Mosaic buys suncare line
has agreed to sell its Caribbean Pacific line of natural suncare
and skincare products to Mosaic Nutriceuticals Corporation in a
cash, debt and stock transaction valued at $800,000 (€600,000).
The companies said that the sale is expected to be completed on or before December 31, 2004, when OptiLiving will assume all responsibilities for the brand.
Mosaic Nutriceuticals, located in Dallas, Texas, distributes a line of dietary supplements and nutriceutical products, and is focused on categories including osteoarthritis and associated pain, low-carbohydrate functional foods, cholesterol health, weight loss/appetite suppression, anti-aging and general wellness.
Following the completion of the sale, OptiLiving, under the direction of Dr. Sam Saliba, the company's director of Research and Development, will continue to act as a distribution agent for Mosaic's product line and will provide consulting services to Mosaic for product development and manufacturing.
In recent years Mosaic has been diversifying its product range into a broader spectrum of health and well-being products. The company also launched an osteoarthritis formula on to the market two weeks ago.
Further to its new product lines, Mosaic is looking to expand its reach beyond the North American market in the coming year. To this end it signed an international distribution agreement with AHB Trading Limited at the beginning of December. The agreement gives AHB exclusive distributions rights for the Mosaic product lines in Mexico, Central and South America.
Mosaic said of the agreement that it expected to start shipping orders of its flagship products Celaprix and Lipotrene to AHB at the beginning of the New Year. As part of this agreement, AHB also has an option to exercise warrants to purchase up to 3.5 million shares of Mosaic common stock for $4 million dollars.
