Ingen Technologies, a provider of respiratory products, has signed a letter of intent (LOI) to purchase Canada-based SomaLife Consulting for $3m.
SomaLife is involved in manufacturing new healthcare products including Soma Youth Formula, Super-X Antioxidant, SomaVit Multi-Vitamin, Soma Omega-3, Soma IQ-150, SomaSport, and SomaPet.
Ingen Technologies chairman Gary Tilden said the company is expecting to begin closing of the procedures in September.
"We had been working diligently for the past 5 months to secure this acquisition, the first of several planned in the future," Tilden added.
"These potential, future acquisitions will have to meet our rigid, specific standards in order to even be considered; these would include existing product revenues, intellectual property that is proprietary, and a strong management team.
"Once finalized, SomaLife Consulting, LLC will become a wholly owned subsidiary of Ingen Technologies."