GIG HARBOR, Wash., May 5, 2005 (PRIMEZONE) -- Nannaco, Inc. (OTCBB:NNNC) ("Nannaco"), announced today that it has executed a Letter of Intent to acquire Amenni, LLC ("Amenni") located in Ft. Lauderdale, Florida.
Amenni is a premier developer and manufacturer of Nutraceuticals - naturally sourced biologically active components for human and animal health benefits. Amenni's initial success has been in creating joint-care nutraceutical products for dogs and horses. In addition to Ft. Lauderdale, Amenni has facilities located in London (United Kingdom), Dubai (United Arab Emirates) and Zurich (Switzerland).
Amenni has initially distributed these product lines through a distribution agreement with an internationally recognized pharmaceutical firm. Revenues in the first 12 months from this agreement exceeded $1 million, and the first product was launched in 10 countries. Amenni anticipates a roll-out to an additional 15-20 countries, including the U.S., within the next twelve months.
Amenni is developing additional products for distribution by this and other distribution partners. Furthermore, Amenni continues to develop nutraceutical products aimed at the human (as well as animal) marketplace. For 2004, Amenni has indicated that its combined revenues exceeded $3 million.
Steve Careaga, CEO of Nannaco, expressed excitement at signing the Letter of Intent. "We are delighted about this opportunity to combine with Amenni," he noted. "Amenni has demonstrated its ability to operate successfully in the multi-billion dollar nutraceutical marketplace. Their combination of successful product development and business acumen is unparalleled. I look forward to completing this transaction so that Nannaco shareholders can participate in this lucrative and rapidly growing marketplace."
About Nannaco, Inc.
Nannaco, Inc. previously provided surface cleaning, surface protection, surface restoration, and other services to commercial and industrial businesses, as well as to owners of historical buildings. The company has moved to a new line of business as a consultant and advisor to customers and is seeking to improve its financial position through the acquisition of or merger with companies capable of providing the best value to its shareholders.
More information about Nannaco Inc. can be found at www.sec.gov
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