MM2 Group, Inc. (OTCBB: MMGP) recently announced that their wholly-owned subsidiary, Genotec Nutritionals, Inc., closed a sale for the manufacture of fish oil sofgels. Based out of New York, Genotec is a nutraceutical company that engages in sales from the distribution of their branded products, working through custom formulations for several large strategic partners.
The manufacturing of the sofgels will take place in China at Genotec’s joint venture partner’s plant. It has been reported that the plant’s capacity is currently at 1.5 billion capsules annually, with the ability to expand up to 5 billion sofgel capsules. The transaction is valued near $170,000, as the order may become a monthly or bi-monthly order, which solely depends on the feedback from the customer regarding the first shipment. The customer is one of the largest companies in the nutraceutical industry.
George Kontonotas, President of Genotec, said, “We are very excited about this venture. The plant is a China SFDA certified facility that complies with cGMP manufacturing standards. These high standards, which allow the plant to currently manufacture pharmaceuticals, make this among the highest quality plants which can be found manufacturing products in the nutritional supplement marketplace.”
“This is just the first step in our plan. Following the completion of this order, we will have one of the largest and most prestigious companies in the industry as a reference-able customer. As a result, we expect that other, smaller companies will jump in line to take advantage of our cost competitive and high quality products. We hope to be in a position to make several exciting announcements in the near future regarding sales activity from this new venture,” commented Mark Meller, CEO of MM2 Group.
Acting through its subsidiary, Genotec Nutritionals, Inc., MM2 Group, Inc. engages in the formulation, marketing, and distribution of nutritional supplements and vitamins in the United States. The company sells an array of products from fish oil, grape powder, lutein, and resveratrol to psyllium powder. The company also focuses on formulating custom diets, cardiac support, eye support, immunity support, and aging support.
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