I wonder how many other Dutchess deals involve Geoffrey Eiten?
On the Go Healthcare Closes $2.5 Million Financing
On the Go Healthcare Closes on $2.5 Million Financing
07:00 EDT Monday, August 04, 2003
CONCORD, Ontario, Aug. 4 /PRNewswire-FirstCall/ -- On the Go Healthcare, Inc. (OTC Bulletin Board: OGHI), a leading manufacturer, marketer and distributor of baby and portable healthcare products, announced today that the largest single order in the company's history from Shopper's Drug Mart's is now in their stores across Canada. Stuart Turk stated, "We are please with this growth and the acceptance of our flagship product by such a major retailer." He further stated, "This new sales channel will allow us to introduce other products into Shopper's Drug Mart's." This order puts us in over 200 Shopper's Drug Mart's (TSX: SC) across Canada with strong product sales, On the Go expects to be placed in the majority of Shopper's Drug's 850 licensed drug store locations over the next 12 months.
The company is also pleased to announce it closed on a $2.5 million financing arrangement with Dutchess Private Equities Fund, LP on July 21, 2003. The company will use a portion of the proceeds from the financing to bring to market products currently under development.
"This financing is an important step for On the Go, allowing us to meet and anticipate growing national and international market demand for our healthcare and baby products. Funds from this financing will also allow us to strengthen our strategic marketing and distribution program, already in place in Canada and the United States, with the number of retailers that carry our products growing daily," said Stuart Turk, President and CEO of On the Go Healthcare.
Turk continued, "Going forward, we should be well prepared to pursue additional lucrative sales and distribution agreements for our products that could add significant top and bottom-line improvements for the Company over the long term."
About Dutchess Advisors LLC
Dutchess Advisors, LLC is engaged in assisting growth companies in all facets of their long-term strategy, by providing capital and progressive business solutions. Through Dutchess Private Equities Fund, LP, its manages a portfolio of private investments in public equities ("PIPEs"). Although the Company's investments are passive in nature, Dutchess provides a wide range of advisory services to assist its client companies long after the initial infusion of capital. Founded in 1996, Dutchess has been involved in excess of $200 million in financings for such companies.
About On the Go Healthcare, Inc.
On the Go Healthcare, Inc. manufactures, markets and distributes a line of healthcare and infant-related products that target home healthcare, medical, rehabilitation and long-term care markets worldwide. On the Go's signature product is its Padded Training Seat, an ergonomically-designed, cushioned seat placed on top of adult toilet seats to help toddlers with potty training. The Company's subsidiary, Healing Heat Sensation (HHS), manufactures, markets and distributes the Company's portable, reusable heat packs for therapeutic purposes. HHS markets to distributors, consumers, hospitals, nursing homes, physicians, home healthcare, retailers and various other healthcare outlets. For more information visit: www.otcfn.com/oghi or to be added to On The Go's email list for company news, please send your email address to OGHIIR@cs.com.
This press release may contain forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, but are not limited to, conditions affecting retailers plan-o-gram space; the region's economy in general; the Company's ability to finance its planned expansion efforts; and changes in regulations affecting the Company's core business. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.
SOURCE On the Go Healthcare, Inc.
CONTACT: Stuart Turk of On the Go Healthcare, Inc., +1-905-760-2987, ext. 300; Investor Relations: Geoffrey Eiten of OTC Financial Network, +1-781-444-6100, ext. 613, geiten@otcfn.com, for On the Go Healthcare, Inc. |
