The acquisition includes all patent and proprietary rights and property related to the technology, which is used in cosmetics and medical measurement devices in skin treatment.
Cosmetic potential
For the cosmetics industry, Pro-Tect plans to use the technology to enhance the effectiveness of the anti-aging ingredients that it is in the process of developing.
Pro-Tect CEO Richard Rusiniak told CosmeticsDesign.com that the company plans to grow algae in order to market extracts for the anti-aging market.
The nanotechnology method from Medivices Corporation will then become relevant as a means of speeding up the penetration into the skin of these extracts.
Other uses
Pro-Tect also intends to use the nanotechnology method to develop medical devices and products in other industries.
In a statement the company said: “Pro-Tect intends to oversee the development and manufacturing of the Medivices products and to facilitate the marketing and distribution of the products.”
Completing the acquisition, Pro-Tect has issued 2.5 million shares of its common stock.