Synergy Strips Corp Does Another Acquisition With the Purchase of U.S. Rights for Neuragen(R)

WESTBROOK, MN--(Marketwired - Jul 1, 2015) - Synergy Strips Corp (OTCQB: SNYR) a consumer health care company, today announced through its wholly owned subsidiary Neuragen Corp the purchase from Knight Therapeutics Inc. (TSX: GUD) ("Knight" or the "Company"), a leading Canadian specialty pharmaceutical company the U.S. rights related to Neuragen®, an innovative OTC product that helps relieve pain caused by diabetic nerve damage. Knight retains Canadian rights and ex-U.S. global rights to Neuragen®.

Under the terms of the agreement, Synergy will Pay Knight a minimum aggregate consideration of US$1,200,000 payable as follows: (I) US$250,000 upon closing, (ii) US$250,000 by June 30 2016, (iii) US$700,000 payable in quarterly installments equal to the greater of US$12,500 or 5% of U.S. net sales, plus (iv) 2% of U.S. net sales of Neuragen® for 60 months thereafter.

"This sale of the U.S. rights to Neuragen® allows us to not only recover the principal of our CDN$850,000 secured loan to Origin, but also provides Knight with a healthy return. In addition, we are strengthening our relationship with Synergy, our U.S. OTC commercialization partner, and focusing on the upcoming Canadian re-launch of Neuragen®, our first commercial product north of the border," said Jonathan Ross Goodman, President and CEO of Knight.

"We are pleased to add another unique offering to our U.S. portfolio; it is consistent with the company's strategy to grow by further acquisition. We are deliberately seeking to generate shareholder value through the addition of products that help improve the lives of customers while leveraging our existing distribution relationships. We will continue to be active on the acquisition trail," said Jack Ross, President and CEO of Synergy.

About Neuragen®

Neuragen® is a topical product that works directly at the site of the pain as opposed to oral products. Neuragen® reduces the spontaneous firing of damaged peripheral nerves. By calming these firings at the source, Neuragen® is clinically shown to reduce shooting and burning pains quickly and without the side effects of orally taken medications. This is in part due to the small lipophilic molecules found in Neuragen® which rapidly carry the active ingredients through the rough outer layer of the skin to the site of the pain. Neuragen is available over the counter in most local pharmacies either in the diabetic section or the analgesic (pain) section. For more information, please visit www.neuragen.com.