GIG HARBOR, Wash., Aug. 9, 2005 (PRIMEZONE) -- Nannaco, Inc. (OTCBB:NNNC) ("Nannaco") announced that on July 21, 2005 it entered into a Definitive Merger Agreement with Amenni, Inc. ("Amenni") located in Ft. Lauderdale, Florida.
Amenni is a premier developer and manufacturer of Nutraceuticals. Amenni develops and manufactures 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 12 months.
Amenni has also initiated the launch of its highly innovative Sports Patch into the U.S. OTC market. Its primary active ingredients have been developed in conjunction with its highly successful research into Veterinary Science.
The Sports Patch is targeting the fast-growing Sports Healthcare market and has shown significant benefits to aid the recovery from a sports injury. Joint and ligament injuries happen to all athletes. The Amenni Sports Patch applied immediately after injury helps with quicker recovery times. Currently, there are no direct competitors in the marketplace.
Amenni has already begun production of patches for a substantial U.S. client.
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 and anticipates strong growth in 2005.
On July 21, 2005, Nannaco entered into an agreement to merge a wholly owned subsidiary of Registrant with and into Amenni, and to rename Registrant "Amenni Inc." (the "reverse merger"). The agreement provides that all of the shares of common stock of Amenni, issued and outstanding at the time the merger becomes effective under applicable state law (the "Effective Time"), will be converted into common stock of Registrant such that the current holders of Amenni common stock will hold 97% of all shares of Registrant's common stock outstanding immediately after the closing of this merger transaction.
NOTE: Information contained in this press release, other than historical information, should be considered forward-looking in nature and is subject to various risks or uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on the operating results, performance or financial condition are the company's ability to achieve and manage growth; the company's ability to attract and retain qualified personnel; the company's ability to secure necessary financing; potential litigation by shareholders and/or former or current advisors against the company; the company's success in securing third-party commitments, production agreements and/or licensing contracts; the company's ability to comply with federal, state and local government regulations and/or unforeseen changes in federal or and government regulation; and the company's ability to develop new services; and other factors discussed in Nannaco's filings with the Securities and Exchange Commission.