LAS VEGAS, Jun 14, 2004 /PRNewswire-FirstCall via COMTEX/ -- Skinvisible, Inc. (OTC Bulletin Board: SKVI / Website: www.skinvisible.com) announced today that Cross Global Inc. (CGI) has signed a "Definitive Agreement" to acquire the exclusive marketing and distribution rights to its proprietary "Sunless Tanning Spray Formulation" for Canada, the United States, Mexico, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, United Kingdom and Israel. In addition CGI is granted the right to use the name "Solerra(TM)" within the territory.
Terms of the Agreement require CGI to pay a fee of $1 million comprising of a deposit of $200,000 with the balance of $800,000 payable as to $200,000 August 30, 2004, $200,000 due November 30, 2004, $200,000 due February 28, 2005 and $200,000 due May30, 2005. Skinvisible(R) has received the deposit of $200,000. In addition and further to the payment fee of $1 million CGI agrees to pay a royalty fee of 5% on product sales of the Sunless Tanning Spray Formulation.
Mr. Eli Parker, President of CGI, states, "We have been searching for a Sunless Tanning Product that was superior to others on the market. When we were introduced to "Solerra(TM)" and the patented polymer delivery system Invisicare(R) we know we would have the best on the market today."
Skinvisible(R) Chemist, Dr. James Roszell explains, "When topically applied, Solerra's(TM) UV-free tanning formulations with Invisicare(R) adhere to the skin's outer layer, forming a bond that holds the active ingredient DHA on the skin while ensuring a natural looking tan that will last for seven to ten days. Enriched with Vitamin E and natural oils, Solerra's(TM) Sunless Tanning Products provide the additional benefits of a quick drying and odorless application. "The properties of Invisicare(R) also allow the skin to breathe, a distinct advantage over other emollients such as petrolatum, silicone, alcohol and wax that have been known to clog pores and dry the skin," adds Dr. Roszell.
CGI is introducing "Solerra(TM)" at the Indoor Tanning Trade Show in Las Vegas on June 23-25 at the Mandalay Bay Convention Center. Potential distributors and salon users are invited to attend or call Solerra(TM) toll free at 877-925-6000.
"This Agreement allows us the opportunity to stay focused on the research and development of new polymer technologies and formulations while providing a consistent stream of revenue from license fees, product sales and royalties," says Mr. Terry Howlett, Skinvisible's(R) President.
Headquartered in Las Vegas, Nevada, Skinvisible, Inc. is focused on the development of innovative topical polymer-based delivery systems and related technologies incorporating its patent-pending formula/process for combining hydrophilic and hydrophobic polymers into stable water emulsions. Skinvisible's primary marketing and sales objectives are to license its technologies and/or sell its delivery systems to provide enhanced product performance for established brand manufacturers and providers of prescription, over-the-counter, cosmetic, and skincare products. In addition Skinvisible formulates and manufactures products for private label customers.
This press release contains "forward looking" statements within the meaning of Section 21A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934 as amended, and are subject to the safe harbors created thereby. Such statements involve certain risks and uncertainties associated with an emerging company. Actual results could differ materially from those projected in the forward looking statements as a result of risk factors discussed in Skinvisible, Inc. reports that will be on file with the US Securities and Exchange Commission (including but not limited to the report on Form 10-QSB for the quarter ending March 30, 2004).