SENETEK PLC TO ACQUIRE ASSETS OF CARME, INC. FOR ABOUT $4 MILLIONST. LOUIS, Aug. 2 /PRNewswire/ -- Senetek PLC (Nasdaq: SNTKY) today announced the financing with an international investor group to acquire the assets of Carme, Inc. for approximately $4.6 million. Senetek PLC will be a minority investor in the new venture. Carme, Inc. is a wholly owned subsidiary Wholly Owned Subsidiary
A subsidiary whose parent company owns 100% of its common stock.
In other words, the parent company owns the company outright and there are no minority owners. of International Research and Development Corporation (IRDC IRDC Infrared Dark Cloud (astronomy)
IRDC International Development Research Center (Canada)
IRDC International Race Drivers Club
IRDC I Really Don't Care
IRDC Intelligence Research & Development Council ). The investor group includes companies involved in the distribution of VivaKin products in Asia and Europe. The new company, Carme International, Inc. (CII CII Confederation of Indian Industry
CII Chartered Insurance Institute (UK)
CII Construction Industry Institute (University of Texas)
CII Council of Institutional Investors ) will operate as an independent company. Carme, Inc., located in Novato, California, has developed, manufactured and marketed skin care products since 1975.
"By becoming an affiliate of Senetek, PLC, Carme International will allow Senetek, PLC to expedite the introduction of its VivaKin products into the North American and international consumer markets. Senetek PLC is establishing distribution in parts of Asia and Europe," said Dr. Gerlof Homan, President and Chief Executive Officer of Senetek PLC. "I believe that VivaKin will provide a new approach to reducing the signs of aging."
"With the investment in Carme International, we acquire access to a base of $8 million in annual sales, as well as established manufacturing, marketing, and sales capabilities that serve our national and international target markets," said Alan L. Hofstein, President of Senetek PLC's Skin Care Division. "VivaKin is introduced as part of a family of products to allow both men and women to look younger and healthier with advancing years."
Carme International, Inc. will honor all outstanding orders and contracts to supply products. Mr. Hofstein will join Carme International as President and Chief Executive Officer of Carme International, Inc.
Carme has successfully developed and established a market for skin care products in a number of market niches. Its Allercreme brand name line, which is marketed to physicians, is a leader in hypo-allergenic products for sensitive skin. Its Mill Creek product line is marketed primarily to the health food segment, and its Silver Fox products are targeted to the growing graying population.
Carme has been in the vanguard of the development of cruelty-free non-animal tested personal products.
Senetek PLC owns the patent rights to the use of Kinetin kinetin (kī`nətĭn), one of a group of chemically similar plant hormones, the cytokinins, that promote cell division. In some instances kinetin acts together with another hormone, indoleacetic acid, or auxin; in other cases it acts in for skin treatment. Kinetin, a plant growth hormone, is the active ingredient in VivaKin. In 1994, the results of a study were reported in the scientific journal Biochemical and Biophysical Research Communications on the anti-aging effects of Kinetin. The study provides experimental evidence that Kinetin can prevent completely or partially a variety of aging-related changes in the appearance and function of human skin cells. The VivaKin products will be introduced as a complete skin care regime to ameliorate the effects of aging.
The acquisition of Carme will give Senetek PLC the ability to manufacture and market VivaKin skin care products through an established distribution channel. Carme has the capacity to manufacture in excess of $50 million worth of products per year using a multi-shift operation. Through Carme, Senetek PLC will establish an immediate presence in the $56 billion skin care market.
Senetek PLC is dedicated to the development of technologies to provide better solutions for a broad array of aging-related health and appearance problems around the world. Besides skin care and the treatment of skin diseases, Senetek PLC is also focusing on the development of novel therapeutics for erectile dysfunction, including an auto injector system designed to provide a significantly improved and virtually painless method of drug delivery suitable for untrained patients.
Senetek PLC is a technology based company dedicated to the development, manufacture and sale of health care products addressing the needs of the world's aging population. Senetek (SNTKY) is a publicly traded company publicly traded company
A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. with its corporate headquarters in the U.K.
/CONTACT: Dennis Nebbe, Senetek PLC, 800-869-1696/
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