VisSpace signs LoI to acquire Elite Therapeutics

Bioenergy company Viaspace has signed a letter of intent to acquire luxury cosmetics firm Elite Therapeutics.

If the deal seems beneficial, it is expected to complete in first quarter of of 2015, reports Cosmeticsdesign.com.

Although the two firms are not related in market focus, they have a common link – Elite Therapeutics founder and majority shareholder Dr. Kevin Schewe I is also the chairman of ViaSpace and Elite CEO Christopher Turner is also the ViaSpace shareholder.

ViaSpace grows grass, which is sold to power generating plants, animal feed that produces bio-methane and used in biochemicals and biomaterials.

Launched in 2007, Elite Therapeutics sells skin care, hair care and anti-aging personal care products.

Viaspace expects financial gain and global expansion through this acquisition.

Schewe was quoted as saying by Comesticsdesign.com: "When I started Elite Therapeutics, my goal was to create and grow a physician-driven, luxury-niche cosmetics company with a value in the $100-$400 million range in 10-12 years….I see synergy and security in a combined company dedicated to grow stronger, faster and to create revenues, cash flow and shareholder value."

Elite Therapeutics is a small privately-held company operating out of the Denver, Colorado, area.