Healthy Extracts Inc (HYEX)

[AveragePenny]

$GELS $HYEX Gelteq Announces Largest U.S. Customer Increases Initial Order by 50% to Meet Growing Market Demand

https://www.globenewswire.com/news-release/2024/12/02/2989805/0/en/Gelteq-Announces-Largest-U-S-Customer-Increases-Initial-Order-by-50-to-Meet-Growing-Market-Demand.html

NEW YORK, Dec. 02, 2024 (GLOBE NEWSWIRE) -- Gelteq Limited (NASDAQ: GELS) (“Gelteq” or the “Company”), a clinical and science-based company that is focused on developing and commercializing white label gel-based delivery solutions for prescription drugs, nutraceuticals, pet care, and other products, announces its largest U.S. customer, Healthy Extracts (OTCQB:HYEX), has increased its initial purchase order of Gelteq collagen and Mynus sugar blocker gels by 50%, citing high demand and popularity of the products. Healthy Extracts’ platform acquires, develops, patents, markets, and distributes plant-based nutraceuticals that target select high-growth categories within the multibillion-dollar nutraceuticals market.

This growing partnership supports Gelteq’s strategic push into the U.S. market following the recent hiring of Adam Bendell as the Company’s U.S. President and the establishment of a U.S.-based office. Production of Healthy Extracts’ order is underway, with shipment expected in January 2025.

“Gelteq is dedicated to delivering products offering an improved delivery platform to those who may struggle to swallow or digest traditional nutraceutical products, which we anticipate will result in improved commercial success,” Gelteq Co-Founder and CEO Nathan Givoni said. “Our partnership with Healthy Extracts is a perfect example of how our formulations can create a revolutionary and convenient way for consumers to ingest the product with the added benefits of easier digestion and better absorption. We believe the increase in demand is a testament to our innovative products and a positive step forward in our commitment to building long-term shareholder value.”

“Gelteq’s advanced technology offers a cutting-edge delivery system that empowers us to expand existing sales channels and capitalize on new market opportunities, all while delivering a more satisfying and impactful experience for consumers. This partnership is poised to drive higher margins, accelerate revenue growth, and strengthen our leadership in the rapidly expanding U.S. health and wellness market. We are confident that Gelteq's collaboration will be a pivotal factor in driving the sustained growth and success of our business,” said Duke Pitts, Healthy Extracts President.

Gelteq and the Healthy Extracts team will continue to expand the range of their partnership and expect to announce new products in early 2025.