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SOURCE Nutroganics, Inc.
BETHESDA, Md., Dec. 10, 2013 /PRNewswire/ -- Nutroganics, Inc. (OTC: NUTT) (the "Company") announced today that it has executed a memorandum of understanding (MOU) with Ultimate Sports Nutrition (Pty) Ltd. ("USN") under which the two companies will work together to introduce USN products to the United States and on other business opportunities within the nutritional supplement and healthy lifestyle industries.
USN was founded in South Africa in 2000 and specializes in the marketing of sports nutrition supplements. USN's international product portfolio offers sports performance, weight-loss, and muscle-building products in nutritional delivery systems that are currently sold in over 40 countries. USN generates over $100 million in revenue annually.
Albe Geldenhuys, Founder & CEO of USN, commented: "USN is thrilled to announce this opportunity to work with Nutroganics to develop new products and introduce the USN brand into the United States."
"This MOU further expands Nutroganics' footprint in the global nutritional markets. We value USN's commitment to being at the forefront of sports nutrition research and consumer marketing, and we look forward to significant future success with USN," added David Sackler, CEO of Nutroganics.
Nutroganics seeks to acquire and grow revenue-generating businesses operating in the healthy lifestyle marketplace, and seeks to capitalize on synergies from manufacturing through distribution. In May 2013, Nutroganics acquired Silverbow Honey Company, a producer and packager of honey products founded in 1945 and based in Moses Lake, Washington.
USN has been at the forefront of sports nutrition research, making effective sports nutrition supplements - as used by professional and non-professional athletes - widely available. Sports performance, weight-loss and muscle-building supplementation have been cornerstones of USN's premium product offerings, as have beverages and bars. USN is now sold in over 40 countries across the globe and continues to grow into new territories as the product quality and its effective results become more widely known.
This release may contain forward-looking statements. 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 be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.
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