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HealthSport, Inc. Closes Stock Purchase Agreement With SMI Manufacturing - Receives $2.5 Million
Date:12/7/2009

WOODLAND HILLS, Calif., Dec. 7 /PRNewswire-FirstCall/ -- HealthSport, Inc. (OTC Bulletin Board: HSPO), the preeminent formulator and developer of edible multi-layer film strips that deliver drug or dietary supplement active ingredients through buccal and sublingual absorption as well as oral ingestion, announced today that it has received $2.5 million from its strategic manufacturing partner, SMI Manufacturing, according to the terms of the stock purchase agreement between the Company and SMI dated November 6, 2009.

Under the terms of the stock purchase agreement, SMI was issued a 55% stake in HealthSport's outstanding common stock in exchange for $2 million at closing and a promissory note to the Company for $8 million. The first installment under the note of $500,000 was also paid at the closing which occurred on December 1, 2009. The investment is expected to accelerate HealthSport's growth and strengthen its alliances with large pharmaceutical companies to provide the next generation drug delivery technology.

"Given the growing importance of HealthSport's film strip technology in our forward planning, SMI has made a long term commitment to bringing HealthSport's next generation delivery platform into mass production under its strict cGMP guidelines for planned world-wide distribution in 2010," said Ferrel Raskin, SMI's CEO.

A full description of the transaction between HealthSport, Inc. and SMI Manufacturing can be found in the Form 8-K that was filed with the SEC on December 4, 2009.

About HealthSport, Inc.

HealthSport, Inc. (www.healthsportinc.com) is a fully integrated developer, manufacturer and marketer of unique and proprietary branded and private label edible film strip nutritional supplement and over-the-counter drug products. HealthSport's wholly-owned subsidiary, InnoZen, Inc. ('/>"/>

SOURCE HealthSport, Inc.
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