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Sport Endurance Signs Letter of Intent to Acquire Nutritional Pet Food Company, TruPet
BROOKLYN, N.Y., Dec. 28, 2018 (GLOBE NEWSWIRE) -- Sport Endurance, Inc. (OTCQB: SENZ) (the “Company”) today announced that it has signed a Letter of Intent (“LOI”) to acquire TruPet LLC (“TruPet”), the parent company of TruDog, a family-owned pet food company dedicated to supplying the TruDog line of nutritional food, supplements, and pet care products for dogs, cats, and horses. Sport Endurance recently made a $2.2 million initial investment in TruPet. Legal and business due diligence review is underway and the acquisition is expected to close during the first quarter of 2019, subject to negotiation and execution of a definitive Agreement and other customary closing conditions.
David Lelong, Chief Executive Officer of Sport Endurance, stated, “TruPet is a fast-growing company with a well-respected brand in the pet supply market. Sport Endurance’s experience in marketing nutritional supplement products online coupled with the wide variety of TruPet products available for online distribution makes this transaction very synergistic. Additionally, our long term strategy is to leverage our expertise to help grow the company by exploring the potential for CBD usage among pets.”
Lori R. Taylor, founder of TruPet, said, “The growth we have been able to achieve is a testament to our team, their passion and excellence in customer service. In my continued leadership role as President, together with the support of the Sport Endurance management team and its shareholders, we will be able to make even more pet parents realize how important it is what we give our pets every day. If I had known what I know now, the love of my life, Truman, may have had a few more good years. I believe that just as CBD could have supported my pet, the studies for educational content on CBD we will be investing in will one day help other pets live and love us longer.”
“We are very pleased to be expanding our relationship with TruPet and could not be happier with Lori, her team and their vision,” said Michael Young, Chairman of the Board of Sport Endurance. “We look forward to helping Lori and her team with access to capital as well as research and development behind hemp and hemp-based products.”
About TruPet, LLC.
TruPet, LLC and TruDog, a division of the parent company, were founded in 2013 by Lori Taylor. The family-owned pet food company based in Ohio currently includes 29 animal-loving employees. The company began after founder Lori R. Taylor lost her Great Dane, Truman, to cancer at an early age. Determined to find out why her vibrant dog developed cancer, she set out to learn the truth about pet foods. Through her research, she discovered that most commercial pet foods simply do not provide the level of nutrition and quality that dedicated pet parents demand, so she developed her own brand of freeze dried, biologically appropriate raw foods for dogs. TruDog is the first division of TruPet LLC, which will eventually launch lines of food, supplements, and pet care products for dogs, cats, and horses. The company is named in honor of Truman, the Great Dane who sparked the search for better pet products. The TruDog product line is currently offered at online retailers such as Amazon, Chewy, and Walmart, as well as its own ecommerce website (www.trudog.com).
About Sport Endurance, Inc.
At the foundation of Sport Endurance is the belief that good health practices and nutrition contribute to and promote a higher quality of life. The goal of Sport Endurance is to improve the health of others by providing quality and effective nutritional supplement products. Sport Endurance is currently seeking opportunities in the CBD, hemp, and legal cannabis industries. For more information, please visit http://www.sportenduranceinc.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the closing of the acquisition. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Some or all of the results anticipated by these forward-looking statements may not be achieved. Important factors that could cause actual results to differ from those in the forward-looking statements include contractual issues which may arise and the results of the Company’s due diligence. Further information on our risk factors is contained in our filings with the SEC. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Sport Endurance, Inc.
David Lelong, President and CEO