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 its debt-financing transaction with Mallitz Investment Group, LLC.
The transaction, which followed the recent announcement of the closing of the merger between Infusion Brands International, Inc. and As Seen On TV, Inc. on April 2, 2014, consisted of an initial tranche of $7.4 million with net proceeds of $6,067,000 following related costs and escrow requirements. In addition, the agreement calls for up to an additional $2,930,000 million in financing by the end of April.
"We are pleased to have the financial support of Mallitz Investment Group as we begin the next phase of our company's growth," said Bob DeCecco, former CEO of Infusion Brands International, Inc., and new Chairman and CEO of As Seen On TV, Inc. "Completion of this transaction provides us with the necessary capital and financial flexibility to execute on our growth strategy which includes increased product offerings and enhanced market penetration in the hardware, home goods, and health and wellness categories."
Mr. Craig Mallitz, Co-Founder and President of the Mallitz Group commented, "We believe the combined set of assets offers a unique opportunity in the direct response marketing space due to the tremendous early efforts and vision of the Infusion management team. We look forward to a strong partnership and successful investment."
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.