CLEARWATER, FL - Infusion Brands International, Inc., a leading consumer product brand marketing company, and As Seen On TV, Inc. (OTCQB: ASTV), a leading online marketer of As Seen On TV products (AsSeenOnTV.com) and health and wellness provider (eDiets.com), today announced the closing of their merger effective April 2, 2014.
Under the terms of an Agreement and Plan of Merger, the transaction was an all-stock acquisition of Infusion Brands, Inc., the wholly owned operating subsidiary of Infusion Brands International, Inc., resulting in pro-forma ownership of one-quarter As Seen On TV, Inc. shareholders to three-quarters Infusion Brands International, Inc. on a fully diluted basis. As Seen On TV issued 452,960,490 shares of its common stock to Infusion Brands International, Inc. The transaction is expected to be tax free to Infusion Brands International, Inc.
The combined companies, based in Clearwater, FL, will now have a powerful portfolio of revenue-generating brands including but not limited to "Set It and Forget It," Ronco, Dual Saw, Dual Tools, and DOC Cleaning, as well as well-known technology enabled brands AsSeenOnTV.com and eDiets.com. Infusion Brands has successfully generated revenue and marketed brands in a multi-channel environment, driving retail sales through direct response marketing initiatives as well as live television shopping both domestically and internationally.
"We are pleased to announce the closing of the merger with As Seen On TV and remain excited about the potential to unlock value. With this merger, along with our recent capital raise, the combined companies will compete in three key verticals with well-established household name brands: Hardware, Home Goods, and Health and Wellness. We believe the diversification of these verticals within our business will assist in creating a sustainable and growth-oriented platform for years to come," stated Bob DeCecco, former CEO of Infusion Brands International, Inc., and new Chairman and CEO of As Seen On TV, Inc. "Through the combined entities, we will continue to drive home the message of building brands by focusing on bringing new product innovation to market while leveraging direct response marketing and international multi-channel distribution to grow revenue."
About As Seen On TV
As Seen On TV, Inc. (OTCQB: ASTV) is a leading multichannel distributor of As Seen On TV products. The company attracts engaged consumers worldwide. Customers can find 1,500 products from As Seen on TV in the areas of Household, Kitchen, Outdoor, Health & Beauty, Fitness, Clothing, Electronics, Toys, Novelty, Pets, DVDs, and Food. Celebrities and industry experts often endorse As Seen On TV products for their inventive nature and utility. For more information, please visit www.AsSeenOnTV.com or follow ASTV online at Facebook.com/OfficialAsSeenOnTV, @AsSeenOnTV on Twitter and Pinterest.com/AsSeenOnTVHQ.
About Infusion Brands International, Inc.
Infusion Brands International, Inc. is a consumer products company that leverages direct response channels to satisfy unmet market demands and solve everyday problems, with an array of innovative consumer products that have potential to disrupt their categories with significant competitive advantages, features and benefits. With physical offices in North America, Europe and Asia, Infusion Brands has worldwide reach and capability. For more information, visit www.infusionbrands.com.
In accordance with the Private Securities Litigation Reform Act of 1995, we caution you that, whether or not expressly stated, certain statements made in this news release that reflect management's expectations regarding future events and economic performance are forward-looking in nature and, accordingly, are subject to risks and uncertainties. This information is qualified in its entirety by cautionary statements and risk factor disclosures contained in the Company's Securities and Exchange Commission filings, including the Company's annual report on Form 10-K for the fiscal year ended March 31, 2013, which are available at www.sec.gov. We caution readers that certain important factors may have affected and could in the future affect the Company's actual results and could cause the Company's actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company.
As Seen On TV, Inc.
Corporate Communications Director
SOURCE: As Seen On TV, Inc.