WESTBROOK, ME--(Marketwired - Jan 4, 2017) - Synergy CHC Corp ("Synergy") (OTCQB: SNYR) and Knight Therapeutics Inc. (TSX: GUD) announced as of December 23rd that, ("Knight"), through one of its wholly-owned subsidiaries has committed to invest up to US $2 million as a lead order toward the purchase of common shares of Synergy CHC Corp ("Synergy") (OTCQB: SNYR) conditional on Synergy meeting certain fundraising targets in 2017.
In addition, Knight entered into an agreement with Synergy to swap its share purchase warrants and stock options of Synergy, which entitled Knight to purchase up to 9.1 million shares of Synergy at exercise prices ranging from US $0.25 to US $0.49 per share, in exchange for 7.5 million common shares of Synergy valued at US $2.9 million based on Synergy's December 23, 2016 closing price of US $0.39 per share. Knight originally received the share purchase warrants and stock options in connection with its secured loans to Synergy issued in 2015. Following the exchange, Knight owns 17.6 million or 19.9% of Synergy's common shares outstanding.
Separately, with respect to FOCUSfactor® and Hand MD™, Knight appointed Synergy as its exclusive third party direct channel distributor in Canada, Israel, Romania, Russia and sub-Saharan Africa; and as its exclusive third party retail channel distributor in Canada. Additionally, Knight amended its direct channel distribution agreement with Synergy for Flat Tummy Tea in Canada. The initial term of these agreements ends on February 15, 2021.
"While we missed the Christmukkah rush, we are confident that our continued partnership with Synergy will bring joy to both our company's respective shareholders," said Jonathan Ross Goodman, CEO of Knight.
"We are very pleased to have licensed the right's of our brands back in the knight territories and also further deepen our incredible partnership with Knight. We are very blessed to have Knight as our partner" said Jack Ross, CEO of Synergy CHC.
About Knight Therapeutics Inc.
Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian and select international markets. Knight Therapeutics Inc.'s shares trade on TSX under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the company's web site at www.gud-knight.com or www.sedar.com.
About Synergy CHC Corp.
Synergy CHC Corp. is a consumer health care company that is in the process of building a portfolio of best-in-class consumer product brands. Synergy's strategy is to grow its portfolio both organically and by further acquisition. Synergy's diversified portfolio now includes FOCUSFactor™, Flat Tummy Tea™, Neuragen™, and Hand MD™ . For more information, please visit www.synergychc.com.
About FOCUSfactor® "Another Synergy Brand"
FOCUSfactor is sold at America's leading retailers such as Costco, Sam's Club, Wal-Mart, BJ's Walgreens, CVS and The Vitamin Shoppe. FOCUSfactor, America's leading brain health supplement, is a nutritional supplement that includes a proprietary blend of brain supporting vitamins, minerals, antioxidants and other nutrients. In December 2012, the United States Patent and Trademark Office issued US Patent 8,329,227 covering FOCUSfactor's proprietary formulation "for enhanced mental function." The issuance of the patent marked one of the few times a patent has been issued for a nationally branded nutritional supplement. FOCUSfactor is clinically tested with results demonstrating improvements in focus, concentration and memory in healthy adults. www.focusfactor.com
About Flat Tummy Tea® "Another Synergy Brand"
Flat Tummy Tea's uniquely formulated two-step herbal detox tea works to naturally help speed metabolism, boost energy and reduce bloating to flatten your tummy. It's currently sold exclusively online to a global, 20-30 year old female, predominantly American market.
Since being founded in 2013, Flat Tummy Tea has grown rapidly, largely attributed to the strength of their branding and their innovative and effective use of social media. Their secret is a very specific process and ROI based algorithm used on various online platforms. To date, Flat Tummy Tea has built a targeted social media following of over 1,100,000, many of whom are now customers.
Flat Tummy Tea now has over 13,000 positive written reviews on their website, flattummytea.com or visit their Instagram page.
About Neuragen® "Another Synergy Brand"
Neuragen® is a topical product that works directly at the site of the pain as opposed to oral products. Neuragen® reduces the spontaneous firing of damaged peripheral nerves. By calming these firings at the source, Neuragen® is clinically shown to reduce shooting and burning pains quickly and without the side effects of orally taken medications. This is in part due to the small lipophilic molecules found in Neuragen® which rapidly carry the active ingredients through the rough outer layer of the skin to the site of the pain. Neuragen® is available over the counter in most local pharmacies either in the diabetic section or the analgesic (pain) section. For more information, please visit www.neuragen.com.
About Hand MD® "Another Synergy Brand"
Hand MD is the world's first anti-aging skincare line formulated specifically for the hands. Hands reveal a woman's true age and the rejuvenation of the hand has become women's #1 aging concern. Developed by Kara Harshbarger and renowned celebrity dermatologist Dr. Alex Khadavi, Hand MD's extensive clinical trials show significant improvement in the appearance of fine lines and wrinkles, skin hydration, hyper-pigmentation and radiance. HAND MD launched on QVC and sold out in an astonishing 5 minutes. www.hand-md.com
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. All statements, other than statements of historical facts, regarding management's expectations, beliefs, goals, plans or Synergy's prospects should be considered forward-looking. Readers are cautioned that actual results may differ materially from projections or estimates due to a variety of important factors, including: Synergy's ability to integrate any new products into its current operations; the risks and uncertainties associated with Synergy's ability to manage its cash resources; obtaining additional financing to support Synergy's operations; Synergy's dependence on third parties for its research and development, manufacturing and distribution functions; Synergy's dependence on its license relationships; protecting the intellectual property developed by or licensed to Synergy; and Synergy's ability to build its operations to support its business strategy and promote its products. These and other risks are described in greater detail in Synergy's filings with the SEC, copies of which are available free of charge at the SEC's website (www.sec.gov) or upon request from Synergy. Synergy may not actually achieve the goals or plans described in its forward-looking statements, and investors should not place undue reliance on these statements. Synergy assumes no obligation and does not intend to update these forward-looking statements, except as required by law.