Upon Closing of This Acquisition, Larry Gershman Will Obtain the Position as CEO and Chairman of the Board
PALM CITY, FL -- (Marketwired) -- 06/10/13 -- GelStat Corporation (PINKSHEETS: GSAC), a consumer healthcare company primarily focused on the development and marketing of over-the-counter (OTC) products, is pleased to announce that it has executed a Letter of Intent (LOI) to acquire the rights to multiple products presently under the control of Larry Gershman. The transaction is subject to the completion of standard due diligence and closing conditions. The transaction is expected to close within 45 days.
Upon closing of the transaction, Larry Gershman will assume the position as CEO and Chairman of the Board. Gerald Kieft, the Company's present CEO, will assume the position of CFO. GelStat will also acquire the exclusive rights to multiple products presently under the control of Mr. Gershman, including but not limited to:
- An all natural appetite suppressant chewing gum
- An all natural energy product
- A joint pain lubricant and cartilage renewal product
- A silver nano-particles anti-microbial and anti-acne face product
Gerald Kieft, GelStat's CEO, said, "We have been in discussions with Larry Gershman for many weeks and we are very excited to execute the LOI. This is an important milestone for GelStat as it is an extremely synergistic transaction that brings products and management depth to the Company. It also validates GelStat's strategy to aggressively pursue acquisition targets that possess products with proven science, marketing or distribution. Additionally, it fits into the Company's goal of becoming a global healthcare products company. Mr. Gershman's vast experience as a senior executive at top marketing firms and healthcare companies is exactly what GelStat needed to take the company to the next level. He has led many consumer product launches in the past that have generated tens of millions of dollars in revenue."
Larry Gershman, GelStat's incoming CEO, said, "GelStat's existing products and public vehicle provided the perfect platform to build an industry leading healthcare company. I have helped to build many multi-million dollar brands over my career and I'm excited to bring that expertise to GelStat and its shareholders."
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ABOUT LARRY GERSHMAN
Larry has been one of the most successful icons in the world of advertising, integrated marketing, promotions, direct response and digital media. He has won the coveted Promotion of the Year Award an unprecedented 6 times and was Promotion Man of the Year twice. His long and varied client list includes: Revlon, Gillette, Ford, Mazda, Citigroup, Kraft, Pepsi, RC Cola, Burger King and McDonald's to name but a few.
Larry's management skills have been proven repeatedly during his career having owned, built and managed some of the most successful marketing companies in the World, including Ogilvy & Mather, Integrated Communications Group, Marden Kane, The Howard Marlboro Group, Integrated Marketing & Promotional Solutions ("IMPS") among others.
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 and the shareholder letter contains forward-looking statements including pursuing strategic relationships, building and leveraging a direct-to consumer platform to launch new products, acquiring or licensing the rights to products with proven science, growing organically and achieving each of the goals mentioned above. 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 of our products to be accepted, failure to obtain partners to market and distribute our products, unanticipated delays in launching website or failure of the website to generate revenues, our inability to find a target to acquire on mutually acceptable terms, and the inability to get our reports prepared and filed timely as a result of unforeseen audit issues.
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.
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Source: GelStat Corporation