WellTek Incorporated
(Pink Sheet:WLTK)
Press Release
10/6/2008 03:54:45 PM
WellTek Completes Acquisition of Scoop! Fitness™
Marks Critical Step Towards Building America’s First National Network of Branded High-End Personal Fitness and Exercise Studios Emphasizing Core Strengthening
ORLANDO, Fl – PR NEWSWIRE – October 7, 2008 – WellTek Incorporated (Pink Sheets: WLTK), an exercise science-based health, fitness and wellness company, today announced that it has successfully completed its planned acquisition of a majority stake in Scoop! Fitness™, Inc., a privately-held chain of high-end specialized fitness and exercise studios located in Florida.
With three studios currently in operation in Palm Beach and Martin Counties, Florida (Wellington, Palm Beach Gardens and Palm City), Scoop! Fitness offers its affluent, fitness-minded clientele highly personalized small group, duet and private instruction, with primary emphasis on advanced core strengthening exercise disciplines. More specifically, Scoop! Fitness’ cadre of certified instructors train clients on the proper execution of Pilates exercises using state-of-the-art Pilates equipment and providing strength training on MedX exercise equipment. Or, clients may elect alternative exercise instruction in Gyrotronic®, Yoga or cardio training.
Featuring luxury amenities, refined décor and architectural detailing, each Scoop! Fitness studio strives to serve as a refuge where its exclusive clientele can retreat from their busy lives and focus on their individual health, fitness and wellness goals.
Lee Puglisi, co-founder of Scoop! Fitness, stated, “Although geographically concentrated in South Florida, Scoop! Fitness has earned distinction as a highly differentiated and nationally respected exercise and fitness venue. However, we believe that by teaming with WellTek, we can now leverage our reputational reach, profitable business model and fitness expertise to build Scoop! Fitness into a significant industry powerhouse ‘where true health and wellness takes shape’ for thousands of people across the country.”
Over the next 18 months, WellTek plans to open 14 new Scoop! Fitness studios within the State of Florida, beginning with the scheduled November 2008 opening of a studio which will service the affluent Central Florida communities of Windermere, Bay Hill and Dr. Philips. Upon achieving this initial expansion objective, the Company will then turn its attention to building Scoop! Fitness into America’s first nationwide network of branded high-end personal fitness and exercise studios emphasizing core strengthening.
Noted fitness training expert and Scoop! Fitness co-founder Frankie Puglisi will serve as the Company’s President, and is tasked with managing customer service and training for the studio chain. With over 20 years of acclaimed industry experience in Pilates, strength and fitness, Puglisi has earned 18 Nationally recognized certifications in Fitness and Pilates instruction. She originally studied the Pilates method over 15 years ago, and keeps the original 100 year-old work of Joseph H. Pilates alive – although she also integrates her vast knowledge of anatomy, biomechanics and rehabilitative exercise protocols, making her style sought after by young and old, active and inactive, and male and female alike. She currently collaborates with first generation Master Teacher Lolita San Miguel, to soon become her protégé. San Miguel is one of only two known practitioners to have been officially certified by Joseph and Clara Pilates, and one of only six “Elders” of the Pilates Method. In 1998, Puglisi co-founded the Pilates Institute of America, which provides teacher training, continuing education and distance learning for Pilates, fitness and wellness practitioners. She has authored ten Pilates and Yoga teacher training manuals and has trained over 3000 instructors nationwide through the Institute.
Commenting on the acquisition, Randy Lubinsky, Chairman of WellTek, noted, “We are very pleased to complete this transaction with Scoop! Fitness. The complementary expertise and expanded infrastructure that we derive from its addition to our operating platform is expected to promote accelerated long term growth and highly tangible value creation. Moreover, through our expanding network of Scoop studios, we gain a direct channel to consumers, enabling us to promote much greater awareness of the vital role that core fitness plays in optimizing good health and mind/body wellness – elements essential to quality of life.”
About WellTek Incorporated
Headquartered in Orlando, Florida, WellTek is an exercise science-based health and wellness company focused primarily on ‘core fitness and strengthening’ through the delivery of proprietary branded products and services that help consumers to live healthier, happier, longer lives.
Through its wholly-owned subsidiary MedX Systems, LLC, WellTek manufactures, markets and distributes the world’s leading and most advanced medical exercise equipment to the global medical and fitness markets. The Healthy Back Program created by The Spine Network, Inc., a wholly-owned subsidiary of WellTek, offers a proprietary and innovative program for the treatment of chronic back and neck pain and presents a fundamental change in the way healthcare services are delivered. The Company is establishing a nationwide network of centers to substantially reduce employers’ and payers’ spine treatment costs. Scoop! Fitness, Inc., a majority-controlled subsidiary of WellTek, is a growing chain of high-end personal fitness and exercise studios specializing in core strengthening exercise disciplines. For more information on the Company and its various business divisions, 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 Shareholder/Investor Relations, please contact:
Dodi Handy at Elite Financial Communications Group
For Media Relations, please contact:
Tiffany Korkis or John Morrison at Elite Media Group
407-585-1080 or via email at WellTek@efcg.net
