Mr. Vito Sanzone reports
PROMINO NUTRITIONAL SCIENCES, INC. IMPROVES FUNDAMENTALS, EXPANDS RETAIL AND E-COMMERCE DISTRIBUTION OF PROMINO- CERTIFIED FOR SPORT AND REJUVENATE MUSCLE ACTIVATOR ACROSS NORTH AMERICA, AND MARKS FURTHER STRATEGIC MILESTONES
Promino Nutritional Sciences Inc. is highlighting the company's continued progress in its plan to increase revenue and expand consumer acceptance of its patented functional beverage brands.
"While the current economic environment has created difficult conditions for many small-cap issuers, we continue to make progress with new retailer and distributor partnerships, improving direct-to-consumer results and favourable reviews of the relaunched Rejuvenate and Promino brands. Despite macro headwinds, our business is getting stronger. We are generating revenue and meeting customer demands, which are fuelling our comeback story," said Vito Sanzone, Promino's chief executive officer.
Most recently, Promino's milestones include:
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The company retired over $700,000 in accounts payable since November, 2023, with total payables on track to be paid by July, 2025. Total accounts payable were $5.8-million a year ago and were reduced to $1.8-million via extensive debt settlement negotiations with over 100 valued vendors and suppliers.
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July and August, 2024, mark the first back-to-back months of meaningful revenue in nearly 18 months. All major Canadian retailers are back in stock. Existing United States retailers have begun placing refill orders, as resets allow, and new U.S. distribution points are well into the listing process.
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The company commenced preclinical trials outlined in its partnership with Dr. Patrick Gunning announced May 8, 2024. The initial preclinical trial in an oncology murine model will determine Promino's efficacy in aiding muscle retention in cancer patients undergoing aggressive chemotherapy and will further assess for resultant extension of life in treated group. Positive results may lead to the introduction of a Promino product specifically for the medical marketplace.
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The new Promino Certified for Sport product, endorsed by elite pro athletes Jack Eichel of the Vegas Golden Knights and Toronto Blue Jays legend Jose Bautista, is in use in multiple professional sports teams' training facilities. The company is building athlete and performance coach reviews to build acceptance in the professional and collegiate communities. On May 23, 2024, Promino became the official protein drink of the USL Championship League Las Vegas Lights.
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The company bolstered its capital position via an acquisition and a private placement. The company arranged a private placement on June 10, 2024, for $1.7-million and completed the acquisition of Helios Helium Corp. on Aug. 2, 2024. The acquisition contributed over $3-million in cash and securities to the company.
About Promino Nutritional Sciences Inc.
Promino is an innovative and research-driven Canadian nutraceutical company specializing in the development of patented and science-based products for the global consumer packaged goods market, with a portfolio focused specifically on muscle health. Promino's lead product, Rejuvenate, is a patented proprietary formulation that is clinically proven to assist in the building, rebuilding, restoration and rejuvenation of natural muscle mass. Promino also offers Promino, an elite performance supplement for both professional and amateur athletes to accelerate muscle recovery, build strength and speed recovery from injury. Promino was founded in 2015 and is located in Burlington, Ont.
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