ORLANDO, Fla., Sept. 10 WellTek Incorporated (PinkSheets: WLTK), a health, fitness and wellness company, today announced that ithas completed a reverse merger transaction with Nashville Records, Inc.(formerly Pink Sheets: NVLR), effected a corporate name change to "WellTekIncorporated," and, at the market open today, commenced trading under new tickersymbol "WLTK." Upon closing of the merger, the Company had approximately8,111,720 shares issued and outstanding.
WellTek anticipates filing a Form 10 with the U.S. Securities & ExchangeCommission and subsequently initiating trading on the Over-The-Counter BulletinBoard in the near term. With specific concentration on high growth emergingmarket sectors being fueled by the global Health and Wellness movement, theCompany is acquiring or developing medical and fitness solutions that helpconsumers live healthier, happier, longer lives.
In July, the founders of WellTek acquired the assets of MedX Systems, LLC,the manufacturer, marketer and global distributor of a line of proprietary,patented medical and fitness equipment. MedX was originally founded in 1986 byArthur Jones, the legendary U.S. entrepreneur and founder/inventor ofNautilus(R) fitness and medical equipment, and is credited for pioneering anentirely new category in the Fitness Equipment sector: Medical ExerciseTechnology.
Widely recognized as the industry's 'gold standard' in medical exerciseequipment, MedX machines have been the subject of more than 100 peer-reviewedarticles published in medical journals, confirming the machines' abilities tomaterially decrease chronic spine-related pain issues, restore spinal function,improve quality of life and independence, and decrease or eliminate the need forongoing spinal care or pain management. MedX customers include professionalsports teams, colleges and universities, every branch of the U.S. Military, CIA,Department of Energy, FBI, Veterans Administration, a number of Fortune 500companies, and numerous world-class rehabilitation and leading wellness centersthroughout North America and around the world.
Currently, there are more than 1,000 clinics in the U.S. and abroad whospecialize in treating patients with aggressive exercise therapy using MedXmedical exercise machines. WellTek believes that there exists a compellingopportunity to partner with both established MedX clinics and with enterprisingphysicians and physician groups interested in opening new MedX clinics, tocreate The Spine Network. Collectively, The Spine Network would be committed tothe ideals and applications of MedX-enabled exercise science to treat back andneck pain. In this regard, WellTek has created a unique partnering program toprovide care specialists with a turnkey business development platform,attractive economic incentives and state-of-the-art MedX medical equipmentnecessary to promote the use of aggressive exercise as treatment of chronic orsevere neck and/or back pain.
In July 2008, WellTek executed a letter of intent to acquire a 70% interestin health and fitness company Scoop! Fitness, Inc., which owns and operates fourhigh-end fitness studios based in South Florida. Scoop provides its customerswith private and group instruction in Pilates, Gyrotonics and Yoga, and is ledby one of the nation's leading Pilates experts and functional fitness experts,Ms. Frankie Puglisi. Once the acquisition is completed, which is expected tooccur this month, WellTek plans to assist Scoop in opening an additional 14studios throughout the State of Florida over the next 18 months. Thereafter, anational expansion initiative will be undertaken.
WellTek has also established a consumer products division called Full LifeNecessities, which will initially focus on marketing and selling specializedMedX-branded exercise equipment being developed for in-home consumer use. FullLife intends to