NeutriSci Provides Corporate Update
VANCOUVER, BC / ACCESSWIRE / September 28, 2020 / NeutriSci International Inc. ("NeutriSci" or the "Company") (TSX-V:NU)(OTCQB:NRXCF)(FRANKFURT:1N9), an innovative technology company developing products for the nutraceutical industry, in conjunction with its manufacturing partner, Cryopharm, is pleased to announce the latest business developments.
In recent meetings in L.A. between Tabletz LLC, NeutriSci and a delegation from Japan, it was noted that the new product will be ‘soft-launched' in Japan at a VIP invite only show on October 8th and 9th. The show is slated to have 3,000 invitees consisting of dignitaries, celebrities, prominent members of the business community, media and business partners. Tabletz LLC anticipates the release of its website and social media to be launched ahead of the ‘soft-launch' in two weeks.
The 7-tablet final working samples for the Japan project have been completed which were also approved by Tabletz LLC. The initial stages of production consisting of packaging development, printing, ingredients and recipe formulation, raw material procurement, government and health ministry approvals are also done. Both companies are now moving to the next stage of development which consists of orders, manufacturing and logistics.
Final testing of the Cryopharm product line, which consists of Marbl melts and Kali Juice, as well as the KushTabs and ZenSticks has been completed. These batches are now ready for sale. Multiple lab tests, including quarantine tests, were performed to satisfy the regulatory requirements for the State of California along with internal testing to demonstrate the accuracy and precise dosing of each product.
With the testing of the product line now completed and in view of reduced restrictions related to COVID conditions, full line manufacturing can now be implemented and the products can now be sold at dispensaries in California. Product orders are being compiled and will be ready for sale the first week of October. All brands use the NeutriSci IP and technology as well as its proprietary ingredients to produce the products.
Glen Rehman, CEO of NeutriSci, stated: "We have made many steps forward over the last few weeks and we are now about to realize sales in California and Japan. We are pleased to have worked through all the delays that occurred in the past and we now look towards the future with eminent sales in California as well as Japan. We wish our partners at Cryopharm the best as the first sales in California are realized and to our partners in Japan every success during their ‘soft-launch'. We expect to have a first large order from Japan in hand by mid October 2020."
NeutriSci is also pleased to announce that it has closed a non-brokered private placement (the "Placement") in which it raised gross proceeds of $381,400.08.
This Placement consisted of 3,178,334 units (the "Units") of the Company at a price of $0.12 per Unit. Each Unit consists of one common share and one half of one common share purchase warrant, with each whole warrant entitling the holder to acquire an additional common share of the Company at a price of $0.18 until March 28, 2022. In connection with the Placement, the Company paid a finder's fee of $576. All securities issued in connection with this tranche of the Placement are subject to a hold period expiring January 29, 2021.
NeutriSci is using the net proceeds of the Placement for ordering new machinery, production runs relating to the product launch in Japan, and for general working capital purposes to sharply increase the production capacity of its products and to eliminate bottlenecks during production runs.
About NeutriSci International Inc.
NeutriSci specializes in the innovation, production, and formulation of nutraceutical products. Established in 2009, NeutriSci's is building sustainable sales models with Convenience, Chain Drug, and Mass Market and Supermarket retailers for neuenergy®, the Company's natural energy and focus supplement that has at its core, the beneficial effects of blueberries. For more information, please visit: www.neutrisci.com.
On Behalf of the Board of Directors of
NEUTRISCI INTERNATIONAL INC.
President and CEO
Tel: (403) 264-6320
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This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
Statements in this press release have not been evaluated by the Food and Drug Administration. Products or ingredients are not intended to diagnose, treat, cure, or prevent any disease.
SOURCE: NeutriSci International Inc.
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