Edison Nation Acquires Fifty Percent Interest in Global Clean Solutions, LLC
BETHLEHEM, Pa., May 26, 2020 (GLOBE NEWSWIRE) -- Edison Nation, Inc., a multifaceted ecosystem that fosters innovation and drives IP, media and consumer products, is pleased to inform shareholders that it has acquired a fifty percent interest in Global Clean Solutions, LLC.
Under the terms of the Agreement, the Company acquired a fifty percent interest in Global Clean Solutions, LLC (“Global”), a Nevada limited liability company, through the exchange of 300,000 shares of common stock for 50 membership units. Simultaneously, the Company entered into a series of transactions, whereby it would guarantee a $2.5 million line of credit to be used for the procurement of raw materials, finished goods, and related medical supplies.
Global is soon to launch two new brands of hand sanitizers: (1) Purple Mountain Clean, a 100% US based product; and (2) Blue Sky Pure. Both product lines are expected to be available for purchase within the next 60 days.
In addition, Global is in development of a proprietary patent-pending, hands free sanitizer stand. The stand will be provided to customers at no cost provided the customer commits to purchase recurring refills of its Purple Mountain Clean Sanitizer for the sanitizer stand.
“The partnership with Global provides Edison with a platform to broaden its offerings in the growing hand sanitizer market, said Chris Ferguson, CEO of Edison Nation. “The recurring refill model is also an exciting opportunity to develop an annuity stream of revenue for the Company.”
The Company kindly advises its shareholders to review the Current Report on Form 8-K released today through the Securities and Exchange Commission’s website or directly on the Company’s website at: https://investors.edisonnation.com/all-sec-filings.
About Edison Nation, Inc.
Edison Nation, Inc. (EDNT), is a multifaceted ecosystem which fosters innovation and drives IP, media and consumer products. Edison offers innovation sourcing, product design, sales, manufacturing, and fulfillment services. Edison Nation’s model is to source innovative ideas to launch internally or license to brand partners. Edison Nation hopes to leverage its television property, Everyday Edisons, to become the recognized leader in the innovator community. For more information, please visit www.edisonnationmedical.com
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations and plans, including assumptions underlying such statements, are forward-looking statements, and should not be relied upon as representing the Company's views as of any subsequent date. Such forward-looking statements are based on information available to the Company as of the date of this release and involve a number of risks and uncertainties, some beyond the Company's control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including consumer, regulatory and other factors affecting demand for the Company's products, any difficulty in marketing the Company's products in global markets, competition in the market for consumer products, any inability to raise capital to fund operations and service the Company's debt. Additional information that could lead to material changes in the Company's performance is contained in its filings with the SEC. The Company is under no obligation to, and expressly disclaims any responsibility to, update or alter forward-looking statements contained in this release, whether as a result of new information, future events or otherwise.
Phone: (484) 893-0060
Source: Edison Nation, Inc.
Released May 26, 2020
Released May 26, 2020