ORLANDO, Fla., Feb. 16, 2012 /PRNewswire/
-- GeneLink Biosciences, Inc. (OTCBB: GNLK), a leading
consumer genomics biotech company, has completed the sale of the
stock of its wholly owned direct-selling subsidiary GeneWize Life
Sciences, Inc. (GeneWize) to Capsalus Corp. (OTCBB: WELL),
another public company operating in the health and wellness
marketplace. As previously disclosed, GeneLink and Capsalus
executed definitive agreements for the sale of GeneWize on
October 13, 2011 and GeneLink
obtained shareholder approval of the transaction at a Special
Shareholders Meeting on January 25,
2012.
GeneLink is a leader in consumer genomics, combining genetic
science, wellness and customization to create innovative consumer
products, including skincare and nutritional supplements
personalized to reflect important elements of the individual
customer's genetic profile. Through its operation of GeneWize,
GeneLink has generated more than $25
million in revenues over the past three years, demonstrating
the commercial viability of these DNA-customized products.
"The sale of GeneWize is an important step in GeneLink's
strategy of leveraging the strengths of its sales and marketing
partners in order to focus on the company's core competencies, and
thus accelerate its growth," said Bernard
L. Kasten Jr., M.D., GeneLink's Chairman and
CEO. "We are already impressed with the commitment and
resources which Capsalus and its partners are bringing to
GeneWize. We would like nothing more than to see GeneWize and
its brand partners flourish while supporting and selling GeneLink's
genetic assessments and genetically influenced consumer
products."
GeneLink Biosciences, Inc. (www.genelinkbio.com) is a
17-year old leading biosciences company specializing in consumer
genomics. GeneLink's patented technologies include proprietary DNA
assessments linked to personalized health, beauty and wellness
applications and products. Its DNA assessments provide information
that enables the customization of nutritional and skincare products
designed and manufactured to fulfill each individual consumer's
wellness needs.
Forward-looking Statements
This news release may contain "Forward-looking Statements"
within the meaning of Section 21E of the United States Securities
Exchange Act, as amended. All statements in this news
release, other than statements of historical fact, are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements
will prove to be accurate, and actual results and future events
could differ materially from those anticipated in such
statements. This notice expressly qualifies all
forward-looking statements in this news release.
SOURCE GeneLink Biosciences, Inc.
