VIASPACE, Inc. (OTC:VSPC) is getting the process of acquitting luxury cosmetics company Elite Therapeutics into high gear… a process dating back four years.
The Santa Cruz, Calif.-based VIASPACE had previously signed a non-binding Letter of Intent (LOI) to acquire Elite. In May 2015, the proposed acquisition was tabled to allow each company to focus on their respective core businesses. There are recent developments that now make this acquisition more compelling.
VIASPACE CEO Kevin Schewe said, “We are projecting that the acquisition of Elite Therapeutics will add more than $300,000 of revenue to VIASPACE in 2019 with plans to grow the luxury CBD cosmetic product line moving forward and create economies of scale through our partnership with Viaspace California, Inc.”
Elite Therapeutics was founded in 2007 as Bad Love Cosmetics Company, LLC and began doing business as Elite Therapeutics with high quality, results-driven, medical grade cosmetics in late 2010.
The excitement found its way to the investment floor, where shares in VSPC vaulted three-100ths of a cent, or 75%, to seven-100ths of a cent, on volume of 9.6 million shares.