PALM CITY, Fla., March 5, 2012 (GLOBE NEWSWIRE) -- GelStat Corporation (Other OTC:GSAC), a consumer healthcare company primarily focused on the development and marketing of over-the-counter (OTC) products, is pleased to announce it has executed a Letter of Intent (LOI) to acquire Beveragette Ventures, LLC. The transaction is subject to the execution of a definitive Merger Agreement, the completion of standard due diligence, customary closing conditions and is expected to close in the second quarter of 2012.
Gerald Kieft, GelStat's CEO, said, "This is a very important milestone for GelStat as it is a very synergistic transaction that brings in revenue, products and management depth to the Company. It is also in line with GelStat's strategy to pursue acquisition targets that possess products with proven science, marketing or distribution as well as fit into the Company's goal of becoming a global healthcare products company. "
Shannon Reagan, Beveragette Ventures' CEO, said, "We are delighted with the merger and the synergies it represents to the GEM® brand. Our new partnership will allow us to accelerate the global expansion of our portfolio of evidence based nutraceutical products that are endorsed by doctors and trusted by women."
Scarsdale Equities is the advisor on the transaction.
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ABOUT BEVERAGETTE VENTURES, LLC
Beveragette Ventures was launched in September of 2009. Since then, GEM® has become internationally recognized as the premier provider of health and wellness beverage supplements made especially for women. Every GEM® product is uniquely formulated to help support the body's natural defense mechanism, nourishing the body and assisting in achieving total wellbeing. GEM® has helped thousands of women to get their quality of life back with safe, natural, evidence based nutraceutical products. For more information, visit www.drinkGEM.com
ABOUT GELSTAT CORPORATION
GelStat Corporation is dedicated to providing safe and effective over-the-counter (OTC) treatments. GelStat's first two products GelStat Migraine and GelStat Sleep are sold through direct-to-consumer channels as well as in a limited number of independent retailers and pharmacies. The Company also has a suite of additional healthcare products in various stages of development that address large consumer markets. For more information, visit www.gelstat.com.
Safe Harbor Statement
This press release contains forward-looking statements including the expected closing of the merger and the anticipated benefits from the merger. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods.
Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the failure to reach a definitive Merger Agreement, the failure of our products to be accepted, and difficulties in integrating the acquisition.
Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Gerald Kieft CEO GelStat Corporation 772-283-0020