SUNNY ISLES BEACH, Fla., Aug. 1, 2017 /PRNewswire/ -- Joey New York, Inc. (OTC: JOEY) today announced that it recently entered into agreements with two investors. The first agreement included a nine-month $600,000 convertible note and an equity purchase agreement for up to $2 million of the Company's registered common stock. The second agreement included a seven-month $412,500 convertible promissory and an equity purchase agreement for up to $5 million of the Company's registered common stock. These financing facilities are intended to provide the Company with growth capital for the expansion of its LABB beauty suites. The agreements are subject to numerous terms and conditions which can be found in the Company's SEC filings.
"The LABB is an aesthetic beauty suite which provides individuals with injectable-only services in a luxury retail setting," stated Joey Chancis, CEO of Joey New York and Managing Director of The LABB. "The LABB aims to provide its clients with the best aesthetic results at more affordable prices than plastic surgeons and dermatologists. We see a major opportunity in this market based upon the results in our first Florida locations. We look forward to the near-term expansion of our footprint in South Florida and Southern California."
CEO Chancis continued, "These financing agreements will help us grow and scale our brand. We plan to secure the best supervising physicians by building a corporate structure that encompasses both the medical and business considerations. We also have plans to develop a national training and advisory board consisting of top plastic surgeons and physicians. It is important to ensure safety at all times and be compliant at every LABB Suite. New products are constantly being introduced to the market and more off label injectable procedures are being FDA approved for on label use. We already work closely with market leaders such as Allergan and Galderma to provide innovative products and procedures, and our growing team of experts will help keep us ahead of the competition," she concluded.
Forward looking Statements:
Joey New York, Inc. through its wholly owned subsidiary botoxLABB offers injectable aesthetic beauty treatments. Botox LABB uses the Allergan portfolio of products which includes Botox, Voluma, Juvederm and Kybella. The LABB also uses the Galderma portfolio of products which includes Restylane, Restylane Silk, Restylane Lyft, Restylane Refyne and Restylane Defyne. The LABB opened its location during 2016 in South Beach and has expanded in South Florida. Additional locations are being secured in South Florida and California and the company hopes to open 30 corporate-owned locations in the next four years.
Senior VP of Business Development
Managing Director, Joey New York/The Labb
SOURCE Joey New York, Inc.