Varon Corp (OTCID:OZSC) and OZOP Energy Solutions Inc said they have purchased specialized equipment to support product research, prototyping and development at Varon’s US subsidiary, Varon USA.
The equipment supports an R&D initiative exploring new product formats in the wellness and functional consumer products space.
Varon said the project remains in development and it is limiting disclosure of the specific product concept, formulation and intended commercial application.
The initiative extends Varon USA's internal product development capabilities beyond its existing beverage platforms, adding infrastructure for the team to develop, prototype and evaluate concepts internally rather than limiting activities to commercialization and distribution of established products.
OZOP and Varon Corp (OTCID:OZSC) are completing customary pre-closing conditions related to a previously announced transaction.
"This is one of those projects where we would rather let the work speak for itself before we reveal too much," said Benjamin Schubert, CEO of Varon Corp (OTCID:OZSC). "We identified an opportunity that we believe fits naturally within the broader direction of our business, acquired the equipment needed to begin developing it internally, and the work is now underway."
"What's important to me is that we've moved beyond an idea on paper," said Lior Srulovicz, president and CFO of Varon Corp. "Capital has been committed, specialized equipment has been purchased, and we now have tangible infrastructure supporting the development process. We remain disciplined about how we deploy capital into new initiatives."
The company said it intends to disclose additional information as development progresses.