Capsalus Corp. Announces Agreement To Buy GeneWize Life Sciences, Inc.
Capsalus Corp. ( OTCBB:WELL), a public company operating in the health and wellness space, has finalized the definitive agreement with leading biosciences company GeneLink Biosciences, Inc. ( OTCBB:GNLK) to acquire 100% of the stock of its wholly owned direct-selling subsidiary GeneWize Life Sciences, Inc., pending GeneLink shareholder approval and other related terms. The deal, Capsalus’ third in less than a year, will provide immediate revenues.
Noteworthy investors backing Capsalus in financing the transaction include New York-based asset management firm, Wharton Equity Partners, as well as former National Football League quarterbacks Bernie Kosar and Gary Danielson. With their collective participation, Capsalus plans to bring not only financial support to GeneWize, but also hands-on operational expertise and strategic development opportunities.
From the outset, GeneWize is expected to be a key driver in significantly enhancing Capsalus shareholder value in the near term. Earning distinction as the first network sales company to focus on providing individually customized nutritional formulations based on a consumer's personal DNA assessment, GeneWize generated more than $25 million in revenues over the past three years.
The deal secures Capsalus’ stake in the combined $20 billion market of skin care, weight management and wellness supplements in the U.S. What’s more, the relationship with GeneWize adds to Capsalus’ track record of sourcing opportunities and consummating investments in promising developing stage enterprises offering innovative products and services in fast-growing segments of the wellness sector.“Over the course of finalizing this deal and ramping up operating plans, we have been impressed by the leadership of GeneWize President Sharon Tahaney and her team,” said Capsalus interim CEO Steven M. Grubner. “Considering their current outstanding performance in the market combined with our operating capabilities, professional resources and financial support, we are already off to a great start in paving a clear path for rapid expansion.”
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