PALM CITY, Fla. — GelStat on Monday announced its intent to acquire the rights to multiple products from Larry Gershman. The transaction is subject to the completion of standard due diligence and closing conditions and is expected to close within 45 days.
"This is an important milestone for GelStat as it is an extremely synergistic transaction that brings products and management depth to the company," stated Gerald Kieft, CEO GelStat. "It also validates GelStat's strategy to aggressively pursue acquisition targets that possess products with proven science, marketing or distribution," he said. "Additionally, it fits into the company's goal of becoming a global healthcare products company. Gershman's vast experience as a senior executive at top marketing firms and healthcare companies is exactly what GelStat needed to take the company to the next level. He has led many consumer product launches in the past that have generated tens of millions of dollars in revenue."
The products include an appetite suppressant chewing gum, an energy product, a joint pain lubricant and cartilage renewal product and a silver nano-particles anti-microbial and anti-acne face product.
Upon closing of the transaction, Gershman will assume the position as CEO and chairman GelStat. Kieft, the company's present CEO, will assume the position of CFO.
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