ROSH HA'AIN, Israel, February 22, 2017 /PRNewswire/ --
TechCare (OTC: TECR), a technology company engaged in the design, development and commercialization of an innovative platform utilizing the vaporization of various natural, plant-based compounds, to enable a wide variety of treatment solutions, has today released a Letter to Shareholders from the Company's chief executive officer and chairman to provide an overview, as follows:
I would like to take this opportunity to welcome you as a shareholder of TechCare and provide you with an overview of the actions taken in conjunction with the merger with BreedIt Corp. and an update on our current products, as well as some insight regarding our plans going forward.
In August 2016, TechCare Corp. (formerly BreedIT Corp.) completed its merger with Novomic Ltd., a private company organized under the laws of the State of Israel. In connection with the merger, the Company changed its name to TechCare Corp. and instituted a reverse split of its common stock on a 1:30 basis. TechCare's common stock now trades on the OTCQB under the symbol TECR.
The TechCare Platform
TechCare is engaged in the design, development and commercialization of an innovative technology platform harnessing the power of cold vaporization to deliver natural, plant-based materials to enable a wide variety of treatment solutions. Our proprietary cold vaporization technology enables us to convert our treatment formulations from liquid to gas form, improving the accessibility and effectiveness of the treatment.
Each of our solutions comprise three elements of our patent-protected technologies:
Our proprietary compressor are the foundation of all TechCare solutions. Engineered to put the power of cold vaporization directly in the hands of consumers, their intuitive design make them easy to use, while their compact size and elegant design make them suitable for home use.
By harnessing the power of cold-vaporization, TechCare formulators are able to exploit the properties of plant based materials to develop effective treatments for the skin and hair, as well as the eradication of pests like lice and bedbugs. The elimination of toxic chemicals, pesticides and silicone, from our products makes them safe to use on and around all members of the family.
Formulations are packaged in our patented capsules, which are engineered to securely store each dose until ready for use, as well as ensure the complete vaporization of the solution in the vaporizer.
The final component of any TechCare solution is the delivery mechanism. Applicators vary according to each solution. Our NovoKid and Shine products both use a cap to facilitate the effective delivery of treatment from the vaporizer to the hair and scalp, while the BedBug product will apply to infested materials through a leakproof bag.
Products and Services
NovoKid is our innovative solution to treat lice and represents a substantial opportunity for the Company. It is estimated that anywhere from 6 to 12 million school age children in the US alone get lice in any given year, resulting in disrupted attendance and significant indirect costs. Lice treatment is believed to account for approximately $1.8 billion worldwide.
Conventional treatments are designed to destroy lice by attacking their nervous system. However, over the years, lice, like many pests, have developed resistance to common treatments. These "super-lice" require stronger and more potent chemicals and pesticides, most of which suffer from unsustainable efficacy and a variety of side effects.
TechCare takes a different approach to eliminating lice; our solution targets the respiratory system of the lice using all natural, plant-based ingredients. Preliminary research indicates NovoKid is particularly attractive to consumers, most notably parents, as most victims of lice are children, and the less exposure they have to harsh chemicals, the better. Further, our treatment is fast, dry, clean, and easily administered in the home. The user simply puts the cap on their head and sits for about 10 minutes for a full treatment, no rinsing or washing is required.
Our lice treatment solution has received regulatory approval for sale in the European Union and in Israel, and we are now finalizing preparations for establishing a mass production line for the capsules. We expect to commence sales of NovoKid in the fourth quarter of this year.
Shine uses cold vaporization and a proprietary formulation to clean, treat and improve the appearance of the hair and scalp. In addition to removing the residue of products, the treatments will balance the hair's pH levels, add body and shine, define curls, and strengthen and protect hair from further damage. Like our solution for lice, users simply put a Shine capsule in the compressor, place the attached cap on their head and sit for a 10-minute treatment. There is no need to rinse or shampoo following the treatment.
The global haircare market is estimated to be in excess of $80 billion, and we are looking to establish a presence in the home treatment niche. To that end, we are in the process of expanding the Shine treatment product line to include formulations for the needs of specific hair types, such as dry, curly, colored, and over-processed hair.
We expect to commence sales of Shine in the fourth quarter of this year.
We are always working on new applications for our technology. At the forefront of that effort is a treatment for bedbugs and similar household pests. The solution includes our proprietary vaporization process and formulation that is delivered to a container holding the contaminated material, such as mattresses, linens or clothing.
We are also exploring opportunities to treat a range of skin conditions, including dandruff and nail fungus. In some instances we may partner with third parties to develop formulations, but we will always manufacture our products internally.
Management and Advisors
We have assembled a stellar management team, with direct expertise in entrepreneurship, technology, management, finance, business development, marketing, and I expect that you will come to know them all over time.
To give you a bit of my background, I have more than 35 years of experience in plastics technologies, both in management and as an investor. I have founded a number of companies, including ZAG Industries, which designs, develops, manufactures and markets plastic consumer products, and which was sold to Stanley Black & Decker, as well as Polymer Logistics and Hydro Industries. My work, as an industrialist was recognized by serval awards.
I also serve as Chairman of Shenkar College of Design, a public college in Ramat Gan, Israel that provides industrial companies with qualification and R&D services. I earned my B.A in Industrial Engineering from the Technion Israel Institute of Technology and an Executive M.B.A. from Tel-Aviv University and a M.A. in Marketing from Baruch College in New York.
To date, our R&D efforts and operations have been funded largely through debt and the sale of equity, as we have raised app. $4,000,000. Most recently we raised $750,000 in proceeds through a private placement in January 2017. I provided a portion of that capital, but the majority - $500,000 - was invested by Marius Nacht, cofounder of the international cybersecurity firm Check Point Software Technologies (NASDAQ - CHKP). The fact that Marius had the confidence in our operation to make a direct investment of that size was certainly gratifying and confirmed our business direction.
It is our intention to raise an additional $2 million in equity capital from institutional and high net worth individuals to facilitate our marketing and production efforts for NovoKid and Shine, as well as developing our future products.
For further information please visit our website at http://www.techcareltd.com or contact us
In closing, I would like to thank you for your continued support, and look forward to sharing more good news with you in the future.
Chairman and CEO
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.
Contact (for media only):
Shlomi Arbel, COO