NEW YORK, January 31, 2018 /PRNewswire/ --
TechCare Corp. (OTCQB: TECR), a technology company with a revolutionary delivery platform that uses vapor technology for natural health, wellness and beauty treatments, today announced it has closed an $1.8 million round of funding.
The financing was a combination of existing investors and new investors, including:
- Zvi Yemini - Chairman of TechCare and its largest shareholder. Mr. Yemini has long been a pioneer in tech and consumer goods, having founded ZAG Industries Ltd. (sold to Stanley Black & Decker), Polymer Logistics and Hydro Industries Ltd. With an MBA from Tel Aviv University and over 35 years' experience as an entrepreneur and business leader, his $400,000 is a follow-up investment.
- Marius Nacht - Chairman and co-founder of Check Point Software (NADSDAQ - CHKP), a multi-national cyber security giant. Nacht holds degrees in physics and mathematics from the Hebrew University of Jerusalem and in electrical engineering and communication systems from Tel Aviv University. His investment fund is focused on Israeli healthcare and wellness startups. His $400,000 is a follow up investment.
- Ran Tuttnauer - CEO and owner of Tuttnauer, a company he transformed from a small local company to a global leader in sterilization and infection control, represented in 142 countries and employs 500 employees worldwide. Tuttnauer was recently acquired by Fortissimo Capital. Excited about TechCare's plans, his $500,000 is a new investment.
- Citrine Investment & Technology Holdings - An Israeli VC specializing in locating, improving, and investing in high-profile technology companies with potential for global market breakthrough. After careful analysis, Citrine has seen the potential in TechCare and committed $400,000 in a new investment.
- Oren Traistman - Board Member of TechCare, and also a Partner in Egoz Finance and Shares Issuers Ltd., Mr. Traistaman has with over 15 years of investment management, underwriting and strategic consultancy. He is an Investor and Director in several corporations such as APX Ltd., Cathworks Ltd., Enox Ltd. His dedication to the project is backed up by a $50,000 follow-up investment.
- Zach Rubin - $50,000 follow up investment.
With the success of this round of funding, the company has solidified its balance sheet and can now focus exclusively on executing the business plan, further driving shareholder value.
"Our existing and new investors are strong partners for TechCare in helping to fuel our growth," said Shlomi Arbel, CEO. "This new funding substantially improves our working capital position while we continue to expand sales of our products that leverage the innovative TechCare delivery platform. We will also greatly benefit from our investors' vast experience, proven track record and professional networks."
In another landmark announcement, TechCare last week signed its first European distributor, MWMedical B.V., a leading distributor of medical devices in the Netherlands, for TechCare's Novokid lice treatment device, which addresses a $1.8 billion market globally, and a European market estimated to exceed $500 million.
This influx of capital will further help with marketing, signing other distributors, expanding to the additional 27 countries available to TechCare under its CE Mark, and penetrating US and global markets.
About TechCare Corp.
TechCare is a technology company engaged in the design, development and commercialization of an innovative delivery platform utilizing vaporization of various natural, plant-based compounds, to enable a wide variety of treatment solutions. Inspired by simple, natural treatments that have been used for generations. TechCare's renowned scientists combine traditional wisdom with innovative, proprietary technology and years of research to create solutions that answer the needs of today's consumers.
Novokid is a revolutionary anti-lice home use device that eliminates lice, super lice and eggs with a simple 10 minute treatment with no rinsing or washing required.
Novokid is 100% natural, plant based, and pesticide free.
Shine, a hair treatment device, developed with internationally renowned industry leaders cleanses the hair and scalp and rejuvenates hair by returning its natural health, shine, body and luster.
Additional products are in development and slated for launch in 2018-9.
Notice Regarding Forward-Looking Statements
This communication does not constitute an offer to purchase or exchange or the solicitation of an offer to sell or exchange any securities of the Company. This communication contains certain statements that are neither reported financial results nor other historical information and other statements concerning the Company.
These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, events, products and services and future performance. Forward-looking statements are generally identified by the words "will", "expects", "anticipates", "believes", "intends", "estimates", "target", and similar expressions. These and other information and statements contained in this communication constitute forward-looking statements for purposes of applicable securities laws.
Although management of the Company believes that the expectations reflected in the forward looking statements are reasonable, investors and security holders are cautioned that forward looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by the forward-looking information and statements, and the Company cannot guarantee future results, levels of activity, performance or achievements. Factors that could cause actual results to differ materially from those estimated by the forward-looking statements contained in this communication include, but are not limited to: trends in target markets; the Company's ability to develop new technology and products; effects of competition in the Company's main markets; challenges to or loss of intellectual property rights; ability to establish and maintain strategic relationships in its major businesses; profitability of the growth strategy; and changes in global, political, economic, business, competitive, market and regulatory forces. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of such forward-looking statements. The forward-looking statements contained in this communication speak only as of the date of this communication and the Company or its representatives are under no duty, and do not undertake, to update any of the forward-looking statements after this date to conform such statements to actual results, to reflect the occurrence of anticipated results or otherwise except as otherwise required by applicable law or regulations.
Investor Relations
Brett Maas
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SOURCE TechCare Corp
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