MIAMI, March 12, 2018 /PRNewswire/ -- InfoSonics
Corporation ("InfoSonics" or the "Company") (NASDAQ: IFON) and
Cooltech Holding Corp. ("Cooltech") today announced the successful
completion of the merger of the companies effective March 12, 2018. Cooltech is now a
wholly-owned subsidiary of InfoSonics and the Company's common
stock will continue to trade on the NASDAQ Capital Market under the
stock ticker symbol "IFON."
Pursuant to the merger agreement, Cooltech shareholders received
1,874,769 InfoSonics shares consisting of 1,241,000 common shares
and 633,769 shares of the Company's 0% Series A Convertible
Preferred Stock ("Preferred Stock") to those Cooltech shareholders
who, as a result of receiving common stock, would own in excess of
4.99% of the Company's common stock after the merger, in exchange
for each share of the Cooltech's capital stock outstanding
immediately prior to the merger.
In addition, in accordance with the terms of a Securities
Purchase Agreement, dated as of August 3,
2017 between the Company and certain accredited investors,
the Company issued an aggregate of 175,000 shares of common stock
and 175,000 warrants to purchase 175,000 shares of common stock in
exchange for an aggregate of $1.75
million in cash.
InfoSonics now has approximately 2,726,000 shares outstanding,
which includes 633,769 shares underlying Preferred Stock.
"Today marks a significant milestone in the histories of both
InfoSonics and Cooltech," said Mauricio
Diaz, President and CEO of InfoSonics. "We are
extremely excited to complete the merger and move forward to
execute our strategy as an Apple licensed partner to grow our
retail footprint under our OneClick branded stores. We are
one of a limited number of partners under the Apple Premium
Reseller and Apple Authorized Reseller Mono-Brand programs in
Latin America and the United States, and hope to expand into
other countries in the near future. In addition, we want to
take advantage of the synergies between our distribution business
and verykool®, and provide all InfoSonics
shareholders with the opportunity for growth to maximize the value
of our Company."
About InfoSonics Corporation
InfoSonics is a
Miami-based company comprised of
OneClick International, LLC and OneClick License LLC, a chain of
retail stores and an Apple authorized reseller under the Apple
Premier Partner, APR (Apple Premium Reseller) and AAR MB (Apple
Authorized Reseller Mono-Brand) programs; Icon Networks, LLC, an
authorized distributor to the OneClick stores and other resellers
of Apple products and other high-profile consumer electronic
brands; and a provider of wireless handsets, tablets and related
products to carriers, distributors and retailers in Latin America under the
verykool® brand. Additional
information can be found on its websites at www.infosonics.com,
www.cooltech.co/site/, www.oneclickstore.com and
www.verykool.net.
Forward-looking and cautionary
statements
Forward-looking statements in this press release
and all other statements that are not historical facts are made
under the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These statements involve factors,
risks, and uncertainties that may cause actual results in future
periods to differ materially from such statements. There are a
number of factors that could cause actual events to differ
materially from those indicated by such forward-looking statements.
These factors include, but are not limited to, risks arising from
prevailing market conditions and the impact of general economic
industry or political conditions in the
United States or globally. A list and description of these
and other risk factors can be found in the Company's most recent
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and
Current Reports on Form 8-K filed with the Securities and
Exchange Commission, as well as the Proxy/Registration Statement on
Form S-4/A, filed with the Securities and Exchange Commission on
February 9, 2018, which can be
reviewed at www.sec.gov. We make no representation or warranty
that the information contained herein is complete and accurate, and
we have no duty to correct or update any information contained
herein.
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SOURCE InfoSonics Corporation