|By Marketwired .||
|January 6, 2014 03:26 PM EST||
MIAMI LAKES, FL -- (Marketwired) -- 01/06/14 -- Fuse Science, Inc. (OTCQB: DROP) (www.fusescience.com), a consumer products and delivery technology company that is developing new, patent-pending technologies working to redefine how consumers receive energy, medicines, vitamins and minerals announced that it recently took further steps towards securing the additional capital to continue the ongoing execution of its business plan.
On Friday, January 3, 2014, the Company filed a Form 8-K in which Fuse announced that it had entered into a securities purchase agreement with two investors, pursuant to which Fuse agreed to issue and sell senior secured convertible notes in the aggregate original principal amount of $1,000,000, together with warrants to purchase common stock. Friday's filing can be viewed within the SEC filings section of the Fuse Science corporate web site at www.fusescience.com or at www.sec.gov.
In November 2013, the Company announced strategic investments from Muscle Pharm Inc., Phil Frost and others focused on the ongoing development of Fuse's proprietary technology and consumer products. Last Friday's investment is a further step in this effort. All strategic partners in the November 2013 round rolled their funding into the current round, moving the note terms from sixty days to a five-year maturity which allows Fuse to execute against its objectives.
This current action is the next step in a series of financial steps the Company is taking to provide for continued growth. Friday's investment of an additional $1MM in working capital consists of $550,000 funded on January 3, 2014. The $450,000 balance is expected to be funded in four (4) monthly installments of $100,000 and a final installment of $50,000.
During this time the Company will continue its efforts to advance the commercialization of its PowerFuse®, ElectroFuse® and EnerJel® brands, leveraging its world class athletes while taking required administrative steps to ensure the next phase of business growth and funding. In November and December 2013, the Company completed production shoots and commercials with World Series MVP David Ortiz and Wimbledon Champ Andy Murray, which are center stage in the Company's advertising program. Fuse anticipates the scheduling of these productions during the first calendar quarter of 2014.
In addition, the Company reports that it shipped over $500,000 in product orders for its first quarter of fiscal year 2014, which ended December 31, 2013, which surpasses the entire previous 12 months -- illustrating optimism for continued sales growth under heavy working capital resource constraints.
Additional funding is still required to support the strategy and development of the Fuse business plan, both of which will require the authorization of additional shares to be issued. Upon shareholder approval, the Company will also execute a reverse stock split, to facilitate better structure around the market capitalization and stock price.
To become "Powered By Fuse®", visit your local Walgreens or Duane Reade store or go to www.poweredbyfuse.com.
About Fuse Science, Inc.
Fuse Science, Inc. (OTCQB: DROP), is an innovative consumer products and delivery technology company based in Miami Lakes, Florida. Fuse Science holds the rights to new, patent-pending technologies poised to redefine how consumers receive energy, medicines, vitamins and minerals. The Company maintains the rights to sublingual and transdermal delivery systems for bioactive agents that can now, for the first time, effectively encapsulate and charge many varying molecules in order to produce complete product formulations which can bypass the gastrointestinal tract and enter the blood stream directly - all in a concentrated "DROP" form that is simply applied under the tongue. The Fuse Science technology is designed to accelerate conveyance of medicines or nutrients relative to traditional pills and liquids and can enhance how consumers receive these products. Information about Fuse Science is available online at www.fusescience.com and www.poweredbyfuse.com or by calling 305-503-FUSE (3873).
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