Aug 20 2009
InnoZen, Inc., a wholly owned subsidiary of HealthSport, Inc. (OTC Bulletin Board: HSPO) announced today that it has entered into a manufacturing agreement with Supplemental Manufacturing and Ingredients, LLC ("SMI"), a cGMP certified manufacturer based in Tempe, Arizona. As part of the Agreement, SMI has committed to purchasing $1,000,000 worth of HealthSport common stock.
The Agreement, dated August 13, 2009, provides that SMI (www.smimfg.net) will produce all edible thin film products for InnoZen for both domestic and international sales. SMI has committed to increase capacity to accommodate InnoZen's projected sales.
"We believe that this partnership with SMI will accelerate our sales and marketing efforts allowing us to pursue larger clients, and align us with one of the leaders in the nutraceutical, dietary supplement and pharmaceutical manufacturing industries. This is yet another example of HealthSport's commitment to work with leaders in all fields," said Jeffrey Wattenberg, President of HealthSport. "SMI has the manufacturing facility and all of the certifications needed to allow us to take advantage of the exploding market for our bi-layer and newly developed proprietary encapsulation film strip technologies."
cGMP is a term recognized worldwide for the control and management of manufacturing and quality control testing of foods, pharmaceutical products, and medical devices under regulations promulgated by the U.S. Food and Drug Administration ("FDA"). SMI's "Excellent" rating is the highest possible rating for cGMP facilities.
Kevin Taheri, CEO of SMI stated that "SMI is committed to working with HealthSport to not only integrate the existing technologies into SMI's operations, but to also work with Jeff and his team to advance the technology beyond dietary supplement and nutraceutical products into over-the-counter drugs and pharmaceuticals. This is one of the most exciting technologies existing today for delivering both nutraceutical and pharmaceutical actives."
www.healthsportinc.com