LOS ANGELES, CA--(Marketwire - Jan 8, 2013) - Hanover Portfolio Acquisitions (OTCQB: HVPA), an intellectual property licensing and commercialization company, has executed a Letter of Intent (LOI) to acquire 70% of Pulsed Energy Technologies, LLC and all of its intellectual property, assets, and accounts receivables.
Upon completion of the acquisition, Hanover's wholly owned subsidiary, IP Resources International, will seek to establish distribution and licensing agreements in multiple international markets for the Pulsed Energy Replenisher (PER 2000) to augment current U.S. sales. This transaction would further expand Hanover's IP portfolio, which addresses the market for worldwide royalty and licensing fees estimated at $237 billion in 2011 according to the International Monetary Fund (IMF).
Pulsed Energy Technologies is the developer, ISO-certified manufacturer, marketer, and distributor of the Pulsed Energy Replenisher (PER 2000), a proprietary Pulsed Electro-Magnetic Field ("PEMF") therapy device that is used for pain reduction for a broad range of indications by athletes including basketball superstar Shaquille O'Neal, NFL Superstar Terrell Owens, and multiple American professional sports teams.
PEMF is a well-established treatment for a number of health conditions in many global markets including Europe, Canada, Australia and Israel. PEMF uses electrical energy to direct magnetic pulses through injured tissue. Each magnetic pulse induces an electrical signal that stimulates cellular repair. PEMF therapy has demonstrated its effectiveness in healing and pain relief in more than 2,000 university level double-blind medical studies in numerous countries with many different PEMF therapy devices. PEMF therapy has been shown to be effective in a wide range of conditions including pain relief, bone fractures and sprains, headaches, arthritis, diabetes, insomnia, depression, muscle injuries, burns, whiplash, endometriosis, and osteoporosis.
According to BCC Research, pain management medical devices in the U.S. generated $1.48 billion in sales in 2008. This number is projected to increase to $2.5 billion in 2013, growing at a compound annual growth rate (CAGR) of 11.4%.
"With the planned acquisition of Pulsed Energy Technologies, we will be entering the multi-billion dollar pain management medical device market," stated Alan Collier, CEO and Chairman of Hanover Portfolio Acquisitions and IP Resources International. "Pulsed Energy Technologies' proprietary device has a reputation for efficacy and is being used by some of the most internationally recognized sports figures. We look forward to closing this transaction, which we expect will be accretive to shareholders through immediate revenue generation and strong prospects for growth in the U.S. and numerous international markets."
About Hanover Portfolio Acquisitions & IP Resources International
Hanover Portfolio Acquisitions, through its wholly owned subsidiary, IP Resources International, is an intellectual property management firm that specializes in the commercialization of compelling technologies through joint ventures and international licensing. The Company specializes in the commercialization of technologies within the healthcare, energy, consumer electronics, and internet industries.
Safe Harbor Statement
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, trends, analysis, and other information contained in this press release including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," and other similar expressions of opinion, constitute forward-looking statements. Any such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.
Investor Relations Contact:Mr. Andrew Haag
Managing Partner
Hampton Growth
Tel: 877.368.3566
E-Mail: Email Contact
Website: www.hamptongrowth.com
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