Shark Tank Update
Shark Tank Pitch
PSI Bands Shark Tank Update
Published:
2m
Pacific Grove, CA
| Name | PSI Bands |
|---|---|
| Main Presenters | Romy Taormina |
| Presenter Image | |
| Product Image | |
| Last Known in Business | 10/18/2022 |
| Main Location | Pacific Grove, CA Loading Map |
| Order Shown in Episode | 2 |
| Final Deal | All Sharks went Out |
PSI Bands Shark Tank Pitch
Romy Taormina created patented, FDA-cleared acupressure wristbands that relieve nausea called PSI Bands, which target a small area two finger-widths above one's wrist. Mark Cuban was onto Romy selling the "magic pill" before she entered the Shark Tank.
PSI Bands launched in 2007. Last year it did almost $1 million in sales, netting around $100k profit through 600 retail locations in the US. After Daymond asks, Romy reveals the company has $600k of debt. Romy takes a $100k salary, and the debt includes Romy's deferred compensation from previous years.
Romy dances around claiming PSI Bands offer medical cures, but she walks a fine line beside it. Mark and Robert find this a disgraceful way to make money and go out. Daymond calls Romy out for claiming she was profitable by disguising her costs as debt. Kevin makes a high offer but ultimately joins the rest of the sharks and goes out.
Offers
| Made By | Label | Sharks Part of Deal | Summary |
|---|---|---|---|
| Company | Offered | $250k for 10% of company | |
| Sharks | Out | Barbara Corcoran | Out |
| Sharks | Out | Mark Cuban | Out |
| Sharks | Out | Robert Herjavec | Out |
| Sharks | Out | Daymond John | Out |
| Sharks | Offered | Kevin O'Leary | $240k for 40% of company |
| Sharks | Out | Kevin O'Leary | Out |
Mark Cuban
Out
Daymond John
Out
Kevin O'Leary
Out
Barbara Corcoran
Out
Robert Herjavec
Out
Updates in Shark Tank Episodes
| Update Season | Update Episode |
|---|---|
| No Episode Updates | |
PSI Bands After Shark Tank
Romy Taormina did an interview https://www.sharktankblog.com/romy-taormina-interview with Shark Tank Blog before she aired. Romy said they stocked up on inventory without certainty that her pitch would air. Romy Bands didn't sell direct-to-consumer but had wholesale distribution in 7500 stores by the end of 2013. Link Preview
interview
PSI Bands was funded by a small business loan, a credit line, and a Huggies Mom Inspired Grant. Romy is the primary financial provider for her family and has five employees, which motivates her.
Romi did an interview https://billionsuccess.com/romy-taormina in 2022, where she revealed that the covid panic caused supply issues due to their manufacturer in China not being allowed to open, and when it did opening at half capacity. Additionally, Romy focused on retail sales in the US, which were mostly closed.Link Preview
interview
PSI Bands is still operating in 2022 and their website is psibands.com https://www.psibands.com.Link Preview
psibands.com
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