Promino Nutritional Sciences, Inc. Improves Fundamentals, Expands Retail and E-commerce Distribution of Promino™- Certified for Sport® and Rejuvenate Muscle Activator™ Across North America, and Marks Further Strategic Milestones
Company repaid over $0.7 million in outstanding account payable since Q4 2023; accounts payable on track to be eliminated in Q2 2025
Achieved back-to-back months of meaningful revenue in July and August 2024
Began Dr. Patrick Gunning-led pre-clinical trial to demonstrate effectiveness of Promino's patented IP for retention of muscle mass in cancer patients undergoing aggressive chemotherapy treatment.
BURLINGTON, ON, Sept. 4, 2024 /CNW/ - Promino Nutritional Sciences Inc. (CSE: MUSL) (OTC: MUSLF) (FRANKFURT: 93X) (the "Company" or "Promino") today highlights the Company's continued progress in its plan to increase revenue and expand consumer acceptance of its patented functional beverage brands.
Promino logo (CNW Group/Promino Nutritional Sciences Inc.)
"While the current economic environment has created difficult conditions for many small cap issuers, we continue to make progress with new retailer and distributor partnerships, improving direct-to-consumer results and favorable reviews of the relaunched Rejuvenate™ and Promino™ brands. Despite macro headwinds, our business is getting stronger, we are generating revenue and meeting customer demands, which are fueling our comeback story," said Vito Sanzone, Promino's Chief Executive Officer.
Most recently, Promino's milestones include:
The Company retired over $0.7 million in accounts payable since November 2023, with total payables on track to be paid by July 2025. Total accounts payable were $5.8 million a year ago and were reduced to $1.8 million via extensive debt settlement negotiations with over 100 valued vendors and suppliers.
July and August 2024 mark the first back-to-back months of meaningful revenue in nearly 18 months. All major Canadian retailers are back in stock. Existing US retailers have begun placing refill orders as resets allow and new US distribution points are well into the listing process.
Commenced pre-clinical trials outlined in our partnership with Dr. Patrick Gunning announced May 8, 2024. The initial pre-clinical trial in an oncology murine model will determine Promino™'s efficacy in aiding muscle retention in cancer patients undergoing aggressive chemotherapy and will further assess for resultant extension of life in treated group. Positive results may lead to the introduction of a Promino™ product specifically for the medical marketplace.
The new Promino™ - Certified for Sport® product endorsed by elite pro athletes Jack Eichel of the Vegas Golden Knights and Toronto Blue Jay Legend Jose Bautista is in use in multiple pro sports teams training facilities. The Company is building athlete and performance coach reviews to build acceptance in the professional and collegiate communities. On May 23, 2024, Promino™ became "The Official Protein Drink" of the USL Championship League Las Vegas Lights.
Bolstered capital position via acquisition and private placement. The Company announced a private placement on June 10, 2024 for $1.7 million and completed the acquisition of Helios Helium Corp on August 2, 2024. The acquisition contributed over $3 million in cash and securities to the Company.
About Promino
Promino is an innovative and research driven Canadian nutraceutical company specializing in the development of patented and science-based products for the global consumer packaged goods market, with a portfolio focused specifically on muscle health. Promino's lead product, Rejuvenate™, is a patented proprietary formulation that is clinically proven to assist in the building, rebuilding, restoration and rejuvenation of natural muscle mass. Promino also offers Promino™, an elite performance supplement for both professional and amateur athletes to accelerate muscle recovery, build strength and accelerate recovery from injury. Promino was founded in 2015 and is located in Burlington, Ontario.
To learn more about Promino, visit http://www.drinkpromino.com.
About Rejuvenate Muscle Activator™
One 3.6 gram serving of Rejuvenate provides the muscle-building power of 40 grams of whey protein – without all the calories, filler, sugar, fat and dairy. Developed at the University of Arkansas over 23 years and costing more than USD $20 million. Inaugural research for the blend was funded by NASA to find the most efficient supplement for astronauts to retain muscle mass while in orbit, and research has expanded to highlight faster muscle recovery for burn victims and major surgical procedures. Rejuvenate is shown to increase muscle protein synthesis by over 60% better than whey protein, improves muscle tone and combats age-related muscle loss.
Forward-Looking Statements and Financial Outlook
This news release contains "forward-looking information", "forward-looking statements" (collectively, "forward-looking statements") and financial outlook, within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. All statements that address activities, events, or developments that the Company expects or anticipates will, or may, occur in the future, are forward-looking statements, including statements regarding the Company's business prospects, future trends, plans and strategies. In some cases, forward looking statements are preceded by, followed by, or include words such as "may", "will," "would", "could", "should", "believes", "estimates", "projects", "potential", "expects", "plans", "anticipates", "continues", or the negative of those words or other similar or comparable words. In preparing the forward-looking statements in this news release, the Company has applied several material assumptions, including, but not limited to, that protein supplement market growth will continue as anticipated by the Company, and that general business and economic conditions will not change in a materially adverse manner. These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors. Forward-looking information regarding the Company's expected timeline for retiring its accounts payable constitute 'financial outlook', within the meaning of applicable securities legislation. This financial outlook is based on information available to management as of the date hereof; it is presented in order to give readers a more specific sense of the Company's balance sheet management proposals, and may not be appropriate for other purposes.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
