MIAMI BEACH, Fla., March 22, 2012 /PRNewswire/ -- Today Divine Skin Inc., (OTC Bulletin Board: DSKX), a leading developer of cutting-edge biotechnology for hair and skin, announced that it had signed a letter of intent to acquire 100 percent of Divine Skin Laboratories SA de CV in stock. In 2011, the Mexican company represented nearly 10 percent of Divine Skin's revenue. It has been a distributor of Divine Skin product for more than three years, with sales growing quickly year over year.
Divine Skin CEO Daniel Khesin stated, "I believe this move will not only boost our current revenue but also be a significant asset to Divine Skin's human resources. We've worked with Divine Skin Laboratories SA de CV for many years, and it has proven to be a very strong partner. We value this relationship, and I know that this acquisition will add significant value to both entities."
In Mexico, Fernando Tamez, CEO of Divine Skin Laboratories SA de CV, said, "I'm thrilled to take a more active role in Divine Skin Inc. I started the distribution of DS Laboratories products three years ago and have seen this market grow into a sizable revenue stream, with enormous continued upside for growth. I think we can continue to double our revenues every year for the next few years. Mexico is a huge market for these advanced products. Divine Skin offers formulas unlike anything else we have in Mexico, and I am looking forward to continuing to expand this business."
The terms of the agreement will be made public once the transaction is complete. It is scheduled to close in the second quarter of 2012.About Divine Skin Laboratories SA de CV