Navigation Links
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. (www.innozen.com), is the preeminent formulator, developer and manufacturer of edible film strips that deliver drug or dietary supplement actives through buccal (between the cheek and gum) absorption as well as normal ingestion. InnoZen's proprietary edible film strip delivery technology is superior to any other competitive, edible film strips currently available on the market. InnoZen has five patents pending and has developed numerous trade secrets which it incorporates in the development and manufacturing process of its edible film strip products.

About SMI Manufacturing

SMI Manufacturing (www.smimfg.net) is one of the United States' premier cGMP certified integrated manufacturer of nutritional supplements since 1996, providing formulation, packaging and logistics are all under one roof. SMI is expanding its manufacturing capabilities to manufacture proprietary drug delivery system products utilizing HealthSport Inc.'s edible Bi-layer Film Strip technology and formulation patents. SMI will have 4 production lines in Tempe, AZ.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.

SOURCE HealthSport, Inc.


'/>"/>
SOURCE HealthSport, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine technology :

1. HealthSport, Inc. Announces Agreement for $10 Million Investment by SMI Manufacturing
2. Sinapis Pharma Closes Series A Financing
3. Obama Healthcare Reforms Fall Short, but Betterthanmedicare.com Closes the Donut Hole
4. Boehringer Ingelheim Animal Health Closes Deal to Acquire a Significant Portion of the Fort Dodge Animal Health Business From Pfizer
5. Aethlon Medical Discloses Live Webcast of Todays BIOCOM Presentation
6. Keraderm Closes on $2.5 Million Investment from NewVa Capital Partners, LP
7. American Scientific Resources Inc. Discloses Audited Financials for 2007 and 2008
8. Caraco Pharmaceutical Laboratories, Ltd. Closes Asset Purchase Agreement with Forest Laboratories, Inc. to Settle Lexapro(R) (escitalopram oxalate) ANDA Patent Litigation
9. Blue Belt Technologies, Inc. Closes Series A Financing
10. Curemark Closes Series A Financing
11. Cognition Therapeutics Closes Series A Financing to Advance Drug Candidates for Alzheimers Disease
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/10/2016)... February 10, 2016 --> --> This ... .  --> Japan .  --> A separate ... With submission, Shire continues to strengthen its ... submission, Shire continues to strengthen its presence ... Shire continues to strengthen its presence ...
(Date:2/10/2016)... -- CSI Specialty Group (CSI) expanded its specialty pharmacy ... Pharmacy Podcast. A free, weekly show, the Specialty Pharmacy ... discussion and context amongst specialty pharmacy peers and professionals. ... The Specialty Pharmacy Podcast, hosted by industry leader ... DiMascio, CHE, CMCE, CPC, is available for streaming and/or ...
(Date:2/10/2016)... , Feb. 10, 2016  CVS Health (NYSE: ... people living in Santa Clara County, CA ... B on the Santa Clara University campus. CVS Pharmacy ... to protect patients against the disease. Students at Santa ... to get vaccinated. In addition, anyone who has had ...
Breaking Medicine Technology:
(Date:2/10/2016)... ... February 10, 2016 , ... Intalere’s ... together more than 200 of the country’s top healthcare executives to share insights ... true benefit of the Forum is the provider-centric perspective, experience, expertise and strategy ...
(Date:2/10/2016)... ... February 10, 2016 , ... Armune BioScience signed a ... network of laboratory service centers across the country. Launched in April of 2015, Apifiny ... detection of prostate cancer. Apifiny order volume exceeded 3,000 tests in 2015. Primary care ...
(Date:2/10/2016)... ... February 10, 2016 , ... A ... Ohio Safety Congress and Expo event March 9-11, 2016. Hosted by Ohio's Bureau ... Center. , As the longest running and largest worker's compensation event in ...
(Date:2/10/2016)... ... February 10, 2016 , ... ... 1 UNF Drive, Jacksonville, FL 32224, February 26th: Amateur & Professional Divisions ... Division - Time: 7:00pm – 10:00pm | Ticket Prices $30, Social Media: ...
(Date:2/10/2016)... ... February 10, 2016 , ... Anxiety of older Americans ... start of Medicare Part D a decade ago, according to The Senior Citizens ... adults on how they are coping with rapidly rising costs. “The implications are ...
Breaking Medicine News(10 mins):