Conversion Labs Announces Telemedicine Joint Venture and Strategic Partnership with GoGoMeds
NEW YORK, June 04, 2019 (GLOBE NEWSWIRE) -- Conversion Labs, Inc. (OTCQB:CVLB) (the “Company” or “Conversion Labs”), an e-commerce company focused on creating, acquiring and scaling proprietary consumer products and software, today announced that it has entered into a telemedicine joint venture and strategic partnership agreement with GoGoMeds.com. GoGoMeds is one of the largest and fastest growing online pharmacies in the United States, licensed to dispense and ship prescription drugs to patients in all 50 states and the District of Columbia.
U.S. pharmacy and drug store sales totaled $276.92 billion in 2015. In 2016, the top 20 leading drug store chains in the US captured $225.30 billion in prescription drug sales. Conversion Labs believes the retail dominated prescription drug market represents a promising avenue for disruption through telemedicine.
In order to expand into the U.S. prescription drug market, Conversion Labs entered into a joint venture and strategic partnership with GoGoMeds.com. Conversion Labs intends to use its proven online marketing expertise to offer branded and generic prescription drugs directly to consumers across the country. GoGoMeds’, best in class, regulatory infrastructure and their pharmacy and customer service platform make them an excellent partner for Conversion Labs.
To enable the joint venture, Conversion Labs has established a majority owned subsidiary, Conversion Labs Rx LLC, which will operate the company’s telemedicine business unit. The newly established business unit, in addition to launching new prescription drug offerings, will enable Conversion Labs to now offer prescription products alongside its existing OTC portfolio, which is expected to have an immediate impact on revenue and customer value because of the current customer base of the Shapiro MD product line.
“We’ve invested years to build what I believe is one of the most talented online direct-to-consumer marketing teams in the business,” said Justin Schreiber, Conversion Labs’ Chief Executive Officer. “Combining our expertise with GoGoMeds’ ability to sell prescription drugs in all 50 states has the potential to be transformative for the Company. It definitely expands the addressable market for our products exponentially.”
“The key to rapidly capturing market share in the telehealth space is acquiring customers at the right price and providing outstanding customer service at the pharmacy level,” stated Ron Ferguson, President and CEO of GoGoMeds. “I believe Conversion Labs’ online marketing know-how and experience combined with our pharmacy and telehealth platform has the potential to be very disruptive. I think the growth potential of our joint venture is very exciting.”
About Conversion Labs
Conversion Labs, Inc. (the "Company") is a technology-driven e-commerce company that builds proprietary consumer products and software. Conversion Labs’ global advertising technology infrastructure leverages the world’s largest social media, search and e-commerce platforms (Facebook, Google & Amazon) to rapidly and profitably grow our expanding product portfolio. To learn more about our corporate strategy, brands, or for investor relations please visit www.conversionlabs.com or email us at [email protected]
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other thing, statements regarding the offering, the expected gross proceeds, the expected use of proceeds and the expected closing of the offering. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell its products; the expected benefits and efficacy of the Company's products; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, clinical studies and future product commercialization; and, the Company's business, research, product development, regulatory approval, marketing and distribution plans and strategies. These and other factors are identified and described in more detail in our filings with the SEC, including, our current reports on Form 8-K.
Released June 4, 2019