Burlington, Ontario--(Newsfile Corp. - December 11, 2024) - Promino Nutritional Sciences Inc. (CSE: MUSL) (OTC Pink: MUSLF) (FSE: 93X) (the "Company" or "Promino") is pleased to present a progress report highlighting the Company's major milestones and developments achieved in the second half of 2024.
Promino Chief Executive Officer Vito Sanzone said, "This period has been a transformational one for Promino, as we have made significant strides expanding our product offering, establishing a global presence, and enhancing our operational infrastructure. These achievements have resulted in recording revenue for six consecutive months for the first time since 2022, and position us for continued growth and commercialization success in the coming year. We enter 2025 positioned to succeed in our key markets, especially with the marketing of our brands for lean muscle support for consumers using GLP-1 drugs for weight loss."
Strategic Milestones and Key Developments
Activation of Direct-to-Consumer ("DTC") Sites: On July 9, 2024, Promino activated its Rejuvenate Muscle Health™, www.rejuvenatemuscle.com, and Promino™, www.drinkpromino.com, DTC platforms, marking a pivotal shift towards capturing consumer demand directly via Shopify's e-commerce platform. This strategic move allows the Company to engage with customers in both the U.S. and Canada, establishing a direct revenue stream that is expected to become a meaningful contributor to overall sales by late 2024 and beyond.
Product Availability and Expansion in Retail: Following the June 24, 2024 announcement of receiving 65,000 new units of product, the Company ensured its U.S. and Canadian warehouses were fully stocked to meet growing demand. The distribution of our products into prominent e-commerce platforms and retail stores included:
Vitacost Partnership: On August 12, 2024, both the Promino™ and Rejuvenate Muscle Activator™ products were featured on Vitacost.com, a leading e-commerce retailer owned by The Kroger Co. With millions of global shoppers visiting the site annually, this partnership provides increased exposure to an expansive customer base.
Jean Coutu Distribution: On August 21, 2024, the Rejuvenate Muscle Activator™ drink mix, available in Raspberry Burst and Citrus Blast, was shipped to nearly 300 Jean Coutu stores across Canada, expanding our presence in Quebec, New Brunswick, and Ontario.
iHerb Listing: On August 26, 2024, the Promino™ and Rejuvenate Muscle Activator™ brands were officially listed on iHerb, an e-commerce platform that serves over 10.5 million active customers across more than 180 countries, further expanding our global reach.
International Expansion and Patented Innovations: In September 2024, Promino secured international exclusivity for the use of its patented amino acid blend in the ready-to-drink ("RTD") marketplace, positioning the Company for expansion into this fast-growing sector. Additionally, we completed research and development for the RTD versions of both Rejuvenate Muscle Activator™ and Promino™, with plans to launch one or both products in 2025. The Company is also exploring new product lines targeting the healthcare and practitioner markets, utilizing its proprietary blend to address a wide range of nutritional needs.
Scientific Advancements and Expert Advisory Team: Promino continues to strengthen its scientific and medical expertise:
Dr. Mark Lindsay joined the Company as an advisor on March 27, 2024. A world-renowned chiropractor and soft tissue specialist, Dr. Lindsay's expertise is invaluable as we expand into the sports and fitness markets.
Dr. Patrick Gunning was appointed as a special advisor on May 8, 2024. Dr. Gunning, a leading medicinal chemist, has initiated pre-clinical studies on Promino™ and its potential to mitigate muscle loss in cancer patients undergoing chemotherapy. His involvement underscores Promino's commitment to advancing health solutions for a broad spectrum of consumers.
New Patent Research: The Company announced on September 9, 2024 the latest clinical study on its core licensed IP that equates one 3.6 gram serving of Rejuvenate™ with the muscle-building power of 40 grams of whey protein isolate.
Financial and Market Outlook
Promino's performance has been buoyed by robust product placements, strategic partnerships, and an expanding global market. With a strengthened DTC infrastructure and growing retailer partnerships, the Company is poised for continued revenue growth in late 2024 and into 2025. The upcoming launch of RTD products, along with exploration into new market segments will enhance our ability to capture greater market share across the global nutritional and wellness industry.
Conclusion
Promino is on a strong growth trajectory, underpinned by strategic product innovations, key retail partnerships, and a world-class advisory team. Our dedication to delivering premium nutritional solutions that address diverse health needs is driving momentum in the marketplace. As we move into 2025, we are excited by the opportunities ahead and are confident that the foundation we have built will enable us to continue delivering value for our shareholders.
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.
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") 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, potential growth in the functional beverage market, 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.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
