What Happened to PsiBands After Shark Tank?
What is PsiBands?
PsiBands is appealing wristbands that utilize acupressure to alleviate nausea caused by motion sickness, morning sickness, and chemotherapy as a non-drug option. Nausea is a common side effect of post-operative anesthesia and chemotherapy.
These wristbands provide pressure to the Neiguan pressure point, relieving nausea while remaining trendy! Users must wear a Psi Band on both wrists for the full effect, which comes as a pair.
PsiBands’ CEO and founder is Romy Taormina. She and her spouse have been married for 25 years and have two adult boys. She graduated from California Polytechnic University, San Luis Obispo, with a business degree.
She still has the same position, in addition to giving talks and doing promotional activities, such as appearing on Oprah. She has also received a bevy of business-related accolades.
PsiBands was founded by whom?
Psi Bands’ CEO and founder is Romy Taormina. She and her spouse have been married for 25 years and have two adult boys. She graduated from California Polytechnic University, San Luis Obispo, with a business degree.
Romy experienced terrible morning sickness throughout each of her pregnancies. The only thing that eased her nausea and vomiting were acupressure wrist bands.
Wrist acupressure bands provide pressure to the area of the wrist just below the thumb. The pressure alleviates nausea without the need of medications.
Acupressure wristbands have been available for a while, but PsiBands has combined the concept into a wristwatch band.
Other acupressure wristbands on the market look like tennis wristbands and aren’t waterproof.
For years, boaters have used acupressure bracelets to combat seasickness, and Romy wants to market to the boating community, but they’re also selling to morning sickness parents and chemotherapy patients.
PsiBands (pronounced Sigh Bands) are currently $15 at REI, Whole Foods, drugstore chains, and online.
What Happened to PsiBands at Shark Tank pitch?
In episode 18 of Season 4 of PsiBands on Shark Tank, Romy chose to offer her company to the Shark Tank investors for collaboration. Romy entered the Shark Tank seeking $250,000 in return for a 10% stake in the firm, which was valued at $2.5 million.
Romy adds that medical studies have demonstrated the effectiveness of acupressure wrist bands (which have been around for a long time; PsiBands are simply a new twist on an old idea).
She claims to have made more than $1 million in sales this year (she told me in an interview she is rolling out in 7,500-8,000 additional retail outlets in 2013).
Romy also confesses to owing $600,000, a portion of which is thought to be back wages.
Barbara was opposed to the company accumulating debt to pay back salaries, so she went out.
Mark was unwilling to take part in the medical research and has opted out.
Robert isn’t a fan of cancer claims (Psi Bands help with nausea associated with chemotherapy), so he also went out.
Daymond states he doesn’t trust Romy, so he exits.
Mr. Wonderful offers $250,000 in return for a 40% stake in the company.
Romy can’t accept that sum, so she declines the offer, and Kevin makes his famous “you’re dead to me” comment before exiting. Romy ultimately leaves the pitch without a deal.
What Happened to PsiBands After Shark Tank?
Despite the Shark’s reservations about medical claims, the company is expanding and gaining market domination. They have gained FDA “permission” and are already selling briskly through their website, Amazon, and other merchants.
In order to receive FDA clearance, the designer must show that her innovation is “essentially equivalent to a product that is currently lawfully offered for the same function.”
They are a common treatment choice for millions of people who suffer from nausea. Despite the Sharks’ unwillingness to take a bite out of the company, Psi Bands looks to be a success.
Her items are available at Walgreens, Target, CVS, REI, and Amazon. The company is still in business and earns $5 million per year as of December 2021.
PsiBands’ Competitors
NGINX, Inc., McGraw Hill, Landpoint, and Alooma are among the PsiBands’ competitors.
PsiBands’ Net Worth
During and after the pitch, the firm was valued at $2.5 million; as of December 2021, the company has a net worth of $200,000.
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PsiBands FAQs
How does PsiBands work?
The bands come in different colors (silver and lime green) and are placed on the wrist using clear elastic straps. The elastic strap fits over the wearer’s thumb and then loops around the wearer’s hand.
The elastic band connects to a metal band that is about half an inch wide that sits above the top of the wrist.
What is PsiBands made of?
The bands are made of a cotton and spandex blend and are supposed to be worn on both wrists.
What is PsiBands’ return policy?
Psi Bands offer free returns for up to 45 days after the customer’s delivery date upon request. An original receipt or packing slip is required; the item must be in its original unopened packaging; and a written request stating the reason for the return must be included.
What is the shipping cost of PsiBands?
Psi Bands offer free shipping within the U.S.A. Psi Bands ships throughout the U.S. and to Canada and many other countries as well. Shipping costs vary depending on where they live but are typically around $5 per item.
What is PsiBands warrant?
Psi Bands have a 90-day warrant which can be renewed anytime during the first year.
What is the cost of PsiBands?
The price of each individual band is $15.95, but the company has slightly different prices for different item types. The most popular item is $29.95 for a set of two bands, but there are also other items such as special holiday bands, iPads/tablet straps, and wrist wraps at various prices.
Who are the target audience of PsiBands?
Psi Bands are ideal for morning sickness, chemotherapy treatment, and people who suffer from migraines as well as sea sickness. Morning sickness is the main goal of Psi Bands so it is mainly women that use them.
Who are the types of PsiBands’ bands?
There are various different types of bands available for purchase on the website including holiday bands, special packs, and iPads/tablet straps. The basic model is $15.95 for one band and $29.
Is PsiBands safe to use?
PsiBands are safe if they are used properly. If they are placed on the same wrist then it is fine, but not wearing them on both wrists is a bad idea.
How long can Psi Bands’ bands are worn?
Psi Bands can only be worn for as long as users need them to help with their symptoms of nausea; however, they can be washed and dried a lot of times because it is such a thin band.
Is PsiBands safe to use by pregnant women?
When Psi Bands are placed on the wrists, it should not be worn for long periods of time because it could cause blood clots. Having a blood clot could lead to heart attack and death.
What are the payment terms of PsiBands?
People who have purchased from the website can make a payment in order to have their product shipped. A simple online transaction is all that is required.
Is Psi Bands a scam?
Psi Bands are not a scam and are sold at an affordable price of $15.95 per band. They work to reduce nausea symptoms and don’t cause any side effects.
