NuGene Enters Into MOU With Bassett Salon Solutions to Distribute and Rollout NuGene to 7,000 Potential New Accounts
Bassett to Launch Market Test to Assess Customer Acceptance
IRVINE, CA–(Marketwired – Sep 9, 2015) – NuGene International, Inc. (OTCBB: NUGN), a company which develops, manufactures and markets advanced skin and hair care lines utilizing adipose derived human stem cells and stem cell media, announced today that it has entered into a memorandum of understanding (“MOU”) with Bassett Salon Solutions (“Bassett”), a distributor of high-end beauty products to over 7,000 salon accounts in the United States.
Under the MOU, Bassett agrees to test market NuGene products. If the test is successful, Bassett proposes to distribute and rollout the NuGene product offering to all of its accounts by Q1 2016. The test marketing of NuGene’s product line to Bassett’s customers will initially start with two accounts. If that trial introduction is well received by retail customers, Bassett proposes to add additional accounts scaling up to the Q1 2016 rollout.
Ward Bassett, founder and CEO of Bassett Salon Solutions, stated, “We have spent several months researching NuGene’s products, the stem cell based science that underlies them and the results of company-sponsored studies on the efficacy of the products. We have visited the facility, heard the story, sampled the products, and we agree that we could be a good fit together. We believe that NuGene has attractively packaged superior products that will be well accepted by the accounts which we serve.”
Ali Kharazmi, co-founder and CEO of NuGene International, stated, “We identified Bassett Salon Solutions early on as an excellent fit to distribute and rollout our product offerings based on their superior industry reputation. Their size, knowledgeable account reps and ability to sell to high-end accounts make them an ideal partner. We look forward to beginning a long and mutually prosperous relationship.”
About Bassett Salon Solutions
Founded in 2007 by Ward and Christina Bassett, Bassett Salon Solutions is a premier salon distributor of Eufora, Davines, Kemon and GK Hair products in the Western United States. Distribution territory currently covers 7,000 accounts in the Western United States including California, Arizona, Nevada, Utah, Oregon, Washington, and Idaho.
About NuGene, Inc.
NuGene International, Inc. specializes in developing, manufacturing and marketing proprietary regenerative cosmeceutical and pharmaceutical products based on adipose derived human stem cell and human stem cell media. The US Department of Health and Human Services calls regenerative medicine the “next evolution of medical treatments.” The regenerative medical market which includes cosmeceuticals and pharmaceuticals was estimated at $7.2 Billion in the US in 2014 and is expected to rapidly grow in the coming years according to RNCOS Business Consultancy Services Global Cosmeceuticals Market report. NuGene’s cosmeceutical and pharmaceutical products are based on proprietary stem cell based regenerative formulations derived from non-controversial, adult human stem cell derived media obtained from adipose tissue. NuGene’s exclusive products combine its in-house advancements, proprietary technologies, and patent pending formulations. The company has four patents pending covering 15 unique applications. NuGene’s goal is to leverage its knowledge and expertise to develop age defying cosmeceutical skincare and hair care products in addition to pharmaceutical products based on the same regenerative science platform.
Forward Looking Statements
This document contains “forward-looking statements,” statements related to future, not past, events. In this context, forward-looking statements often address NuGene’s expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “proposes.” “believe,” “seek,” “see,” “will,” “would,” or “target.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about our current and future sales, planned operations, marketing activities and other operational, sales and financial plans. These may include our ability to convert pre-order commitments/wins into orders; timing of planned and anticipated product deliveries; the price we realize on orders since commitments/wins are stated at list prices; customer actions or developments such as customer returns and other factors that may affect the level of demand and performance of the major industries and customers we serve; the impact of regulation and regulatory, investigative and legal proceedings and legal compliance risks, including the impact of regulation and litigation; adverse market conditions, timing of and ability to obtain required regulatory approvals, or other factors relating to us; the impact of potential information technology or data security breaches; and the other factors that are described in “Risk Factors” in NuGene’s Annual Report on Form 10-K for the year ended December 31, 2014. These or other uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements. This document also contains non-GAAP financial information. Management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of our financial performance, identifying trends in our results and providing meaningful period-to-period comparisons.
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