MT. KISCO, N.Y., April 08, 2016 (GLOBE NEWSWIRE) -- ImmuDyne, Inc. (OTC:IMMD) today announced that the company increased its ownership interest in Innate Scientific to 78.16667% ("Innate"), a joint venture focused on direct-to-consumer online marketing. Innate Scientific is the trade name for the joint venture and its legal name is Immudyne PR LLC under the laws of Puerto Rico.
Innate was initially formed in November 2015 to launch a complete skin care regime containing the company’s proprietary ingredients. The company expects Innate to drive ImmuDyne's total sales to $10 million for the 2016 fiscal year.
In 2015 the company’s revenues grew 71% to $1.22 million, driven by increased demand for its proprietary yeast beta-glucan and SGM delivery technology. For 2016, we expect our direct-to-consumer joint venture with Innate Scientific to drive ImmuDyne’s total sales to $10 million. ImmuDyne also expects the joint venture, which includes the current product offerings as well as additional follow-on product offerings, to be accretive to earnings in fiscal 2016.
In consideration for ImmuDyne's increased ownership interest in Innate, its joint venture partners will be eligible for a potential earn-out in the company's common shares. The earn-out is contingent upon Innate’s profitability. A complete earn-out would be contingent on Innate contributing $5 Million in earnings to ImmuDyne within 24 months. Prior to the increase in its ownership interest, ImmuDyne controlled 51% of Innate’s voting rights and held a 33% economic interest in Innate.
“We believe that this transaction could double our earnings per share from direct-to-consumer sales as compared to our prior economic interest in the Innate Joint Venture,” commented Mark McLaughlin, Chief Executive Officer of Immudyne, Inc.
About ImmuDyne
ImmuDyne has developed proprietary topical and oral products and delivery technologies that have several new market opportunities. The Company manufactures and sells yeast beta-1,3/1,6 glucan for oral and topical uses. All of ImmuDyne’s intellectual property is protected by patents and/or trade secrets. Additional information can be found on the web at www.immudyne.com.
Forward-Looking Statements
Cautionary language regarding Forward-Looking Statements Safe Harbor Act Disclaimer: Forward-looking statements in this release are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Certain statements in this press release, including projections with respect to ImmuDyne’s results of operations, may contain words such as "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "projects," "plans," "targets" and other similar language and are considered forward-looking statements. These statements are based on management's current expectations, estimates, and forecasts. These forward-looking statements are subject to important assumptions, risks and uncertainties, which are difficult to predict and therefore the actual results may be materially different from those discussed.