NuVim, Innovative Technologies merge
This article was originally published in The Tan Sheet
Paramus, N.J.-based nutritional firm NuVim signed a letter of intent to merge with supplement firm Innovative Technologies Corporation of America, NuVim says Aug. 20. Combined, annual gross revenues total approximately $5 million and under the terms, NuVim will have sales and distribution rights to market ITCA's hangover product Hair of the Dog worldwide. NuVim will "issue debt to finance the cash portion of the merger" and once completed, the merger will operate under the name NuVim. Tampa-based ITCA will receive $2.3 million cash and 4.25 million shares of "restricted common stock in the tax free reorganization," firm says
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