Health Sciences Group Acquires Polymann License

Health Sciences Group Acquires Polymann License

LOS ANGELES--Health Sciences Group Inc. acquired an exclusive worldwide license (excluding Korea) to a patented technology (U.S. Patent No. 6,747,015, addressing cholesterol reduction) through the acquisition of Polymann Technologies. Health Sciences Group acquired the company in a tax-free, stock-for-stock exchange with UTEK Corp.

"We believe the acquisition of Polymann complements our portfolio of value-added products and reinforces our focus on selling high-quality, proprietary products that offer a positive health benefit," said Fred Tannous, co-chairman and chief executive officer of Health Sciences Group. Polymann is a nutraceutical derived from seaweed using a patented extraction method.

In additional news, Health Sciences Group announced it discontinued operations of its wholly-owned subsidiary, Quality Botanical Ingredients. According to the company, QBI's low-margin, commodity business strategy was negatively impacting company growth.