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CORRECTION: Psoria-Shield, Inc. and Neo Phototherapy LLC Developing Next Generation LED Phototherapy Device

HOFFMAN ESTATES, IL, Nov. 27, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Wellness Center USA, Inc. (OTCQB: WCUI) and Psoria-Shield, Inc. (PSI) today announced the formation of a Joint Venture between Psoria-Shield, Inc  and PSI Gen 2 Funding, Inc. (“GEN2”), to further development of their next generation phototherapy device. The Joint Venture will be conducted through Neo Phototherapy, LLC (“NEO”), a recently formed Illinois limited liability company.

The next generation Class II medical device is the result of 24 months of product R&D and market research based on the previous Psoria-Light (“PL 1000”) and will utilize a new custom LED emitter array, operate on a new native software platform, use current SOTA high efficient microprocessor systems, and will be smaller, lighter, quieter, and more efficient than the current PL 1000 device.

The unique LED technology in development will allow NEO to provide clinicians with a compact, easy to use, light weight and portable UVA-UVB emitting device (approx. 8.5 lbs). Phototherapy treatment is expected to expand significantly beyond the current 16,000 dermatologists to the more than 327,000 general practice and internal medicine physicians, who previously did not treat patients, but referred them to specialists. Besides treating psoriasis, eczema, and vitiligo, the next generation device is designed to be expandable to include added LED wavelengths for additional treatment applications for other medical and cosmetic conditions.

Per the Joint Venture arrangement, which was announced in an 8K filing on November 21, 2018, PSI and GEN2 will be members of NEO, owning 58.5% and 28.0%, respectively, of the NEO’s interests (“Units”), with an additional 13.5% of such Units reserved for issuance as incentives for key employees and consultants retained from time to time by NEO in connection with the Venture.

PSI will contribute PSI Technology to NEO and GEN2 will contribute $700,000.00, through the period ending January 31, 2019. GEN2 consists of accredited investors, and investment participation from several WCUI officers and directors, including Calvin R. O’Harrow and Roy M. Harsch.

Correction: The next generation prototype units are anticipated by the end of Q1 2019. 

About Wellness Center USA, Inc.

Wellness Center USA, Inc. (www.wellnesscenterusa.com) is a hybrid healthcare company that combines best in class technologies, software, devices, providers, protocols, goods, and services. It was created to address important healthcare and wellness needs via breakthrough solutions, all centered around the “well‐being of the body and mind”. Wellness Center USA, Inc. is the parent company of two businesses reporting consolidated: Stealth Mark and Psoria‐Shield.

Safe Harbor Statement:

Certain statements and projections contained in this presentation that are not statements or financial results of historical fact constitute forwardlooking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements and projections include statements regarding any proposed exchange transactions, the anticipated closing date of such transactions and future results following a closing of the transactions. Forwardlooking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “pending”, “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” While it is not possible to identify all factors, risks and uncertainties that might relate to, affect or arise from the proposed transactions and plans which might cause actual results to differ materially from expected results, such factors, risks and uncertainties include delays in completing the transactions, difficulties in integrating operations following the transactions, difficulties in manufacturing and delivering products, potential market rejection of products or services, increased competitive pressures, changes in general economic conditions, legislative and regulatory changes that adversely affect the business in which the parties are engaged, changes in the securities markets and other factors, risks and uncertainties disclosed from time to time in documents that the Company files with the SEC.

Contact Info:

At Wellness Center USA, Inc.

Tel: (847) 9251885 

www.wellnesscenterusa.com

J. Charles Assets

Investor Relations

Tel: (407) 627-0167

www.jcharlesassets.com

Tuesday, November 27, 2018 - 16:01