Edison Nation Inc., a U.S. based company that drives media, IP and consumer products, has recently revealed that it has purchased a 50% stake in Global Clean Solutions LLC, a Nevada limited liability firm. According to the agreement, the 50 percent interest was acquired through the exchange of 300,000 shares of common stock for 50 membership units.
Subsequently, Edison Nation also entered into various transactions that would guarantee a line of credit worth $2.5 million to Global Clean Solutions. This capital will be used for procuring finished goods, related medical supplies, and raw materials.
Reportedly, Global is planning to release two new hand sanitizer brands namely, Blue Sky Pure and Purple Mountain Clean, that are 100% US based items. Both brands of sanitizers are anticipated to hit shelves within the coming 60 days.
Additionally, Global is working on developing a hands-free sanitizer stand which is yet to be proprietary patented. The stand would be given to customers free of cost, however, they are required to commit to buying recurring refills of Global clean solution’s Purple Mountain Clean Sanitizer.
Speaking on the move, Chris Ferguson, CEO, Edison Nation, said that the alliance with Global would offer the company a platform to expand its product portfolio in the developing hand sanitizer market. Moreover, the recurring refill model comes as a thrilling opportunity to generate an annuity stream of revenue.
Prior to this news, Edison Nation had made headlines when it announced that it has managed to secure more than $10 million in orders within the first week of its launch for the purchase of personal protective equipment.
The order list consisted of various products like liquid sanitizer, protective masks, and a gel-based hand sanitizer. Moreover, the firm expects to ship these orders within the current fiscal quarter.