Fuse Science, Inc. Provides Corporate Update
MIAMI LAKES, Fla., July 19, 2012 /PRNewswire/ -- Fuse Science, Inc. (OTCQB: DROP), (www.fusescience.com) an innovative consumer products company that is developing new, patent-pending technologies poised to redefine how consumers receive energy, medicines, vitamins and minerals, is pleased to provide this update to its shareholders and the investment community.
Fuse Science would like to update the status of our capitalization efforts, GNC product distribution, and the upcoming launch of our PowerFuse™ and ElectroFuse™ drop technologies.
Brian Tuffin, Fuse Science CEO stated: "This will be the first of a continuing series of updates for our shareholders and the investment community. The entire Fuse team remains focused and committed to the execution of a deliberate strategy that advances the development of our technology and consumer product offerings. Management is in this for the long haul and as such has not sold a single share. Over the past seven months significant efforts have been made by the team, which is enabling real progress against our immediate and long term objectives. What follows is an update for our shareholders whose unwavering support and feedback has been very much appreciated."
In February 2012, we announced the completion of a $3.2M funding round that was critical to the build-out and facilitation of our business development and commercialization strategy. This funding round included a second phase funding mechanism, which allows Fuse to now raise another $3.2M to fund our current expansion phase. Recognizing some of the recent volatility in our stock, it is important to note that this dynamic, while disconcerting to some, also has a positive effect on our balance sheet as the conversion of notes are significantly reducing debt and its associated interest expense. At the same time, warrant execution is providing funding for the current accelerating commercialization efforts of our business.
GNC Global Product Distribution Agreement
On April 24th 2012 Fuse announced that it was expanding distribution of its EnerJel™ product into the top 702 corporate retail locations of GNC in a Phase One rollout targeting all 6,000 locations. On June 29th we began shipping EnerJel™ to GNC distribution facilities for immediate delivery to these retail locations.
Today EnerJel™ can be purchased online at GNC.com and distribution to the top 702 corporately-owned retail locations has begun. Store managers are currently receiving inventory from their respective GNC distribution center and EnerJel™ product reviews by GNC consumers are currently rated at 5 of 5 stars. In-store distribution is not a barrier to purchase as we expand. The manager, at any of the 6,000 GNC locations, can facilitate the sale of EnerJel™ and will ship it to your home free of charge within 3 days directly from their distribution center. The new product feature program on GNC's home page will begin July 30th 2012 in the A-2 Slot and we will further include targeted in-store sampling programs, GNC consumer database communication and direct to GNC consumer sampling nationally. We have over a 70% success rate with consumers becoming Powered By Fuse™ believers simply by trying the EnerJel™ product. Our aggressive sampling and marketing programs are now shifting into gear which had to be preceded by the ability to effectively support the demand forecast for EnerJel™ based on the soft launch data which continues to strengthen.
Launch of Initial Drop Products, PowerFuse™ and ElectroFuse™
The Company announced on April 30th 2012 that it was on track for initial engineering and production runs for launches of the DROP Technology ElectroFuse™ and PowerFuse™ brands and that it planned initial launches by end of June, with an expansion into national distribution during the summer of 2012.
The complexity of the high-speed production process for our unique technology presented various challenges that required equipment adjustments. This caused a minor delay in our ramp-up, but quality trumps speed. In everything we do, we will take whatever time necessary to do it the right way. The significance of this technology and the work being done by this team is too important not to. Every person currently in the Powered by Fuse™ database will receive a free sample of our new technology. The first 10,000 consumers who have yet to join the Powered By Fuse™ team may go to www.poweredbyfuse.com and sign up for a free sample of PowerFuse™ or ElectroFuse™. All samples will be sent out at the end of September and the online and retail launch is now expected to take place in the last quarter of 2012.
We plan to continue to provide timely updates regarding our progress. It is the sole objective of management and our board of directors to create sustainable long-term shareholder value. We remain extremely encouraged regarding the strength of our science and how we are able to deliver truly differentiating product performance.
If you still don't know what it means to be Powered By Fuse™ then its time. Go to www.poweredbyfuse.com and enter promo code "MRay" to receive 20% off your EnerJel™ in support of our most recent athlete, fitness champion Michelle Ray.
About Fuse Science, Inc.
Fuse Science, Inc. (OTCQB: DROP), is an innovative consumer products holding company based in Miami Lakes, Florida. Fuse Science holds the rights to new, patent-pending technologies poised to redefine how consumers receive energy, medicines, vitamins and minerals. The company maintains the rights to sublingual and transdermal delivery systems for bioactive agents that can now, for the first time, effectively encapsulate and charge many varying molecules in order to produce complete product formulations which can bypass the gastrointestinal tract and enter the blood stream directly - all in a concentrated "DROP" form that is simply applied under the tongue. The Fuse Science technology is designed to accelerate conveyance of medicines or nutrients relative to traditional pills and liquids and can enhance how consumers receive these products. Information about Fuse Science is available online at www.fusescience.com and www.poweredbyfuse.com or by calling 305-503-FUSE (3873).
Safe Harbor Statement
Certain statements and information included in this release may constitute "forward-looking statements" as defined in the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied in such statements. Additional discussion of factors that could cause actual results to differ materially from management's projections, estimates and expectations is contained in the Company's SEC filings. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by federal securities laws.
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