Fit For Business Closes Acquisition Of Footfridge Pty Ltd.
Fit For Business International Inc. (OTC BB:FFBU.OB - News) announces the closing of the acquisition of Footfridge Pty Ltd. on March 23, 2007. The transaction was completed in a deal valued at US$1,000,000 in cash and shares. Footfridge Pty Ltd. is now a wholly owned subsidiary of Fit For Business. The deal gives Fit For Business the patent held by Footfridge for its coolant filled innersoles.
The patented innersoles are filled with a paste which cools and insulates the foot. The innersole was originally developed for workers who wear steel toe boots. Steel toe boots are warmer than other shoes and wearers may have foot problems associated with the elevated temperature within the boot. Product development has taken seven years and countless product revisions to get the product right.
The innersole will be marketed through infomercials and other advertising mediums to anybody that may have tired, sore, or aching feet. Test marketing has already been completed and the selected campaign will commence as soon as possible.
``This acquisition will provide a tremendous boost for the sales and distribution of the innersoles, said Peter OBrien, inventor. ``We are looking forward to having support for our new product development in the medical supply industry and the horse racing industry.
Although the innersoles were not developed for it, they were found to provide relief to diabetics with poor circulation and sore feet. Further testing by the American Diabetic Association showed improved circulation and a reduction in foot temperature. The innersoles are now approved to be sold as a therapeutic aid to diabetics. This opens up a new market as there are more than 40 million diabetics in America alone.
``This acquisition has changed the dynamics of Fit For Business and we are looking forward to developing new markets, said Mark Poulsen, CEO.
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