Merion, Inc. entered into an agreement to acquire all of the assets associated with the manufacture of dietary supplements from Suss Technology Corporation for $1.4 million.
January 03, 2018
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Merion, Inc. entered into an agreement to acquire all of the assets associated with the manufacture of dietary supplements from Suss Technology Corporation for $1.4 million on January 1, 2018. As per the terms of agreement, Merion will issue 1 million of its common stock which will be transferred within 30 days of agreement and pay $1 million in cash which will be paid in in two distributions of $0.6 million within six months of the date of the agreement and $0.4 million within twelve months of the date of the agreement. Payment of consideration is subject to asset sale and completion of all applications for relevant business and manufacturing licenses for Merion benefit. Suss Technology cash and cash equivalents, minute books, stock ledger and other company records, as well as raw materials and customer lists shall remain with the Suss Technology and Merion will assume the Suss Technology obligations under a lease of real property used in the Suss Technology business. Acquisition is subject to regulatory approvals and other customary closing conditions. Jeffrey Li of Garvey Schubert & Barer acted as legal advisor of Merion and Phil W. Su as a legal advisor of Suss Technology Corporation.
Merion, Inc. is a provider of health and nutritional supplements and personal care products. The Company focuses on nutritional and beauty products, and OEM and packaging products. The Company mainly sells its products over the Internet directly to end-user customers through its Website, www.merionus.com, and to wholesale distributors through phone and electronic communication. The Company's major customers for its nutritional and beauty products are located in the Asian market, predominantly in the People's Republic of China. The Company's major customers for its original equipment manufacturer (OEM) and packaging products are located in the United States. The Company's products include Noir Naturel, Viwooba (1-3), Lady-S, ReMage-Power, Gold King, Tai Bao, and New Power. The Company also provides OEM and packaging services for hard capsules, tablets, solid beverages (sachet packaging), teabags, powder, granules, dietary supplements, soft gel capsules, and health foods.
Merion, Inc. entered into an agreement to acquire all of the assets associated with the manufacture of dietary supplements from Suss Technology Corporation for $1.4 million.