As the supplement industry and new tech led wellness apps continue to shift towards natural and organic methods as well as innovative technological advancements, the development of new apps and products including bio-available nutrients are helping boost the sectors to new heights. Advancing companies in the development and expansion of the wellness and supplement industries include: PHI Group, Inc. (OTC: PHIL), Weight Watchers International, Inc. (NYSE: WTW), GNC Holdings Inc. (NYSE: GNC), Herbalife Ltd. (NYSE: HLF), Fitbit, Inc. (NYSE: FIT).
PHI Group, Inc. (OTC: PHIL) a U.S. public company focusing on acquisitions and investments in natural resources, other select industries and special situations, announced today that it has signed a term sheet with Azure Capital (the "Investor") for a $10 million equity line facility to fund working capital and potential acquisition needs. According to the term sheet, the Investor will commit to purchase up to $10,000,000 of the Company's stock over the course of 36 months, after a registration statement of the Company's stock has been declared effective by the U.S. Securities and Exchange Commission ("SEC").
The Company may in its discretion draw on the facility from time to time as and when the Company determines appropriate in accordance with the terms and conditions of the Investment Agreement and Registration Rights Agreement to be signed by the Investor and the Company. Henry Fahman, Chairman and Chief Executive Officer of the Company, stated, "The availability of this equity line enables the Company to raise capital as needed in a highly efficient manner. The combination of acquisition expenses, budgeting for the EB-5 Investor Visa Program, new product development, enhanced marketing and other corporate projects warrants that setting up this facility is prudent. There are no options or warrants associated with the equity line. We will seek to use the equity line, to the extent needed, at such times as are appropriate in view of the Company's needs, market conditions and other factors."
In other industry news and developments:
Weight Watchers International, Inc. (NYSE: WTW) closed up over 8%on Mondayat $13.09 trading over 2.8 Million shares traded by the market close. Weight Watchers International will release its results for the fourth quarter and full year 2016 after the NYSE closes on Tuesday, February 28, 2017.
Epsilon, an Alliance Data (ADS) company, this month announced that it has signed a multi-year agreement with GNC Holdings Inc. (NYSE: GNC), a leading global specialty health, wellness and performance retailer. Epsilon is overseeing the development and launch of GNC's new loyalty program technology platform in the United States, allowing customers to earn points and collect rewards for purchases in-store, online and on mobile devices.
Herbalife Ltd.(NYSE: HLF) reports results for the fourth quarter and full year ended December 31, 2016. Michael O. Johnson, chairman and CEO of Herbalife, stated, "2016 was a dynamic and record-breaking year. Our members continue to successfully build customer-focused businesses, which is evident in our record volume and retention metrics. In addition, our new share buyback authorization is a further testament of our commitment to enhance shareholder value.