Inergetics Awarded $3.3 Million from New Jersey Technology Business Tax Certificate Transfer Program NJ Economic Development Authority Grant Will be Reinvested in the Business to Enhance Product Development and Distribution Initiatives
NEWARK, N.J., Dec. 23, 2013 /PRNewswire/ -- Inergetics, Inc. (NRTI), a leading developer of nutritional supplements based in Newark, NJ, announced today that its application for the New Jersey Technology Business Tax Certificate Transfer Program has been approved for $3.357 million.
Inergetics, which employs twelve full time employees of which eleven are located in New Jersey, relocated to the Innovation Zone of Newark, NJ in 2013 and expects to receive cash after fees of $3.055 million in January of 2014. The state funding is non-dilutive and does not add shares or debt to the capital structure of the company.
"We are very pleased to have been selected for the New Jersey Economic Development Authority's program for the second year running. This funding will be reinvested into the business to help us expand the company within the great state of New Jersey," said Mike James, CEO. "We chose to locate our company in the Newark Innovation Zone and are thrilled to be a part of the state's growing health and science sector."
Inergetics will utilize these working capital funds to expand its product offerings and achieve greater distribution of its existing product lines, including Martha Stewart Essentials, Bikini Ready, SlimTrim and Surgex Sports Nutrition.
About Inergetics, Inc.
Inergetics' portfolio of brands includes: Martha Stewart™ Essentials, a complete line of whole-food based supplements created specifically for women; Surgex® Sports Nutrition, the preferred nutritional supplement of Army Sports; Bikini Ready®, a leader in weight loss lifestyle solutions; and SlimTrim™, the affordable, premium value diet brand.
To learn more about Inergetics, visit www.inergetics.com, and the Inergetics brands' websites at: www.marthastewartessentials.com, www.surgexsports.com, www.surgexsportsblitz.com, www.slimtrim1.com, www.slimtrim.net, www.bikinireadylifestyle.com, www.kahunasands.com.
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of Inergetics set forth herein and those preceded by or that include the words "believes," "expects," "given," "targets," "intends," "anticipates," "plans," "projects," "forecasts," or similar expressions, are "forward-looking statements." Although Inergetics' management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause Inergetics' future results to differ materially from those anticipated. Inergetics assumes no obligation to update any of the information contained or referenced in this press release.
SOURCE Inergetics, Inc.