Company Offers Vitamin Enriched Spices Through Microencapsulation
From Philadelphia Business Journal:
VitaminSpice, which has developed and markets a line of spices and seasonings blended with vitamins, is now a publicly traded company.
The Wayne, Pa., company was bought by Qualsec, a shell company traded on the OTC Bulletin Board, in a reverse merger.
“We pursued the reverse merger strategy to raise funds at higher valuations while providing additional liquidity for VitaminSpice investors,” said Ed Bukstel, VitaminSpice’s founder and CEO. “We are also looking at potential acquisition targets that will be complementary to our business. As a public company we have more options to pursue tactical and strategic objectives.”
Qualsec has changed its name to VitaminSpice. Under the terms of the deal, Qualsec issued 100 million shares of common stock to the 10 interest holders of Vitamin Spice. Control of Qualsec was assumed by Learned J. Hand, who received 50,000 shares for “Services rendered,” according to a filing with the Securities and Exchange Commission.
VitaminSpice’s stock is now trading at 39 cents per share.
The company is selling four products — black pepper, ground cinnamon, granulated garlic and crushed red pepper — with vitamins, minerals and antioxidants added through a proprietary microencapsulation process.