Synergy Strips Corp. Acquires Assets of America’s No.1 Brain Health Supplement, FOCUSfactor
27 January 2015 - 9:25AM
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.
Synergy StripsJack Ross, Chairman /
CEO615-939-9004Jack@synergystrips.com
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