Lord Global Corporation (OTCMKTS:LRDG) subsidiary 27Health Inc announced Thursday it has struck a multi-year deal to launch its Covi-Guard oral sanitizer.
The deal will see Florida-based NutraLife BioSciences Inc (OTCMKTS:NLBS) manufacture Covi-Guard, a mouthwash and spray that could help lower the viral and bacterial load in the oral cavity.
According to 27Health, Covi-Guard contains a number of active ingredients that, both individually and in combination, destroy the lipid envelope of multiple viruses, including coronavirus.
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“We are excited to find such a powerful one-stop-shop for our signature product line, Covi-Guard,” Lord Global and 27Health CEO Joseph Frontiere told investors in a statement.
“(We) believe the market for oral sanitizers is extremely significant. The overall deal with NutraLife enables 27Health to work very closely with NutraLife to help make this a great product.”
Under the agreement, NutraLife will manufacture Covi-Guard up to a capacity of around 30,000 units per day and become the product’s non-exclusive wholesaler and agent through its fulfillment center, enabling the nutraceuticals company to significantly increase its operating margins.
NutraLife CEO Edgar Ward said the firm believes there is a “vast” market for Covi-Guard products, which include a two-ounce spray and a one-day use product that his group will manufacture.
“The opportunity to not only be the primary Covi-Guard manufacturer, but its wholesaler, fulfillment center, and an agent, as well, is a big opportunity,” Ward said. “We are extremely excited to work with 27Health to help make a dent in this pandemic.”
As part of the agreement, 27Health has acquired 12.5 million shares of NutraLife, or nearly 7.9% of the company, while NutraLife acquired shares of Lord Global preferred stock convertible into around 15.7% of the company, subject to a 4.99% equity blocker.
27Health CEO Frontiere said the group is “extremely fortunate” to become a significant shareholder of NutraLife.
27Health finances and markets innovative healthcare brands with a current focus on COVID-19-related products.
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