MusclePharm a fast-growing nutritional supplement company with a proprietary formulation used in eight performance products, is set to announce an exclusive distribution contract with PSI Distribution, a leading supplement distributor in Australia and New Zealand.
The exclusive and noteworthy contract will be worth $2 million in annual sales, allowing MusclePharm to expand into the Australian market and continue to grow as an international brand.
Included in the exclusive agreement with PSI is a combined opening purchase order of $500,000 dollars in MusclePharm products, which will begin shipping out in August. From there, a minimum Purchase Order of $500,000 in MusclePharm products will be made by PSI every 90 days, allowing MusclePharm to cultivate awareness in an area that has exploded in Ultimate Fighting Championship (UFC) and Mixed Martial Arts popularity.
“Securing an exclusive partnership with PSI in the Australian market is a strategic move in taking advantage of the exposure the UFC partnership has created for MusclePharm,” MusclePharm Executive Vice President Leonard Armenta said. “We hope to leverage the popularity of the sport, expanding our distribution networks, resulting in increased brand awareness and sales. The UFC audience shows the passionate and loyal qualities that we are targeting for our products.”
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Curtiss-Wright Corporation (NYSE:CW) today announced that it has received a contract with a total potential value of $20 million from Moog Aircraft Group to provide solenoids for use on the flight control system of Boeing’s 787 Dreamliner aircraft.
“Curtiss-Wright is pleased to announce our selection by Moog as the supplier of solenoids for use on the Boeing 787,” said Martin R. Benante, Chairman and CEO of Curtiss-Wright Corporation. “We are very excited to increase our participation and support for this important new aircraft.”
Curtiss-Wright will manufacture the solenoids at its Motion Control facilities in Tempe, AZ and Nogales, Mexico. Production will begin immediately and continue through 2035.
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Converted Organics Inc. (Nasdaq:COIN) today announced the implementation of a series of expense reduction measures that include the reorganization of corporate and other functions at its headquarters in Boston, MA and manufacturing facility in Woodbridge, NJ. This reorganization includes the elimination of a total of 24 corporate and manufacturing positions, representing approximately 50% of the workforce at these locations. The Company expects that these reductions will reduce operating expenses by approximately $2.1 million per year, beginning in the third quarter of 2010.
Additionally, the company has entered into discussions with certain creditors in an effort to restructure principal and interest payments related to its Woodbridge, NJ facility. The Company has retained Christopher J. Panos, of Craig and Macauley, the law firm hired to assist in those discussions.
The reorganization and related headcount reductions will not impact activity at Converted Organics’ Gonzales, California manufacturing facility, where the Company’s line of organic liquid fertilizer products are produced and account for approximately 75% of total sales through the first six months of 2010.
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Tags: COIN, Converted Organics Inc., curtiss-wright corp, cw, MSLP, MusclePharm
