HILLSIDE, N.J., Feb. 25 /PRNewswire-FirstCall/ -- Integrated Health Technologies, Inc. (OTC Bulletin Board: IHTC.OB) has acquired NuCycle Therapy Inc.
IHTC purchased all of the interests of NuCycle for 368,833 shares of IHTC's common stock and 25% of the after-tax profits of NuCycle until the shareholders of NuCycle have received an additional $5,000,000. NuCycle is engaged in the development and sale of nutritional formulations based on plant-derived minerals through patented hyper accumulation technology.
NuCycle's patented process for hydroponic growth of edible plants causes them to accumulate high levels of nutritional minerals such as: chromium, selenium, iron and zinc. NuCycle's plants are grown, harvested, dried and powdered and can be used directly as a source of these essential trace elements. Therefore, the daily recommended intake is satisfied with a smaller quantity of products.
NuCycle also designs and constructs edible crop plants that synthesize nutraceuticals and human therapeutics, using genetic engineering methods. Using plants to manufacture human therapeutic proteins significantly reduces the costs of manufacturing. Further the plants may produce molecules in a form that can be taken orally, rather than by injection, which simplifies delivery and also brings down costs. NuCycle believes that the intellectual property gives them a proprietary position and the ability to operate in the field of plant gene expression.
Additionally, NuCycle has a grant from the National Cancer Institute to engineer plants that synthesize the potent anti-cancer compound Methylselenocysteine when it is grown in the presence of selenium. This project is almost complete and is expected to scale up and manufacture during the next several months.
"By acquiring NuCycle, IHTC will become a leader in the use of plants as sources of high quality nutritional supplements and human therapeutics. There is evidence that the industry is moving in this direction," said Burt Ensley, founder of NuCycle.
"IHTC and NuCycle have conducted several studies that show the superior performance of our plant-based mineral supplements," said Seymour Flug, president of IHTC. "One such study concluded that our plant grown iron supplement was just as effective as a popular prescription iron supplement, but at a 72 percent lower dosage and with less side effects."
Integrated Health Technologies is a diversified vitamin and nutritional company headquartered in Hillside, New Jersey. IHTC serves the varied needs of the nutraceutical industry through its wholly owned subsidiaries. Manhattan Drug Company, established in 1922, provides contract manufacturing; IHT Health Products supplies raw material sourcing; Integrated Health I.D.E.A.S. enables new product development and technical services and Chem International distributes Roche Vitamins, Inc. products.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties in the Company's filings with the Securities and Exchange Commission.