SAN LUIS OBISPO, Calif., June 10, 2004 (PRIMEZONE) -- 12 To 20 Plus, Inc (OTCBB:TTTP), a leading research-based nutraceutical company and a pioneer in the emerging field of specialized nutritional formulas and nutraceuticals, announced today that it has reached an agreement and signed a $10 million cash equity line.
Under the terms of the agreement, TTTP may elect to receive as much as $10 million in common stock purchases over the next three years.
Carol Slavin, President of 12 To 20 Plus said, "We have been very diligent in our research of potential funding sources. We intend to use the funds to grow revenues by significantly expanding our manufacturing capabilities and marketing efforts. The current opportunities for growth and development are greater now than ever."
The company is currently in negotiations with Banyan Corporation's wholly owned subsidiary ChiropraticUSA, a publicly traded company (OTCBB:BANY), to become the premier distributor of 12 to 20 Plus' proprietary full line of "over the counter" nutritional formulas and nutraceutical wellness supplements to the chiropractic industry through ChiropraticUSA's Franchised chiropractic clinics across North America.
"We are extremely excited, if not overwhelmed, about 12 to 20 Plus' Wellness Supplements as they are exactly what we have been looking for to incorporate within our franchised clinics as an additional revenue stream" stated Michael Gelmon, CEO of Banyan Corporation. Additionally, Gelmon stated that ChiropracticUSA is becoming the dominant face within the chiropractic industry: "We believe that upon completion of our due diligence process, we will, in fact, be a major national distributor of 12 to 20 Plus's exclusive and proprietary product lines as there are more than 50,000 Chiropractic Clinics that Banyan maintains its presence within."
Carol Slavin also stated: "With this distribution channel in place, our sales will immediately and dramatically increase. The company will initiate a massive marketing campaign to all 50,000 Chiropractic Clinics within the United States through Banyan Corporation's ChiropracticUSA marketing department. We are extremely excited to team up with ChiropracticUSA."
About 12 to 20 Plus, Incorporated - www.12to20plus.com
12 to 20 Plus, Incorporated is a research-based nutraceutical company and a pioneer in the emerging field of specialized nutritional formulas and nutraceuticals. One of the company's flagship products, the Zit Stick(r), is part of a "spa style" acne therapy system. The market for acne remedies is expected to reach $370 million in 2004.
12 to 20 Plus, Inc. also markets highly effective condition-specific dietary supplements through its Nutraceutical Research Group (NRG) division. These products, manufactured by FDA-approved labs, contain the most sophisticated combination of extensively researched nutritional elements available. Instead of herbs, the Company utilizes potent pharmaceutical grade "amino acids", important protein constituents that serve as neurotransmitter precursors, membrane stabilizers and enzyme precursors. Some of the proprietary NRG products include: Anaplex (tm), an antidepressant drug alternative; VisionKare(tm), an advanced supplement for macular degeneration; ChemoKare(tm), a unique combination of extracts designed to treat the side effects of chemotherapy; QuitSystem(r), a neuronutrient supplementation for recovery from alcohol, drugs and smoking; Hinoki Bana(tm), a treatment for men and women with hair loss problems. Retail sales in the explosive dietary supplement market are expected to hit $40 billion by year 2007, according to Frost & Sullivan reports.
About Banyan Corporation - www.banyancorp.com
Banyan Corporation is a publicly traded holding company focused on investing in and building a network of operating subsidiaries engaged in various innovative businesses. Currently the company's subsidiary, Chiropractic USA, Inc., is focusing on the development of branded chiropractic clinics throughout North America by way of acquisitions of existing clinics as well as franchising chiropractic clinics under its marks and uniform operating systems and practices. The company's other subsidiary; Banyan Financial Services, Inc., is providing practice finance solutions to the chiropractic, medical, dental and healthcare communities.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Banyan Corporation) contains statements that are forward-looking, such as statements relating to the future anticipated direction of the high technology industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of Banyan Corporation. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, changes in federal or state tax laws, and market competition factors. For a description of additional risks and uncertainties, please refer to Banyan's filings with the Securities and Exchange Commission.