Promino Nutritional Sciences Inc. to Receive 65,000 Total Units Of New Rejuvenate Muscle Health™ And Promino™, Achieves Another Key Comeback Milestone On Schedule
First new inventory replenishment in nearly 18 months to supply North American retailers and e-commerce sites over coming weeks
Will commence new direct-to-consumer effort with re-invigorated brand sites
Engaging new social campaign to highlight testimonials and content from Promino elite athletes Jack Eichel (Vegas Golden Knights) and Jose Bautista (Owner, Las Vegas Lights FC; 6x MLB All-Star), along with customer reviews
BURLINGTON, ON, June 24, 2024 /CNW/ - Promino Nutritional Sciences, Inc. (CSE: MUSL) (OTC: MUSLF) (FRANKFURT: 93X)( the "Company" or "Promino")(www.drinkpromino.com) today announces it has achieved another key milestone in its turnaround plan.
Promino logo (CNW Group/Promino Nutritional Sciences Inc.)
Over the coming weeks, the Company will receive nearly 9,000 units of all-new Promino™, the Company's flagship active nutrition product, and 56,000 units of Rejuvenate Muscle Health™, the Company's best-selling brand. The new inventory marks the first new product the Company has received in nearly 18 months.
"Promino is back in business," says Promino Chief Executive Officer Vito Sanzone. "This new inventory officially jump starts our re-commercialization. Our commitment is to quickly fill our customer's orders. We start shipping immediately to existing and new customers in the U.S. and Canada, including significant e-commerce sites Amazon and Walmart.com. among others."
A focus of the Company's comeback strategy is its direct-to-consumer effort. Promino has partnered with an experienced U.S. e-commerce partner with extensive nutritional supplement portfolio experience to help drive this key high-margin revenue-producing channel, previously not a focus of the Company. "Strong direct-to-consumer revenue is now a vital data point for major brick and mortar retailer buyers," says Sanzone. "Organic customer growth drives retailer velocity. DTC supports retail, and vice versa."
The new inventory was funded in full from the Company's first quarter equity raise and is expected to generate over $1.4 million in top line revenue in the coming months.
Corporate Advisor Agreement
The Company also announces it has renewed the appointment of Adam Berk as an independent advisor to the Company, with an expanded mandate to assist in accelerating e-commerce and direct-to-consumer sales. In consideration for the advisory services provided by Mr. Berk to the Company, the Company has agreed to issue an aggregate of 800,000 common shares to Mr. Berk during the initial 12-month term of the engagement. Mr. Berk is arm's-length to the Company. The advisor agreement with Mr. Berk can be terminated by mutual written consent of the parties, or by the Company at any time 90 days from the effective date of the agreement upon 30 days written notice to Mr. Berk.. All securities issued under the advisor agreement will be subject to a statutory hold period of four months and one day.
About Promino Nutritional Sciences Inc.
Promino is an innovative and research driven nutraceutical company located in Burlington, Ontario, specializing in the development of patented muscle growth products for the global consumer packaged goods and beverage markets utilizing the Promino Patented Plant-Based Blend.
Flagship brand Promino™ (11 grams of Promino blend) is a drink mix for athletes, weekend warriors and active individuals has shown to be two times more effective than whey protein at building muscle. Promino Brand Ambassadors include NHL player Jack Eichel of the Vegas Golden Knights, MLB and Toronto Blue Jays legend and owner of the USL Champion League Las Vegas Lights, Jose Bautista and NHL legend Kirk McLean of the Vancouver Canucks. Promino™ is NSF Certified for Sport™ which means it is free of banned substances and approved for use by all professional sports leagues.
Rejuvenate Muscle™ (3.6 grams of Promino Blend) is a daily muscle health beverage clinically proven to assist in the building, rebuilding, restoration and rejuvenation of natural muscle mass and helps prevent age-related muscle loss.
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. 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 this news release, forward-looking statements include, without limitation, statements regarding: anticipated inventory levels and revenue; the Company's expectations regarding market share in the functional beverage category; the anticipated expansion of retail partnerships and sales channels; the expected effect of the Promino™ and Rejuvenate™ products on the protein market, the Company and its business, including any anticipated benefits to the Company; and the Company's business prospects, future trends, plans and strategies. In preparing the forward-looking statements in this news release, the Company has applied several material assumptions, including, but not limited to, assumptions regarding the availability of capital resources, business performance, market conditions, customer demand and general economic conditions. Although the forward-looking information contained herein is based upon what management believes are reasonable assumptions as at the date they were made, investors are cautioned against placing undue reliance on these statements since actual results may vary from the forward-looking information. Consequently, all of the forward-looking statements contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that management anticipates will be realized. Unless otherwise noted or the context otherwise indicates, the forward-looking statements contained herein is provided as of the date hereof, and management does not undertake to update or amend such forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable law.
This press release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about the Company's prospective revenue, which is subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraphs. FOFI contained in this press release was made as of the date of this press release and was provided for the purpose of providing further information about the Company's anticipated future business operations. Readers are cautioned that the FOFI contained in this press release should not be used for purposes other than for which it is disclosed herein.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
