SANTA MONICA, Calif. -- (Business Wire)
Synergy Strips Corp. (OTCQB:SNYR) (“Synergy”), a company that markets
and distributes consumer products primarily in the health and wellness
industry, today announced the acquisition of the FOCUSfactor® brand,
America’s No.1 brain health supplement, from Factor Nutrition Labs, LLC.
Knight Therapeutics Inc. (TSX:GUD), through one of its wholly owned
subsidiaries (“Knight”), financed the transaction with a $6 million
secured loan. FOCUSfactor is sold at retail stores including Costco,
Sam’s Club, Walmart, Walgreens, CVS and The Vitamin Shoppe.
“We are pleased to sell the FOCUSfactor brand to Synergy,” said Paul
Levinsohn, a principal of Factor Nutrition Labs, LLC. “We have spent the
past six years focused on clinical study substantiation and expansion of
FOCUSfactor in the retail sector. We believe it is the perfect time for
Synergy to take FOCUSfactor to the next level of consumer awareness.”
Under the terms of the agreement, the secured loan will bear interest at
15 percent per annum, plus other considerations. The interest rate will
decrease to 13 percent provided Synergy meets specified
equity-fundraising targets. In January 2017, the loan matures and may be
extended for up to an additional two years if revenue and profitability
milestones are met.
“We are pleased to support Synergy in their acquisition of FOCUSfactor
and look forward to this partnership with an alert partner,” said
Jonathan Ross Goodman, director of Knight.
Synergy’s acquisition of the FOCUSfactor brand comes after a rare
achievement in the nutritional supplement category – a patent on the
product’s proprietary formulation. In December 2012, the United States
Patent and Trademark Office issued U.S. Patent 8,329,227 covering
FOCUSfactor’s proprietary formulation “for enhanced mental function.”
The issuance of the patent marked one of the few times a patent has been
issued for a nationally branded nutritional supplement.
The issuance of the patent for FOCUSfactor came after a 2011 clinical
study report which showed that FOCUSfactor improves memory,
concentration and focus in healthy adults. The clinical study of
FOCUSfactor was sponsored by Factor Nutrition Labs and was conducted by
Cognitive Research Corporation, a full-service contract research
organization that specializes in the effects of nutritional supplements
and pharmaceutical products on human cognition. The study was conducted
in compliance with all applicable country requirements for the conduct
of clinical studies, including those outlined by the International
Conference on Harmonization, Consolidated Guidelines on Good Clinical
Practices, and the Food and Drug Administration.
“We are thrilled to add the FOCUSfactor brand to our developing
portfolio of best-in-class consumer brands. We intend to build on the
product’s proven success and retail strategy,” said Jack Ross, CEO of
Synergy. “We are also pleased to partner with a successful lender with a
track record of helping to build solid companies.”
About Synergy Strips Corp.
Synergy Strips Corp. (OTCQB:SNYR) is a U.S. company that is in the
process of building a portfolio of best-in-class consumer product
brands. Synergy’s strategy is to grow its portfolio both organically and
by further acquisitions.
About FOCUSfactor®
FOCUSfactor is sold at America’s leading retailers such as Costco, Sam’s
Club, Walmart, Walgreens and The Vitamin Shoppe. FOCUSfactor, America’s
leading brain health supplement, is a nutritional supplement that
includes a proprietary blend of brain supporting vitamins, minerals,
antioxidants and other nutrients. In December 2012, the United States
Patent and Trademark Office issued US Patent 8,329,227 covering
FOCUSfactor’s proprietary formulation “for enhanced mental function.”
The issuance of the patent marked one of the few times a patent has been
issued for a nationally branded nutritional supplement. FOCUSfactor is
clinically tested with results demonstrating improvements in focus,
concentration and memory in healthy adults.
About Knight Therapeutics Inc.
Knight Therapeutics Inc., headquartered in Montreal, Canada, is a
specialty pharmaceutical company focused on acquiring or in-licensing
innovative pharmaceutical products for the Canadian and world markets.
Knight’s shares trade on the TSX under the symbol GUD. Visit: www.gud-knight.com.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 that are
subject to risks and uncertainties. All statements, other than
statements of historical facts, regarding management's expectations,
beliefs, goals, plans or Synergy’s prospects should be considered
forward-looking. Readers are cautioned that actual results may differ
materially from projections or estimates due to a variety of important
factors, including: Synergy’s ability to integrate the FOCUSfactor
product line into its current operations; Synergy’s dependence on third
parties for its research and development, manufacturing and distribution
functions; Synergy’s’ dependence on its license relationships; the risks
and uncertainties associated with Synergy’s ability to manage its
limited cash resources; obtaining additional financing to support
Synergy’s operations; protecting the intellectual property developed by
or licensed to Synergy for FOCUSfactor; and Synergy’s ability to build
its operations to support its business strategy and promote its
products. These and other risks are described in greater detail in
Synergy’s filings with the SEC, copies of which are available free of
charge at the SEC's website (www.sec.gov)
or upon request from Synergy. Synergy may not actually achieve the goals
or plans described in its forward-looking statements, and investors
should not place undue reliance on these statements. Synergy assumes no
obligation and does not intend to update these forward-looking
statements, except as required by law.
Contacts:
Synergy Strips
Jack Ross, Chairman / CEO
615-939-9004
Jack@synergystrips.com
Source: Synergy Strips
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