Newark-based Inergetics announced Monday it has been awarded a $3.3 million grant from the New Jersey Economic Development Authority.
According to the announcement, the company's application for the New Jersey Technology Business Tax Certificate Transfer Program has been approved for $3.357 million. Inergetics, which employs twelve full time employees, including eleven in New Jersey, relocated to the Innovation Zone of Newark in 2013 and expects to receive cash after fees of $3.055 million in January of 2014. The state funding is non-dilutive and does not add shares or debt to the capital structure of the company.
Inergetics will utilize these working capital funds to expand its product offerings and achieve greater distribution of its existing product lines, including Martha Stewart Essentials, Bikini Ready, SlimTrim and Surgex Sports Nutrition, the company said in a statement.
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