The food supplements and cosmetics brand is profitable with millions of dollars in annual sales
Tel Aviv, Israel, Dec. 14, 2022 (GLOBE NEWSWIRE) -- Jeffs' Brands Ltd (the “Company”) (Nasdaq: JFBR), a data-driven e-commerce company operating on the Amazon Marketplace, today announced that it has entered into a non-binding letter of intent ("LOI") with SciSparc Ltd. (“SciSparc”) (Nasdaq: SPRC), for the purchase of 50% of SciSparc’s wholly owned subsidiary, SciSparc Nutraceuticals Inc., which owns WellutionTM, a top-selling Amazon.com Marketplace food supplements and cosmetics brand (the “Brand”), for approximately $3 million in cash or a combination of cash and ordinary shares of the Company, as agreed by the parties in the definitive agreement.
The Brand is profitable with millions of dollars in annual sales.
The acquisition is subject to, the negotiation and the execution of a binding definitive agreement. There can be no assurances that the acquisition will proceed, nor can there be any assurance as to the final definitive terms thereof, including the final purchase price or composition thereof.
The Brand sells hemp-based, top-ranked products, including hemp gummies, hemp oil capsules, hemp gel, hemp cream, detox pills, height pills, antibacterial creams, and anti-aging creams, among other beauty and hair treatment products that are all manufactured in the United States.
The Brand offers eight variations of natural hemp candy supplements under two parent Amazon Standard Identification Number (each, an “ASIN”) on Amazon that are differentiated by their hemp oil potency. The leading parent ASIN, which was launched in 2019, has received over 26,500 reviews and is consistently ranked as the #1 best seller in the category. In total, the Brand has over 40,000 product reviews, most of which are 4 and 5-star reviews.
Mr. Oz Adler, the Chairman and a director of the Company is the Chief Executive Officer and Chief Financial Officer of SciSparc and the Chairman of SciSparc is a director of Jeff’s Brands.
About Jeffs’ Brands Ltd
Jeffs' Brands is transforming the world of e-commerce by creating and acquiring products and turning them into market leaders, tapping into vast, unrealized growth potential. Through our stellar team’s insight into the FBA Amazon business model, we’re using both human capability and advanced technology to take products to the next level. For more information on Jeffs’ Brands Ltd visit https://jeffsbrands.com.
Forward-Looking Statement Disclaimer
Investor Relations Contact:
Adi and Michal PR- IR
Investor Relations, Israel