Some viewers also didn’t like how the company claims to help with nausea for chemotherapy. The fact her episode was controversial made for an entertaining watch and has driven a lot of free publicity for her brand. Kevin O’Leary offered $250,000 for 40% but Romy rejected as the equity was too high.Īlthough the pitch didn’t go as planned, Romy is still operating the business. The Sharks were annoyed as it’s normal for entrepreneurs to not take a salary. She revealed the company had $600,000 in debt which included her $100,000 deferred salary. From $1 million in sales, she only made a net profit of $110,000. The presenter revealed her impressive sales, but the Sharks were disappointed with an 11% profit margin. The Sharks were skeptical of the product and they weren’t convinced she had enough medical proof to show it works. She appeared on Shark Tank seeking $250,000 for a 10% equity stake. In 2013, Romy Taormina was already selling internationally but needed to raise capital to keep up with demands. In 2012, the business made nearly $1 million in sales. Apart from moms and hospital patients, she marketed them to boating communities because they were waterproof. In 2006, they were launched under Psi Health Solutions. After researching the market potential and getting clearance from the Food and Drug Administration (FDA), the Psi Bands were released. She designed her own version of the product and made them to fit her needs. However, Romy wasn’t satisfied with them as they weren’t stylish or waterproof. She used existing acupressure wrist bands to avoid vomiting and nausea. While pregnant, Taormina suffered terribly from morning sickness. In 2021, she tried something new by becoming a program coordinator at Leadership Monterey County, conducting classes and outreach to community leaders. Psi Bands has now been in business for around 17 years. After graduating, she pursued her dream of starting a company. At university Romy became a member of the American Marketing Association. Growing up she felt passionate about entrepreneurship. Taormina got a bachelor’s degree in business and marketing from California Polytechnic State University. Romy Taormina is a mom of two from Pacific Grove, California. As of 2023, Psi Bands is worth an estimated $3 million. Founder Romy Taormina pitched her product on Shark Tank but wasn’t able to get a deal. The company mainly helps people suffering from morning sickness and motion sickness. NO DEALīoth Mark Cuban and Daymond John both said they Do Not TRUST HER.Psi Bands are acupressure wrist bands that claim to help with nausea relief. It appears that she came in the Shark Tank and had no intentions of negotiating as she steadfastly sticks to the 10%. Taormina instantly says no and refuses to make a counteroffer. They all go out except for Kevin O’Leary who is the only one to make an offer for the $250k but wants 40% of the company. Yes, she actually had the balls to ask the sharks to cover her past salary with their investment in the company. She also has $600k in debt that includes past deferred salaries from years ago which instantly turns all the Sharks off. They are already in over 6000 retail stores across the country with a gross profit margin of only 11% (a hundred grand). Robert Herjevic is the first to ask about sales for the last year when Taormina responds “almost a million dollars. Romy came into the Shark Tank looking for a $250k investment for a 10% stake in the acupressure business valuing it at $2.5 million. There’s more to this story then meets the eye, and unfortunately, we all have to wait until this Friday Night on ABC to see how this all plays out. Deal or No Deal, they’re still obligated to give the producers of the Shark Tank a percentage of the acupressure business. In fact, the more I dig, the more I wonder what could the Sharks even offer this business? Maybe provide additional working capital to keep up with demand? Could be, but it seems this company’s already way past that point, so there must be another reason to even consider coming to the Shark Tank and give-up part equity. Maybe a QVC play to help further the Brands awareness? No, they’ve already been on QVC as early as 2008. With an already clearly established product available in some of the most recognizable stores in the country, this should be a very interesting round of negotiations for the Sharks. A partial list of just some of the stores already carrying Psi Bands includes Toys-R-Us, Babies-R-Us, Rite Aid, Wholefoods, CVS, Walgreens, and Target stores. Psi Bands are arguably the most attractive acupressure bands on the market and many retailers have already taken notice and already sell this brand. When Taormina had severe morning sickness during her pregnancy, she designed a more fashionable attractive alternative.
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