LadyBug Resource Group Inc. has signed an Agreement to acquire 100% of Men’s Medical Corporation.
Terms of the agreement include changing LadyBug’s corporate name to Men’s Medical Group Inc. and the completion and delivery of Men’s Medical Corporation’s audited financial statements on or before September 30, 2010, the target closing date. At the closing LadyBug shall own 100% of Men’s Medical Corporation and its assets including the license rights. LadyBug plans to spin off its two subsidiaries, New Solar Electricity Corporation and Inner Path Health Corporation to the shareholders of record as of October 4, 2010.
Men’s Medical Corporation holds a license for the use of certain proprietary, personalized treatment processes for erectile dysfunction and premature ejaculation known as The Boston Method in the United States together with other protected marks, trade names and patents associated with men’s health and lifestyle management.
Upon consummation of the transaction, Men’s Medical Corporation intends to roll out development of strategic alliances with Physicians nationwide to offer a full range of men’s health and lifestyle services incorporating the intellectual property.
The U.S. market for men’s sexual dysfunction therapies is expected to reach an estimated $1.72 billion by the end of 2010. Worldwide, more than 150 million men are affected by erectile dysfunction, with an additional 35 million men per year experiencing symptoms for the first time.
The licensed rights to be utilized by Men’s Medical Corporation include but will not be limited to those licensed to other third party licensees to the Boston Medical brand of products and services. The contemplated transaction does not relate in any way to the business activity of North American Men’s Health, Inc, (“NAMH”). NAMH is a third party, independent licensee to the Boston Medical brands established in 2002, operating Boston Medical Group clinics, in the United States.
SOURCE LadyBug Resource Group, Inc.