The Licensing Fee of $3 Million USD to be Paid in a Combination of Cash and Sales-Driven Funding
WEST CALDWELL, NJ and TORONTO, ON, March 08, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – EastGate Biotech Corp. (Other Markets OTC: Expert Markets: ETBI), a pharmaceutical company, that focuses on innovative technological developments specifically in insulin drug delivery for the treatment of Type 2 diabetes, announced today that the company has entered into a licensing and distribution agreement with Stenergy LLC and Butero Farms for the company’s nutraceutical product, Glucora. The licensing agreement includes a licensing fee of $3 million USD which will include a combination payment in cash and sales-driven funds.
In the past year, consumers have turned to online shopping which massively accelerated the growth of e-commerce. According to an Adobe report released this year, total online spending hit $82.5 billion in May 2020; up 77% year-over-year. This increased e-commerce surge coupled with overall consumer interest in health products is one of the driving forces of this licensing and distribution agreement.
Stenergy LLC/Butero Farms intends to include social media marketing and other e-commerce platforms to launch and initiate marketing and sales of Glucora. The existing social media platforms include:
http://www.stenergy-llc.com
http://www.buterofarms.com
@stenergyllc on Twitter
@stenergyllc on Instagram
@buterofarms on Facebook
The markets that the distribution agreement covers include the United States, Canada, Central and South America. Distribution will include both e-commerce and traditional retail avenues.
Butero Farms ( http://www.buterofarms.com ) will also be responsible for the harvest and supply of the product's key ingredient, Banaba Leaf extract.
Glucora is a soft capsule product that provides support for healthy glucose metabolism. Glucora contains natural ingredients in a highly efficient self-nanoemulsifying capsulation.
“As a biotechnology company we always look forward to supporting our R&D initiatives with revenues derived from sales and marketing,” says Rose C. Perri, Chief Executive Officer of EastGate Biotech Corp. "Stenergy LLC and Butero Farms provide a good synergy for this specific product as supply of the main ingredient will ensure that supply sources are not interrupted in order to fill orders and the existing distribution outlets that have already been established by Stenergy LLC allows the product to be marketed in multiple markets. We hope that the success of this distribution agreement will open the doors to market other products in the future,” concluded Rose C. Perri.
About EastGate Biotech
EastGate Biotech focuses on innovative technological developments and produces and distributes innovative drug compounds and healthy nutraceuticals that are based on natural therapies absorbed by the body. We utilize advanced nanotechnologies and alternative delivery systems that take difficult to deliver compounds and deliver them using our nanotechnology platform which ultimately increase the bioavailability to the body. Using our methods of delivery provides healthy alternatives to conventional pharmaceuticals that all-too-often create dangerous side-effects and unexpected consequences for those trying to attain and maintain a healthy lifestyle. EastGate's wholly owned subsidiary Omni Surgery and Anti-Aging Centre is the first of many surgery centers to come under the Omni umbrella as we plan to roll up existing business under the Omni brand and expand our footprint globally.
Cautionary statement on forward-looking information
All statements, other than statements of historical fact, contained or incorporated by reference in this news release constitute "forward-looking information" or "forward-looking statements" within the meaning of certain securities laws, including the provisions for "safe harbor" under the United States Private Securities Litigation Reform Act of 1995 and are based on expectations, estimates and projections as of the date of this news release.
The words "anticipates", "plans", "expects", "indicate", "intend", "scheduled", "estimates", "forecasts", "focus", "guidance", "initiative", "model", "methodology", "outlook", "potential", "projected", "pursue", "strategy", "study", "targets", or "believes", or variations of or similar such words and phrases or statements that certain actions, events or results "may", "could", "would", or "should", "might", or "way forward", "will be taken", "will occur" or "will be achieved" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies. The risks, estimates, models and assumptions contained or incorporated by reference in this release, include those identified from time to time in the reports filed by EastGate with the SEC, which should be considered together with any forward-looking statement. EastGate undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT:
Rose Perri
1-647-692-0652
Email: information@eastgatepharmaceuticals.com
Website: www.EastGateBiotech.com
