Livingston, New Jersey, April 15 - MM2 Group, Inc. announced today that its wholly-owned subsidiary, Genotec Nutritionals, Inc., a New York based nutraceutical company which generates its sales from the distribution of its branded products and through custom formulations for several large strategic partners, has closed on a sale for the manufacture of fish oil sofgels. The sofgels will be manufactured in China at the plant of Genotec's joint venture partner.
The customer is one of the largest companies in the nutraceutical industry. While the transaction is initially valued at roughly $170,000, it is anticipated that this order can become a monthly or bi-monthly order, depending upon the customer's satisfaction with the initial shipment.
The current capacity of the state of the art plant is 1.5 billion capsules per year. The plant was designed and built according to the latest cGMP requirements, in full compliance with both U. S. and China standards. The plant is capable of expanding capacity to 5 billion sofgel capsules per year.
George Kontonotas, President of Genotec, stated, "We are very excited about this venture. The plant is a China SFDA certified facility that complies with cGMP manufacturing standards. These high standards, which allow the plant to currently manufacture pharmaceuticals, make this among the highest quality plants which can be found manufacturing products in the nutritional supplement marketplace."
Mark Meller, CEO of MM2 Group, commented, "This is just the first step in our plan. Following the completion of this order, we will have one of the largest and most prestigious companies in the industry as a reference-able customer. As a result, we expect that other, smaller companies will jump in line to take advantage of our cost competitive and high quality products. We hope to be in a position to make several exciting announcements in the near future regarding sales activity from this new venture."
About MM2 Group, Inc.
MM2 Group is involved in the acquisition and build-out of dietary supplement and nutraceutical companies. The company's growth strategy is to acquire firms in this extensive and expanding but highly fragmented segment as it seeks to create substantial value for shareholders.