JUPITER, FL / ACCESSWIRE / December 3, 2020 / Jupiter Wellness, Inc. (NASDAQ:JUPW), a leading developer of skin care products, lotions, medical therapeutics and wellness products today announced the acquisition of SRM Entertainment, LTD from Vinco Ventures, Inc. (NASDAQ:BBIG). Under the financial terms of the deal, Jupiter Wellness will issue 200,000 shares of its restricted common stock for 100% of SRM. SRM’s management has additional incentives whereby it will receive 2% of gross sales of the Company’s products if sales of the Company’s products exceed $12 million in 2021. See the Current Report on Form 8-k filed with the SEC for details of the transaction.
Founded in 1979, SRM is an award-winning innovation company, with over 30 years of success designing, manufacturing and selling creative products and services globally to customers including Fortune 500 companies. SRM has offices in the US and Hong Kong. Hong Kong has a staff of four which handle sales to Asian accounts, sourcing, factory relations, quality control, and logistics. Our U.S. entity (SRM Idea Lab) has two employees who handle sales to US and European accounts, product design and product development, engineering, and domestic distribution. In the 90s, SRM expanded their customer base to include theme parks moving into categories which included souvenirs and food containers. SRM has established itself as an award-winning OEM preferred vendor offering innovative products to the leading theme parks in Orlando, Florida and worldwide. Additionally, SRM has been expanding further into the hospitality industry, now offering products to theme hotels.
"This acquisition represents a strong commitment to growing the distribution of one of our core brands, our Patent pending CaniSun suncare line," stated, Brian John CEO of Jupiter Wellness. "Access to travelers searching for Sun & Fun is where we want to be. SRM provides an innovative opportunity to expand into the leading theme parks in Orlando, Florida and worldwide. Additionally, SRM has been expanding further into the hospitality and entertainment industries. We’re excited to leverage established channels with preferred vendor relationships to grow our brands."
"While we don’t know how long the current downturn will continue to impact attendance at major theme parks globally, we’re confident this acquisition makes sense and positions Jupiter Wellness to capitalize on an anticipated return to normalcy," Mr. John, concluded.
About Jupiter Wellness
Jupiter Wellness, Inc. (NASDAQ:JUPW) is a leading developer of cannabidiol (CBD) based medical therapeutics and wellness products. The Company’s clinical pipeline of prescription CBD-enhanced skin care therapeutics address indications including eczema, burns, herpes cold sores, and skin cancer. Jupiter generates revenues from a growing line of proprietary over-the-counter skincare products including its flagship CaniSun™ sunscreen and other wellness brands sold through its robust distribution platform.
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To the extent any statements contained in this presentation of Jupiter Wellness, Inc. (the "Company") contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 and the information that are based upon beliefs of, and information currently available to, the company’s management as well as estimates and assumptions made by the company’s management. These statements can be identified by the fact that they do not relate strictly to historic or current facts. When used in this presentation the words "estimate," "expect," intend," believe," plan," "anticipate," "projected" and other words or the negative of these terms and similar expressions as they relate to the company or the company’s management identify forward-looking statements. Such statements reflect the current view of the company with respect to future events and are subject to risks, uncertainties, assumptions and other factors relating to the company’s industry, its operations and results of operations and any businesses that may be acquired by the company. Should one or more of these risks or uncertainties materialize, or the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, the company cannot guarantee future results, performance, or achievements. Except as required by applicable law, including the security laws of the United States, the company does not intend to update any of the forward-looking statements to conform these statements to actual results.
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SOURCE: Jupiter Wellness, Inc.
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