GelStat Corporation chief executive officer Gerald Kieft on Tuesday outlined the company’s turnaround plans in an open letter to shareholders.
“While we have encountered a number of challenges expected with any turnaround situation, we are pleased to report the core fundamentals are sound and we are more excited than ever about the company’s prospects,” he wrote.
To date, the company has re-established distribution and product availability through Drugstore.com and Amazon.com and performed a physical inventory audit Sept. 13, tablulating 942,120 boxes of GelStat Migraine four count and GelStat Migraine eight count collectively. Kieft estimated the potential revenue from the sale of this inventory would fall between $3.2 million and $10 million depending on the sales channel.
Moving forward, GelStat plans to drive direct-to-consumer sales through cost per acquisition Internet campaigns, infomercials, television, radio and print advertising and to reseed its products through wholesalers and other distribution channels into retail.