Wellness Center USA, Inc. and Psoria-Shield, Inc. Enters into a Joint Venture Agreement with PSI Gen 2 Funding, Inc
November 21, 2018 at 01:41 pm EST
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On November 15, 2018, Wellness Center USA, Inc. and its wholly-owned subsidiary, Psoria-Shield, Inc., entered into a Joint Venture Agreement, effective as of November 15, 2018, with PSI Gen 2 Funding, Inc., an Illinois corporation, to further development, marketing, licensing and/or sale of PSI technology and products. The Joint Venture will be conducted through NEO PHOTOTHERAPY, LLC, a recently formed Illinois limited liability company (“NEO”), with principal offices and records to be maintained at WCUI’s offices. PSI and GEN2 will be the members of NEO, owning 58.5% and 28.0%, respectively, of the limited liability interests (“Units”) issued in connection with the organization of NEO. An additional 13.5% of such Units will be reserved for issuance as incentives for key employees and consultants retained from time to time by NEO in connection with the Venture. PSI and GEN2 will manage NEO’s day-to-day operations. PSI will contribute PSI Technology to NEO and GEN2 will contribute $700,000.00, through the period ending January 31, 2019. Repayment of the $700,000.00 investment by GEN2 will begin through and upon the date which NEO has realized and retained cumulative Net Income/Distributable Cash in the amount of $300,000.00. Distributions thereafter will be made to PSI, GEN2 and other members in proportion to their respective Unit ownership, at the times and in the manner determined from time to time by the managers, in their sole discretion.
Wellness Center USA, Inc., through its subsidiaries, is engaged in the healthcare and medical sectors. The Companyâs segments include Medical Devices and Authentication and Encryption Products and Services. The segments are operated through Psoria-Shield Inc. (PSI) and StealthCo Inc. (SCI). PSI designs, develops, and markets a targeted UV phototherapy device called the Psoria-Light. The Psoria-Light is designated for use in targeted PUVA photochemistry and UVB phototherapy and is designed to treat certain skin conditions, including psoriasis, vitiligo, atopic dermatitis (eczema), seborrheic dermatitis, and leukoderma. SCI is a provider of Stealth Mark encryption and authentication solutions offering advanced technologies within the security and supply chain management vertical sectors (Intelligent Microparticles), and advanced data intelligence services offering technology for industries, companies, and agencies on a global scale (ActiveDuty).