Original News Release
Promino faces claim of unpaid royalty fees
Mr. Vito Sanzone reports
PROMINO NUTRITIONAL SCIENCES INC. PROVIDES CORPORATE UPDATE
Promino Nutritional Sciences Inc. has completed a reformulation of its Rejuvenate Muscle Health and Promino products, which now rely on a new amino acid blend. The reformulated product no longer relies on the patented formulation previously employed by the company, eliminating the need to incur future patent sublicense expenses, while still delivering excellent results for the company's customers.
EightIP LLC, the patent sublicensor in respect of the company's legacy product formulation, has terminated the sublicense agreement in respect of the patent which was relied upon by the company's legacy product formulation (see the company's news release of Dec. 6, 2023, for more information), and filed a claim in the state of Nevada for damages in respect of unpaid royalty fees and related remedies. On review of the claim, there are a number of defences available to the company, and the company is working to achieve an amicable settlement. Updates will be provided in due course.
The company also advises that it is working diligently with its auditors to file outstanding financial reports in an effort to become eligible to have the continuing cease trade order imposed on May 8, 2025, by the Ontario Securities Commission revoked so that it may resume trading on the Canadian Securities Exchange. Updates will similarly be provided in due course.
About Promino Nutritional Sciences Inc.
Promino is an innovative and research driven Canadian nutraceutical company specializing in the development of science-based products for the global consumer packaged goods market, with a portfolio focused specifically on muscle health. Promino's lead product, Rejuvenate Muscle Health, now benefits from a new formulation that aims to assist in the building, rebuilding, restoration and rejuvenation of natural muscle mass. Promino also offers Promino, an elite performance supplement for both professional and amateur athletes to accelerate muscle recovery, build strength and accelerate recovery from injury. Promino was founded in 2015 and is located in Burlington, Ont.
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