Wellness Centre USA, Inc., a Schaumburg, Illinois based healthcare and nutraceutical company, has completed the acquisition Psoria-Shield Inc. (PSI), a Tampa, Florida 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 per cent of the world population.
Upon consummation of the Exchange Agreement, PSI became a wholly owned subsidiary of Wellness Centre 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 Centre 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 Centre USA's Board of Directors.
As with CNS-Wellness (CNS), Wellness Centre USA's earlier acquisition, PSI's financial results shall be reported on a consolidated basis, by Wellness Centre 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 Centre USA, Inc. now has two operating companies providing revenue through clinical services and product sales. Both businesses have empowered Wellness Centre 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 Centre USA, Inc.
"The closing with Wellness Centre 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 Centre 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 Centre 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 Centre USA, Inc. family," comments Scot Johnson, President and CEO of PSI.
Psoria-Light is an FDA cleared, CE marked, Class II Medical device, developed and produced at PSI's FDA-registered manufacturing facility in Tampa, Florida, under its ISO 13485 certified quality system. The Psoria-Light platform is expandable, allowing the development of additional hand-pieces to treat a myriad of other dermatological disorders, utilizing light sources ranging from LED to Laser.
Psoria-Light is the latest accomplishment of PSI's medical engineering team, the same team which previously developed over 40 FDA cleared, Class II medical devices sold worldwide. Psoria-Light's patent-pending emitter adapts deep UV LED technology jointly developed and utilized for photoelectron generation projects by Stanford University, NASA Ames Research Centre, NASA Goddard Space Flight Centre, the European Space Agency (ESA) and DARPA. Today, Psoria-Light is recognized by the Space Foundation (spacefoundation.org) exclusively in their market as a Certified Space Technology for this achievement