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Pharmagen Partners with Bagel Boy Equity Group II, LLC and prepares to Launch its Industry Consolidation Strategy
Date:12/17/2013

SILVER SPRING, Md., Dec. 17, 2013 /PRNewswire/ -- Pharmagen, Inc. (OTCBB: PHRX) (the "Company" or "Pharmagen") announces that is has executed an agreement with Bagel Boy Equity Group II, LLC, whereby its Managing Partner, Richard A. Wolpow will become Chairman of the Board of Directors and interim Chief Operating Officer ("COO").  Wolpow will work closely with Pharmagen's CEO, Mackie Barch, and the rest of its executive team using the Company as the platform for deploying a roll-up consolidation plan in the hard-to-find secondary wholesale and sterile compounding market.  Pharmagen's goal will be to build a fully integrated state-of-the-art distribution and supply chain that will drive revenue and EBITDA growth for shareholders.

"We have been looking at this space for the past year and believe Pharmagen has the right platform for the overall success of the plan," says Richard A. Wolpow, managing partner of Bagel Boy Equity Group II LLC, a private family office he controls.  As a component to the deal Bagel Boy Equity Group will lead a Bridge Financing that will help kick-off the plan that has been in development for the past months including a detailed capital restructure plan.    

The market is made of a lot of quality smaller secondary wholesale companies and compounding laboratories that are all running into similar problems; regulations are getting tighter, supply chain is shrinking along with revenues and profits.  Without change, many of these companies may not survive and/or have an exit strategy in the future.   "Pharmagen has made significant investments across the board; from its focus to become a  cGMP complaint laboratory, industry changing IT platform, and drug productions models, the Company is poised to become a best-in-class provider" continued Wolpow.

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SOURCE Pharmagen, Inc.
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