Board Authorizes Corporate Restructuring for Shareholder Approval
STEVENSON, Wash., Nov. 7, 2011 (GLOBE NEWSWIRE) -- Total Nutraceutical Solutions, Inc. (TNS) (OTCBB:TNUS) announced today that its Board of Directors has unanimously agreed to seek shareholder approval at its upcoming Annual Shareholders Meeting in December to amend the Company's Articles of Incorporation as part of an overall strategy to expand the Company's biotechnology focus and better position and differentiate its growing portfolio of proprietary food-based solutions for the institutional and consumer markets. Once the proposed corporate actions are approved, the Company's name will change to Entia Biosciences, Inc. (ENTIA) and the existing TNS name will be transferred to a newly formed subsidiary that will concentrate exclusively on the sales and marketing of branded consumer products. ENTIA will focus on research & development of needed therapeutic dietary supplements, technology acquisition and licensing, and institutional sales of branded and private label solutions that are based on the Company's proprietary technology.
TNS started in 2008 as a consumer products company that developed and marketed mushroom-based supplements for animal and human consumption under its Sano™ brand. In 2010, the Company introduced its popular hair and nail growth supplement Groh™ that is now being sold online and through several of the country's leading salon chains. Two of the active ingredients in these products, Ergothioneine and Vitamin D2, are powerful antioxidants that the Company believes may additionally play an important role in reproductive health, stem cell preservation, neurodegenerative diseases such as multiple sclerosis, Parkinson's and Alzheimer's disease, as well as early aging. In 2011, the Company expanded into the institutional dietary supplementation market with its introduction of Ergo-D2™, an optimized blend of Ergothioneine and Vitamin D2, and the announcement of its first scientific study of the product with Massachusetts General Hospital to assess its efficacy as a potential dietary therapy or palliative therapy for Parkinson's disease patients. ENTIA intends to announce additional collaborative research studies and clinical trials in the coming months that will address other potential applications for the Company's proprietary food-based technology and products.
"Feedback from prospective customers and investors has been favorable for this next step in our corporate evolution," said Dr. Marvin S. Hausman M.D., Chief Executive Officer of TNS. "Institutions, as well as the general public, are looking for cost effective, scientifically proven solutions that can safely prevent or delay the progression of major diseases and enhance or replace existing therapies. The science of food-based biotechnology and personalized healthcare with natural products is in its infancy and ENTIA intends to become a technological leader within the institutional food sciences and supplementation markets. The use of "big-gun" costly chemical products with side effects to treat chronic disease is over-promoted and the public is most excited with the opportunity to try to prevent early stage diseases with natural food-based anti-inflammatory products."
About the Upcoming Annual Shareholders Meeting
Shareholders of record on November 4, 2011 will be entitled to vote in person or by proxy at the Company's Annual Shareholders Meeting expected to be held in Stevenson, Washington on December 19, 2011. The Company intends to file its preliminary form 14A proxy on November 11th and mail the final proxy by November 21st. In addition to approving the name change to Entia Biosciences, Inc. and transferring the TNS name to a new subsidiary, Shareholders will be asked to approve a 1:10 reverse split of the Company's common stock and the engagement of Peterson Sullivan LLC as the Company's auditors for 2012. A complete description of these matters will be disclosed in the final proxy statement distributed to Shareholders.
About Total Nutraceutical Solutions, Inc. and Entia Biosciences, Inc.
TNS is an emerging leader in whole food biotechnology that identifies, scientifically validates, and commercializes solutions that address multi-billion dollar markets for organic health, beauty and agriculture. The Company's growing portfolio of intellectual property includes extraction, enhancement, and uses for some of the most powerful antioxidants and bionutrients occurring in nature.
For more information, please visit our web sites at www.entiabio.com and www.totalnutraceutical.com
The Total Nutraceutical Solutions, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8060
Any statements contained in this press release that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties including, but not limited to, the risks associated with the transaction described in this press release, and other risks identified in the filings by Total Nutraceutical Solutions (TNS), Inc. with the Securities and Exchange Commission. Further information on risks faced by TNS are detailed in the Form 10-K for the year ended December 31, 2010 and in its subsequent Quarterly Reports on Form 10-Q. These filings are or will become available on a website maintained by the Securities and Exchange Commission at http://www.sec.gov. The information contained in this press release is accurate as of the date indicated. Actual results, events or performance may differ materially. TNS does not undertake any obligation to publicly release the result of any revision to these forward- looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Visit TotalNutraceutical.com or contact the Company at 509-427-5132 info@totalnutraceutical.com.
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