OXNARD, Calif., Oct. 20 /PRNewswire-FirstCall/ -- HealthSport, Inc. (OTC Bulletin Board: HSPO), a leading developer and manufacturer of oral thin-film products that deliver drug and dietary supplement active ingredients, announced today that its wholly owned subsidiary, InnoZen, Inc., has entered into a letter of intent with CURE Pharmaceutical, Inc. to establish a joint venture for the development of malaria drug products and for other healthcare related products.
The non-binding letter of intent outlines a framework under which the parties will negotiate the formation of a joint venture for the development and commercialization of certain pharmaceutical products utilizing InnoZen's and HealthSport's proprietary, oral thin-film technology in order to provide the sustainable and profitable delivery of affordable medications to all markets, including those underserved markets in developing nations.
The letter of intent contemplates that HealthSport and CURE Pharmaceutical will each contribute technology, research and development and other resources to the joint venture, but the specific terms and conditions of those contributions remain subject to negotiation and preparation of definitive agreements for the joint venture. Completion of the joint venture and any binding obligations between the parties will arise only after the negotiation and execution of definitive agreements that are mutually acceptable to both HealthSport and CURE Pharmaceutical.
"CURE Pharmaceutical brings extensive scientific expertise and experience in the pharmaceutical industry. Combining our companies' resources and expertise will provide a unique opportunity to further advance our thin-film technology and to leverage those resources to open up markets around the world for the distribution and sale of our proprietary products," stated Thomas Beckett, Chief Operating Officer of InnoZen, Inc.
"We believe that HealthSport's technology has substantial advantages over other drug delivery technologies currently in the market and that our joint venture could provide more effective, affordable and sustainable healthcare solutions for some of the world's most destructive diseases and wide-spread medical conditions," stated Edward Bjurstrom, the Chief Executive Officer of CURE Pharmaceutical, Inc.
About HealthSport, Inc.
HealthSport, Inc. (www.healthsportinc.com) is a fully integrated developer, manufacturer and marketer of unique, proprietary branded and private label oral thin-film drug and dietary supplement products. HealthSport's wholly-owned subsidiary, InnoZen, Inc. (www.innozen.com), is the preeminent formulator, developer and manufacturer of oral thin-film products that deliver drug and dietary supplement actives through buccal (between the cheek and gum) absorption as well as normal ingestion. InnoZen's proprietary, oral thin-film delivery technology is superior to other competitive, oral thin-film products currently available in the market. InnoZen has one issued patent, multiple patents pending and has developed numerous trade secrets which it incorporates into the development and manufacturing process of its oral thin-film products.
About CURE Pharmaceutical, Inc.
CURE Pharmaceutical (www.curepharmaceutical.com) is an innovative healthcare company founded on a new approach to the global need for affordable medicines with a focus on unmet medical needs. The lack of effective healthcare is a severe problem in developing nations where many people are held hostage by diseases such as malaria, hepatitis and tuberculosis. Our goals are to ensure people have access to a sustained supply of affordable medications and to develop innovative approaches to address their medical needs. By tapping into people's natural entrepreneurial spirits, we also seek to ensure that they build and sustain long-term solutions for these dire medical problems.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include statements regarding letter of intent described in this release and whether or not the joint venture contemplated therein will be consummated and, if consummated, whether it will achieve its intended purpose and result in the successful development and launch of a pharmaceutical drug product. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the HealthSport's filings with the Securities and Exchange Commission. These risks and uncertainties could cause HealthSport's actual results to differ materially from those indicated in the forward-looking statements. HealthSport does not undertake to update any of the forward-looking statements contained in this release other than as required by law.
SOURCE HealthSport, Inc.