Sciences on April 2 notified the SEC that it would be late in filing its 10K annual report for 2006. The company, whose brands include Swiss Diet and Swiss Research, was trading at less than 2 cents per share on the over-the-counter bulletin board Monday. It traded at around 21 cents a share a year ago.