PALM CITY, Fla. — GelStat Corp. on Wednesday announced that it has closed the acquisition of CBD Life Sciences.
Concurrent with the closing of the transaction, Larry Gershman has been appointed as CEO and chairman. Gerald Kieft, the company's prior CEO, will assume the position of CFO and be appointed to the board.
"While we have made progress over the past few months, I'm looking forward to shifting into growth mode," Gershman said. "GelStat's capital structure and existing products combined with CBD's additional products and proven marketing strategies creates an ideal platform to build a leading nutraceutical company."
As part of this acquisition, the initial marketing efforts will be focused on the relaunch of GelStat Migraine (a patented homeopathic migraine pain reliever) and the initial launch of Chews 2 Lose (an all-natural appetite suppressant chewing gum).
"Over the past few months, the company has worked very closely with Mr. Gershman, and we are ready to execute our marketing strategy to drive revenue growth," Kieft said. "Furthermore, a significant amount of the work had already been completed, enabling a rapid start."
Over the next 90 days, GelStat expects to design and develop a new e-commerce website, landing pages and email creative for the launches of GelStat Migraine and Chews 2 Lose. The company will then test a new direct response campaign before launching a full scale advertising campaign in support of both products.