Wellness Center USA, Inc. (OTCQB: WCUI), a Schaumburg IL based healthcare and nutraceutical company, reported the closing of its Psoria-Shield Inc. (PSI) acquisition. PSI is a Tampa, FL based developer and manufacturer of UltraViolet (UV) phototherapy devices for the treatment of skin diseases. PSI's flagship product "Psoria-Light®", is the first deep UV LED "Targeted Phototherapy" device to effectively treat Psoriasis, Eczema, Alopecia Areata, Vitiligo and other ultraviolet-treatable skin diseases affecting an estimated 11% of the world population.
Upon consummation of the Exchange Agreement, PSI became a wholly owned subsidiary of Wellness Center USA, Inc. PSI was acquired through a Share Exchange Transaction whereby all issued and outstanding shares of PSI were acquired in exchange for 7,686,797 shares of Wellness Center USA, Inc. common stock. PSI is a self-managed operating company led by its founder and CEO Mr. Scot Johnson. At the time of the closing, Mr. Johnson joined Wellness Center USA's Board of Directors.
As with CNS-Wellness (CNS), Wellness Center USA's earlier acquisition, PSI's financial results shall be reported on a consolidated basis, by Wellness Center USA, Inc., starting from the August 24, 2012, the date of acquisition. PSI's sales and marketing campaign is underway, with domestic device placements and signed international distribution agreements.
"With the acquisition of PSI, Wellness Center USA, Inc. now has two operating companies providing revenue through clinical services and product sales. Both businesses have empowered Wellness Center USA with cutting-edge intellectual property, and more importantly with highly talented industry leaders. This important acquisition marks an increase in value to our shareholders," says Andrew Kandalepas, CEO of Wellness Center USA, Inc.
"The closing with Wellness Center USA, Inc. falls on the expansion of our domestic and international sales program. Our sales and marketing promotion is being largely enhanced through the Wellness Center USA, Inc. network and its funding capabilities. Given how well our product has been received by device resellers and distributors, we welcome the assistance provided by Wellness Center USA, Inc. to support manufacturing needs as sales demand increases. Further, I look forward to working with Dr. William A. Lambos of CNS. The synergy with CNS creates a new arena for joint development of medical devices utilizing CNS's intellectual property. Both through device sales and service revenue, we expect to be a major contributor in the Wellness Center USA, Inc. family," comments Scot Johnson, President and CEO of PSI.
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