GIG HARBOR, Wash. and FT. LAUDERDALE, Fla., Aug. 25, 2005 (PRIMEZONE) -- Amenni, Inc. ("Amenni"), merger partner of Nannaco, Inc. (OTCBB:NNNCE) ("Nannaco") announced today that it has entered into an agreement with Bin Aiyed General Trading Establishment ("BAGT") in Dubai, United Arab Emirates. The Agreement calls for BAGT to distribute Amenni's nutraceutical products throughout the United Arab Emirates.
As announced on June 14, 2005, Amenni has been negotiating with Senior Health Officials from several Middle East countries to enable Amenni to market its Innovative Patch products into the region. Amenni intends to market a range of cooling patches into the OTC Market of the Gulf States and Saudi Arabia. This distribution agreement is the first result from those previously announced meetings.
The Middle East's health care sector is emerging as one of the fastest-growing and most attractive markets, with an estimated value of $74 billion (2004) and is expanding at 16 percent annually. The United Arab Emirates represents approximately $10.5 billion annually in the health care sector and is the fastest growing health care market in the Middle East.
Amenni, Inc. 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 one of the top five internationally recognized pharmaceutical firms. 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.
For 2004, Amenni's combined revenues exceeded $3 million. Amenni anticipates generating more than $6 million in 2005.
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.