HealthSport, Inc. (OTCBB: HSPO), a fully integrated developer, manufacturer and marketer of unique and proprietary branded and private label edible film strip nutritional supplements and over-the-counter drugs, announced today it has closed a private placement of its shares of common stock in which the Company received total net proceeds of $6 million. Under the terms of the placement, HealthSport sold approximately 4 million shares of common stock at a fixed price of $1.50. The shares underlying the placement carry registration rights calling for the filing of an SB-2 on or before June 1, 2008. Investors in the financing include former NFL stars Bruce Smith, Bernie Kosar and Jim Kelly.
Proceeds of the private placement will be used for general working capital as well as to expand the capacity of its recently acquired wholly-owned subsidiary, InnoZen, Inc., the preeminent formulator, developer and manufacturer of edible film strips that deliver drug actives through buccal (between the cheek and gum) absorption. HealthSport completed the acquisition of InnoZen on May 7, 2007.
InnoZen’s patented and proprietary edible film strip delivery technology is superior to any other competitive edible film strips currently on the market. InnoZen has five patents pending and has developed numerous proprietary processes that it incorporates in the development and manufacturing process of edible film strips. InnoZen’s key IP is its proprietary and patent-pending bi-layer technology, which results in edible film strips that boast long shelf life, a high tolerance to heat, cold and humidity, and the best overall stability without having to be individually wrapped.
HealthSport and InnoZen are the developers, manufacturers and marketers of the edible Enlyten™ SportStrips™ (http://enlytenstrips.com). Enlyten SportStrips replace the electrolytes one loses while exercising through buccal (cheek) absorption. This mode of absorption is very different from all of Enlyten’s electrolyte delivery predecessors. Unlike traditional absorption through the gastric system, which can take up to 30 minutes and may cause bloating, Enlyten SportStrips enable electrolytes to be absorbed directly into the bloodstream in just minutes eliminating over-hydration or bloat that often accompanies the excessive consumption of sports drinks.
If you would like to receive e-mail announcements about HSPO, please sign up at the following website: http://www.Directstocknews.com/HSPO.
About HealthSport, Inc.
HealthSport (http://www.healthsportinc.com) is a fully integrated developer, manufacturer and marketer of unique and proprietary branded and private label edible film strip nutritional supplements and over-the-counter drugs. The Company’s wholly owned subsidiary, InnoZen (http://www.innozen.com), is the preeminent formulator, developer and manufacturer of edible film strips that deliver drug actives through buccal (between the cheek and gum) absorption. InnoZen’s proprietary edible film strip delivery technology is superior to any other competitive edible film strips currently on the market. InnoZen has five patents pending and has developed numerous trade secrets which it incorporates in the development and manufacturing process of edible film strips. The company’s Enlyten(TM) SportStrips(TM) (http://enlytenstrips.com), an edible film electrolyte strip, has recently undergone and completed pre-market testing conducted in conjunction with physicians and scientists at Duke University Sports Medicine & The Michael J. Krzyzewski Human Performance Laboratory (“K Lab”) (http://klab.surgery.duke.edu). Preliminary findings of these tests suggest that the Enlyten electrolyte strip delivers meaningful amounts of electrolytes to the body in a safe, fast and effective manner.
Special Note Regarding Forward-Looking Statements: Statements in this news release about anticipated or expected future revenue or growth or expressions of future goals or objectives, including statements regarding whether current plans to grow and strengthen the Company’s existing business, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All forward-looking statements in this release are based upon information available to the Company on the date of this release. Any forward-looking statements involve risks and uncertainties, including the risk that the Company will be unable to grow or strengthen its business due to a lack of capital or an inability to identify acquisition candidates and that the Company may not realize anticipated cost savings or revenue growth opportunities associated with any acquisitions, planned or otherwise. Additionally, forward-looking statements concerning the performance of the Company’s business are based on current market conditions and risks, which may change as the result of certain regulatory, competitive or economic events, as well as those risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, which could cause actual events or results to differ materially from the events or results described in the forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements.
The Market News First logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3162
Investor Contact: The Del Mar Consulting Group, Inc. Robert B. Prag, President (858) 794-9500 bprag@delmarconsulting.com
For all other inquiries, please contact: Sophia Mucyn Enlyten, Inc. Ph: (716) 691-6763 Market News First Angela Junell 214-461-3411 ajunell@MN1.com Source: HealthSport, Inc.