NEW YORK, Aug. 31, 2020 (GLOBE NEWSWIRE) -- Conversion Labs, Inc. (OTCQB: CVLB), a direct-to-consumer telemedicine and wellness company, announced that a select group of private investors and family offices have agreed to purchase $3.5 million of its newly issued Series B Convertible Preferred Stock.

“We believe the participation of this group of strategic investors will create significant value for our shareholders over the next few years,” commented Justin Schreiber, chairman and CEO of Conversion Labs. “As visionary corporate leaders, we look forward to their guidance and advice as we work to build a leading telemedicine business that can bring positive change to the delivery of healthcare and access to affordable medications.”

The investors include David Blitzer and Wes Edens. The terms of the transaction include a one-year lockup on the sale or transfer of the securities. The proceeds will be used primarily for general working capital and customer acquisition.

Further details of the transaction can be found in the Current Report on Form 8-K filed today by Conversion Labs with the Securities and Exchange Commission and available at sec.gov and from the investor section of the company’s website at ir.conversionlabs.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Conversion Labs
Conversion Labs, Inc. is a telemedicine company with a portfolio of online direct-to-consumer brands. The company’s brands combine virtual medical treatment with prescription medications and unique over-the-counter products. Its network of licensed physicians offers telemedicine services and direct-to-consumer pharmacy to consumers across the U.S. To learn more, visit Conversionlabs.com.