Jeffs’ Brands Enters into Letter of Intent with Pharmaceutical Company to Establish Joint Venture to Develop and Commercialize New Product Line

The new product line will be in the areas of quality health and lifestyle products, such as nutritional and dietary supplements for various purposes

Tel Aviv, Israel, November 15, 2022 (GLOBE NEWSWIRE) — Jeffs’ Brands Ltd (the “Company”) (Nasdaq: JFBR), a data-driven e-commerce company operating on the Amazon Marketplacetoday announced that it has entered into a Letter of Intent (“LOI”) with SciSparc Ltd. (“SciSparc”) (Nasdaq: SPRC), a pharmaceutical and dietary supplement company, to establish a joint venture (“JV”) for the development of a new line of dietary supplements and its online commercialization.

The letter of intent provides that the two companies will form a joint venture in which they each hold 50%. The transaction will be subject to negotiation and preparation of definitive documentation.

Upon entry into the final documentation, Jeffs brands will be responsible for the online marketing of the products developed by SciSparc within the framework of the JV. Decisions on which products to develop will be made by both companies and will be based on Jeffs brands advanced technological analysis of products in demand with high profit potential. Mr. Oz Adlerthe president of the Company, is the president and chief executive officer of SciSparc and a director of the Company is the president of SciSparc.

About Jeff brands ltd. (Nasdaq: JFBR):

Jeffs’ Brands Ltd transforms the world of e-commerce by creating and acquiring products and transforming them into market leaders, tapping into vast unrealized growth potential. With our exceptional team’s knowledge of the Amazon FBA business model, we use both human capabilities and cutting-edge technology to take products to the next level. For more information on Jeffs’ Brands Ltdvisit

About SciSparc Ltd. (Nasdaq: SPRC):

SciSparc Ltd. is a clinical-stage specialty pharmaceutical company led by an experienced team of senior executives and scientists. SciSparc is focused on creating and enhancing a portfolio of technologies and assets based on cannabinoid pharmaceuticals. With this in mind, the Company is currently involved in the following drug development programs based on THC and/or non-psychoactive cannabidiol (CBD): SCI-110 for the treatment of Tourette’s syndrome, for the treatment of Alzheimer’s and Agitation; SCI-160 for the treatment of pain; and SCI-210 for the treatment of autism spectrum disorders and status epilepticus.

SciSparc also owns Wellution™, a brand that sells dozens of hemp products, including hemp candies, hemp oil capsules, hemp gel, hemp cream, detox pills, anti-height pills, antibacterial creams and anti-aging creams, among other beauty products and hair treatment products which are all made in United States. Wellution™ offers eight variations of natural hemp candy supplements under two parent Amazon Standard Identification Numbers (“ASINs”) on Amazon that are differentiated by their hemp oil potency. The main parent ASIN, which launched in 2019, has received over 26,500 reviews and is consistently ranked as the best seller in the category. In total, the brand has over 40,000 product reviews, most of which are 4 and 5 star reviews.

Disclaimer of Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to cover by the “safe harbor” created by these sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe”, “s ‘expect’, ‘may’, ‘should’, ‘could’, ‘seek’, ‘intend’, ‘plan’, ‘target’, ‘estimate’, ‘anticipate’ or other comparable terms For example, the possibility of entering into definitive documentation regarding a JV with SciSparc However, the parties may not reach a final agreement on a definitive joint venture agreement and the transactions contemplated by the letter of intent may not occur. Statements forward-looking statements are neither historical facts nor guarantees of future performance. Instead, they are based solely on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are beyond our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Accordingly, you should not rely on any such forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those set forth in the forward-looking statements include, among others, the following: our ability to adapt to material future changes in Amazon policies; our ability to sell our existing products and expand our brands and product offerings, including by acquiring new brands and expanding FBM; our ability to meet our expectations regarding revenue growth and e-commerce demand; the overall global economic environment; the impact of competition and new e-commerce technologies; general market, political and economic conditions in the countries in which we operate; capital expenditures and projected cash; the impact of any changes to Amazon’s policies and terms of service; and other risks and uncertainties described in the registration statement on Form F-1, as amended, filed with the US Securities and Exchange Commission (the “SEC”) regarding our initial public offering and our other filings with the SECOND. We undertake no obligation to update publicly any forward-looking statements, written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Contact with Investor Relations:Michal EfratyAdi and Michal PR-IR
Investor Relations, Israel
[email protected]

main logo

Source: Jeffs’ Brands Ltd

2022 GlobeNewswire, Inc., source Press Releases