WellTek Acquires Controlling Interest of Online Social Networking Company, WellCity, Inc.
02 Giugno 2010 - 2:30PM
Marketwired
WellTek, Inc. (OTCBB: WTKN), a global health, fitness and wellness
company, today announced that it has acquired a 51% controlling
interest in WellCity, Inc. Established in 2008 and based in
Brentwood, Tennessee, WellCity has created a rich and highly
experiential online social network that is destined to become a
global web destination of choice for individuals seeking
interactive and individualized health, wellness and fitness
solutions, in addition to inspiration, real world perspective and
peer connectivity.
Randy Lubinsky, Chairman and CEO of WellTek, noted, "WellCity
represents an important tactical expansion initiative for WellTek,
triggering the next critical growth phase of our Company's long
term, business-building strategy. More specifically, WellCity
provides us with an established social networking platform that can
be best leveraged to attract and engage our target audiences --
consumers, corporate wellness partners and healthcare professionals
-- all of whom can benefit from WellTek's growing portfolio of
trusted health, fitness and wellness products and services."
Located on the Internet at www.WellCity.com, WellCity has
created an online virtual community where health- and
wellness-minded 'residents' can closely commune with one another;
receive support, information and encouragement from a league of
leading professional experts in the fields of behavioral science,
nutrition, medicine and specialized healthcare; shop for health and
wellness-oriented products and services; access the latest industry
news and information; and even compete in employer-sponsored
wellness challenges pursuant to WellCity's proprietary 90-Day
Wellness Challenge™ currently being implemented by corporations,
public school systems and city and state government agencies
throughout the U.S.
WellCity has built a proven, entrepreneurial team of business,
sales, marketing, healthcare and technology professionals, led by
the Company's President Robert Bellamy. Commenting on the merger
with WellTek, Bellamy stated, "The advent of online social
networking with a focus on life balance and overall health and
wellness is proving to have profound and positive impact on the
quality of life for millions of people worldwide. In fact, the more
connected people are, the healthier they tend to be. Recent studies
have repeatedly shown that the number and quality of people's
online relationships affects many aspects of well being, including
longevity, cancer survival and risks for and recovery from
post-traumatic stress disorder, addictions and depression. WellCity
intends to play a meaningful role in enabling this phenomenon, and
build a successful, high growth business in the process."
Continuing, Bellamy added, "With development of WellCity
completed and our near term growth objectives in clear view, we
arrived at a point where we understood that our full potential
could only be realized by teaming with others who shared our vision
and business principles, and also brought to the table certain key
complementary strengths and skills that we lacked. In all respects,
WellTek represents an ideal fit for WellCity and brings us -- among
other vital benefits -- advanced expertise in capital formation
strategies and direct access to the capital markets. We are very
pleased to be joining the WellTek family and expect that WellCity
will prove to be a significant contributor of growth and value
creation for WellTek as we progress our business plan."
Pursuant to the Stock Purchase Agreement with WellCity, WellTek
has acquired a 51% controlling ownership stake in WellCity in a
transaction providing for the issuance of 14.5 million restricted
shares of WellTek's common stock. WellCity, Inc., operating as a
majority-owned subsidiary of WellTek, will maintain its business
operations in Brentwood, Tennessee.
About WellTek Incorporated WellTek is a
global health, fitness and wellness company that provides solutions
to help address some of the world's most pressing and costly health
challenges -- obesity and chronic neck and back pain. The Company's
subsidiary, MedX Limited, manufactures, markets and distributes the
most advanced medical exercise equipment to the medical and fitness
markets. Through its wholly owned subsidiary Pure HealthyBack,
Inc., WellTek is redefining healthcare delivery by providing health
plans, self-insured employer groups, and consumers with a viable
non-surgical, lower cost treatment for patients who are seeking
lasting relief from chronic neck and back pain. For more
information on the Company, please visit www.WellTekinc.com.
Certain statements contained in this press release, which are
not based on historical facts, are forward-looking statements as
the term is defined in the Private Securities Litigation Reform Act
of 1995, and are subject to substantial uncertainties and risks in
part detailed in the respective Company's Securities and Exchange
Commission filings, that may cause actual results to materially
differ from projections. Although the Company believes that its
expectations are reasonable assumptions within the bounds of its
knowledge of its businesses, expectations, representations and
operations, there can be no assurance that actual results will not
differ materially from their expectations. Important factors
currently known to management that could cause actual results to
differ materially from those in forward-looking statements include
the Company's ability to execute properly its business model, to
raise additional capital to implement its continuing business
model, the ability to attract and retain personnel - including
highly qualified executives, management and operational personnel,
ability to negotiate favorable future debt facilities and capital
raises, and the inherent risk associated with a diversified
business to achieve and maintain positive cash flow and net
profitability. In light of these risks and uncertainties, there can
be no assurance that the forward-looking information contained in
this press release will, in fact, occur.
FOR MORE INFORMATION, PLEASE CONTACT: Elite Financial
Communications Group, LLC Dodi B. Handy, President & CEO
(Twitter: dodihandy) Kathy Addison, VP of Elite Media
Group (Twitter: kathyaddison) 407-585-1080 or via
email at WTKN@efcg.net
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