ProCyte to Acquire Spa Business.Business Editors
REDMOND, Wash.--(BUSINESS WIRE)--Oct. 16, 2003
ProCyte Corporation (OTCBB OTCBB
See OTC Bulletin Board (OTCBB). :PRCY), maker of the innovative Neova(R) Therapy line of skin care products based on GHK GHK Goldman-Hodgkin-Katz (equation)
GHK Gush Katif, Israel - Domestic Airfield (airport code)
GHK Global Hot Key
GHK Group Hot Key Copper Peptide Complex(R) for the dermatology dermatology (dûrmətŏl`əjē), branch of medicine concerned with diagnosis and treatment of diseases and disorders of the skin. and cosmetic surgery cosmetic surgery, plastic surgery for cosmetic purposes, such as the improvement of the appearance of the face by removing wrinkles or reshaping the nose. markets, today announced it had signed a non-binding Letter of Intent with Annette Hanson to acquire the principal assets of her product distribution business for approximately $730,000 in cash. Hanson's business, focused on the spa and salon markets, has sold products containing ProCyte's technology under the Simple Solutions(R) brand since April 2002. Included in the proposed purchase are the Simple Solutions(R) and AquaSante(R) brand names, trademarks, inventory and receivables.
Hanson is a well-respected speaker on the subject of skin care and is also the founder of Atelier Esthetique Institute of Esthetics esthetics: see aesthetics. , an internationally recognized school for estheticians located in Manhattan, which she will continue to own and operate. Under a proposed consulting agreement, Hanson would continue to speak on the benefits of ProCyte's patented Copper Peptide compounds in therapeutic skin care regimes as well as expanding awareness of the acquired brands.
Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues of the existing business are approximately $1 million. If completed, the proposed acquisition would allow ProCyte to expand into targeted retail distribution and leverage its Copper Peptide technology and sales and marketing expertise. It also would increase the focus on the esthetician es·the·ti·cian
Variant of aesthetician.
1. a specialist in aesthetics.
2. a proponent of aestheticism.
See also: Beauty
Noun 1. , an important decision maker for skin care products in physician offices, medical spas, spas, and salons. ProCyte believes that significant product synergies would occur as a result of the proposed acquisition.
Consummation of the transaction is subject to the parties' completion of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , negotiation and execution of the definitive agreements, including Hanson's consulting contract, and satisfaction of customary conditions of closing and Board approval. ProCyte currently believes that these requirements will be successfully satisfied and expects that the proposed acquisition will close within the next several weeks.
"I am very excited about the prospect of utilizing the research capability and marketing expertise of the ProCyte team to expand our scientifically proven products in the spa and salon market," said Annette Hanson. "My Simple Solutions(R) and AquaSante(R) products are already being sold in such well known spas as MGM Grand Las Vegas This article is about the current MGM Grand in Las Vegas. For the first casino hotel with that name, see MGM Grand Hotel and Casino.
“MGM Grand” redirects here. For other uses, see MGM Grand (disambiguation). and the Diplomat and Turnberry Spas in Miami."
"We are very pleased about the opportunity to join forces with Annette Hanson. She is a world class expert in skin health and a published author. In addition she is a speaker and educator participating in industry conventions and seminars. We expect that Annette will be very involved in growing this segment of our business," said Jack Clifford, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ProCyte Corporation. "This potential acquisition is in line with our strategy of seeking to acquire companies or technologies that allow us to enter market segments and grow our revenue and earnings."
ProCyte Corporation develops and markets products based on its patented, clinically proven Copper Peptide technology for skin health, hair care and wound care. The Company sells directly to dermatologists, plastic and cosmetic surgeons and through licenses with strategic partners into the consumer market, including its long-term worldwide license agreement with Neutrogena(R), a Johnson & Johnson company. ProCyte's products include VitalCopper(TM) and Neova(R) Anti-Aging Skin Care agents, Complex Cu3(R) Post-Procedure Skin Care, GraftCyte(R) Hair Transplant Care and Tricomin(R) Advanced Care for Thinning Hair. The Company also has the exclusive distribution rights for Cutanix Corporation's Quadrinone(R) technology for medical and spa markets in the U.S., Canada and Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. . Additional information is available by visiting the Company's website at www.procyte.com.
This release may contain forward-looking statements relating to relating to relate prep → concernant
relating to relate prep → bezüglich +gen, mit Bezug auf +acc the research, development, commercialization, production, marketing and distribution of the Company's products and future operating results, which are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words "believe," "expect," "intend," "anticipate," variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could affect the Company's actual results include its ability to develop, commercialize and produce new products; the market acceptance of existing and potential future products; the availability, cost and timely delivery of materials and services from and performance of third-party suppliers, manufacturers, distributors, licensees and other collaborative partners; the satisfaction of regulatory requirements, and the receipt, timing, terms and conditions of required regulatory approvals. Reference is made to the Company's Annual Report on Form 10-K Form 10-K
A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.
See 10-K. for the year ended Dec. 31, 2002, and its latest Quarterly Report on Form 10-Q Form 10-Q
See 10-Q. filed with the Securities and Exchange Commission for a more detailed description of such factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to publicly update any forward-looking statement to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.