Apr 21 2010
NaturalNano, Inc. (Pink Sheets:NNAN) (Frankfurt:N3N) announced today that it has completed the acquisition of a 51% interest in COMBOTEXS, LLC (Combotexs) from World Wide Medical LLC (WWM) a privately held company in consideration for 20 million shares of common stock and for up to 40 million warrants based on future sales volumes.
Combotexs holds marketing rights to a range of products that represent an opportunity to increase NNAN sales revenue in the near term and creates new market opportunities for NNAN's Halloysite Nano Tubule (HNTTM) technology.
Combotexs currently markets Error Prevention/Safety Checklist Boards to hospitals and high-risk industries like petrochemical and mining. Checklists have become mandatory in many hospital operating rooms and according to the World Health Organization, checklists will reduce patient deaths by 40%. According to Combotexs, it estimates product sales for 2010 to be over one million dollars.
Acting NaturalNano CEO and President James Wemett said, "We are excited to have the opportunity to take a major stake in the Combotexs business. This provides NNAN with a range of near term applications for our HNT technology that will also enhance the performance of many of the Combotexs products. NNAN will continue to actively work to expand markets and applications for HNT as a material component. This transaction provides NaturalNano with the opportunity to immediately participate in the revenue from Combotexs product sales which will further benefit us and our shareholders."
"We have been working with World Wide Medical and Combotexs on a range of products and applications and now look forward to a more synergistic relationship while participating more significantly in the revenue stream from the marketing of the Combotexs products. Our goal at NNAN is to be a problem solver and to improve products through our HNT technology," Wemett continued.
Richard Popovic, CEO of Combotexs and WWM commented, "We welcome the opportunity NaturalNano has given Combotexs to enhance our products and to give us an edge in the market place. We will be introducing new products in 2010 utilizing their technology."
Source: http://www.naturalnano.com/