Innovus Pharmaceuticals, Inc., an emerging commercial-stage pharmaceutical company that delivers safe, innovative and effective over-the-counter medicine and consumer care products to improve men’s and women’s health and respiratory diseases, today announced the acquisition for cash of all of the assets of SupplementHunt.com, an E-Commerce storefront with proprietary sales platform and marketing technology.
The Company believes that the relatively immediate benefits to Innovus Pharma from the acquisition include:
An expected approximately $2 million in revenue for 2019 from these assets; A 70,000+ person base of potential customers who are dietary supplement users; A new E-Commerce channel for complementary Innovus products; and An important proprietary sales platform and marketing technology that can expand to many of Innovus Pharma’s current products.
The all cash acquisition is with 2464573 Ontario, Inc., a Canadian company, and pursuant to the acquisition agreement, Innovus Pharma has acquired the on-line business which generated approximately $1.2 million in revenue over the last 12 months. The financial terms of the transaction have not been disclosed.
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“We are very happy to announce the expansion of our E-Commerce business through the acquisition of SupplementHunt.com, a leading on-line marketer and seller of supplements,” said Bassam Damaj, the President and Chief Executive Officer of Innovus Pharma. “We are very pleased with the growth that SupplementHunt.com has seen, and we believe that the revenue that it has achieved will increase our overall revenue in 2019 and beyond, and will be an ideal platform for us to increase our portfolio of products we sell through our E-Commerce businesses, as well as help us to be able to diversify our marketing and sales channels. The company has also developed a very sophisticated sales and marketing technological platform that may permit us to also sell our current products on. We look forward to acquiring additional E-Commerce stores and assets to enable us to grow this major channel for us, one that we believe will help us to achieve our goal of profitability,” he continued.
Date: December 17, 2018
Source: AP News