BURLINGTON, Ontario--(BUSINESS WIRE)--Element Nutritional Sciences Inc. (CSE:ELMT; FRANKFURT:93X) (the “Company” or “Element”), is pleased to announce that it has signed a letter of intent to establish a joint venture to distribute Rejuvenate™ products across the Asia Pacific region (the “Joint Venture”). The Joint Venture partners will be Element and NaturalMade Co., Ltd. (“NaturalMade”), with each party equally sharing in the economic interest in the Joint Venture.
Founded in 2002 by Jongho Ryu and based in South Korea, NaturalMade is a distributor of health and wellness products across the Asia Pacific region. NaturalMade began distributing Rejuvenate™ products across South Korea in 2021, including to Curves Fitness locations and a medical supply distributor to hospitals. The size of the South Korean dietary supplement market is estimated to be US$3.9 billion1 and over 70% of Koreans have stated they purchased and consumed functional health foods in 20202.
“We have long-standing ties with the team at NaturalMade and we are confident they have the expertise to quickly accelerate the sale of Rejuvenate™ products across Asia, starting with South Korea. There are millions of potential Rejuvenate™ consumers across South Korea, Japan, China and the rest of Asia that fit into our core 50 years and older demographic, which makes this broad market a key part of Element’s long-term growth strategy,” said Stuart Lowther, Chief Executive Officer.
About Element
Element is an innovative and research driven Canadian nutraceutical company specializing in the development of science-based products for the global consumer packaged goods market, with a portfolio focused specifically on men and women over the age of 50. Element’s lead product, Rejuvenate™, is a proprietary formulation that is clinically proven to assist in the rebuilding, restoration and rejuvenation of natural loss of muscle mass due to aging or other medical conditions. Element also offers JAKTRX™, an elite brand of performance supplements. Element was founded in 2015 and is located in Burlington, Ontario.
To learn more about Element, visit elmtinc.com.
More information about Rejuvenate™ can be found at: www.rejuvenatemuscle.com
Forward Looking Statements
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward looking statements relate, among other things, to: the terms of a definitive agreement with respect to the Joint Venture and prospective product sales in Asia.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: fluctuations in general macroeconomic conditions; expectations regarding the size of the United States and Canadian health, nutraceutical and wellness markets and changing consumer habits; the viability of the Company’s products; availability of distribution channels for the Company’s product offerings; the ability of the Company to successfully achieve its business objectives; plans for expansion; successful development of the Company’s proposed products; the presence of laws and regulations that may impose restrictions or recalls on the sale of the Company’s products in the United States and Canada; customer and distributor relations; fluctuations in securities markets; and the inability of the Company to obtain adequate insurance to cover risks and hazards. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
1 The Korea Health Supplements Association.
2 Korean Ministry of Food and Drug Safety.
