ATLANTA, GA--(Marketwired - Jul 14, 2016) - True Nature Holding, Inc. (OTCQB: TNTY) (the "Company") today updated its shareholders by announcing that it has progressed on its acquisition strategy, consolidating a leadership position in the Compounding Pharmacy space.
"Over the last month we have advanced the due diligence and integration plan for the first phase of pharmacy acquisitions as well as started to build out our management team," said Jim Driscoll, the CEO of True Nature Holding, Inc. The following is a summary of the key actions completed in conjunction with the Company's strategy:
ACQUISITION OF NEW COMPOUNDING PHARMACY BUSINESSES
- Integrity Compounding, Atlanta: Sells a range of women's and men's health products aimed at the mature community, such as hormone replacement therapy. Casey Gaetano, the founder, is now focused on corporate development for True Nature, including strategy, acquisitions and a national sales and marketing plan to promote the product set from True Nature network participants. Closed May 9, 2016 and True Nature received the Georgia State Board of Pharmacy approval.
- Cherokee Pharmacy, Holly Springs: Owned by Dale Coker, a noted industry leader for a number of years. Mr. Coker is the current Chairman of the International Academy of Compounding Pharmacists as well as member of Georgia Pharmacy Association, Academy of Independent Pharmacy and other key industry organizations. He has agreed to chair the company's advisory board after the sale. Under letter of intent, expected to close July 31, 2016 subject to State Board of Pharmacy approval.
- The Company is negotiating the acquisition of four additional pharmacies. It expects to close a minimum of two additional acquisitions during the second half of 2016.
CONSOLDIATION OF THE MANAGEMENT TEAM
The Company has consolidated its management team under the leadership of Jim Driscoll, CEO.
Steve Keaveney, who has 25 years of Senior Finance Leadership, is supporting Mr. Driscoll in the acquisition and integration efforts in the CFO role.
Casey Gaetano, Integrity's founder, is fully engaged as VP of Corporate Development, assisting Mr. Driscoll on the integration plan, conducting due diligence on target acquisitions, identifying acquisition candidates and developing the Company's strategy.
Gary Meyer, a pharmacist and former Compound Pharmacy owner with over 25 years of experience, has joined the team to lead the company's compliance effort. Gary has a passion for quality and safety in addition to a proven record of developing products that have achieved market acceptance.
CONCLUSION and FOCUS for Q3
As the Company is executing on closing its initial acquisitions in the Atlanta market and finalizing the integration plan, management is focused on further expansion in Q3 and Q4 2016. The Company expects to exit 2016 with run rate revenue estimated in excess of $10MM. Management's objective is to identify and acquire a minimum of two additional acquisitions in 2016 and continue to build the pipeline of quality acquisition candidates, positioning the Company for continued growth in 2017.
About True Nature Holding, Inc.: True Nature Holdings plans to acquire a number of compounding pharmacies, which create customized formulations for patients, around the US and from that network seek distribution to a larger market and the benefits of economies of scale and market consolidation. We are targeting the acquisition of pharmacies that serve the human, and in some instances, pet markets. True Nature plans to first consolidate a leadership position in the Southeastern US and then expand to create a national platform.
Statement Under the Private Securities Litigation Reform Act
As contemplated by the provisions of the Safe Harbor section of the Private Securities Litigation Reform Act of 1995, this news release contains forward-looking statements pertaining to future, anticipated, or projected plans, performances and developments, as well as other statements relating to future operations. All such forward-looking statements are necessarily only estimates or predictions of future results or events and there can be no assurance that actual results or events will not materially differ from expectations. Further information on potential factors that could affect True Nature Holding, Inc. is included in the Company's filings with the Securities and Exchange Commission. We expressly disclaim any intent or obligation to update any forward-looking statements.