Summer Infant, Inc. Announces Expiration of Warrants
April 20 2009 - 5:15PM
Marketwired
Summer Infant, Inc. ("Summer Infant" or the "Company") (NASDAQ:
SUMR) today announced that the Company's publicly traded warrants
(NASDAQ: SUMRW) expired on April 20, 2009 at 5:00 p.m. Eastern Time
in accordance with the terms of the warrant securities. The
warrants were originally issued in conjunction with KBL Healthcare
Acquisition Corp. II's initial public offering in 2005, and prior
to expiration each warrant was exercisable for the purchase of one
share of common stock. There were approximately 3,633,953
redeemable common stock purchase warrants outstanding as of April
20, 2009.
"The expiration of the remaining warrants streamlines our
capital structure and removes the significant overhang on our total
shares outstanding, as these warrants could have been potentially
dilutive to existing shareholders if they had been exercised,"
commented Jason Macari, CEO and Chairman of Summer Infant.
About Summer Infant, Inc.
Based in Woonsocket, Rhode Island, the Company is a designer,
marketer and distributor of branded durable juvenile health, safety
and wellness products (for ages 0-3 years), which are sold
principally to large U.S. retailers. The Company currently sells
proprietary products in a number of different categories, including
nursery audio/video monitors, safety gates, durable bath products,
bed rails, infant thermometers and related nursery, health and
safety products, booster and potty seats, soft goods, bouncers,
travel accessories, highchairs and swings.
Forward-Looking Statements
Certain statements in this release that are not historical fact
may be deemed "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995, and the
Company intends that such forward-looking statements be subject to
the safe harbor created thereby. These forward-looking statements
relate to information or assumptions about the acquisitions of
Basic Comfort, Inc. and Kiddopotamus and Company, benefits and
synergies of these transactions, future opportunities for the
combined company and products and any other statements regarding
the future expectations, beliefs, goals or prospects of the
Company. These statements are accompanied by words such as
"anticipate," "expect," "project," "will," "believes," "estimate"
and similar expressions. The Company cautions that these statements
are qualified by important factors that could cause actual results
to differ materially from those reflected by such forward-looking
statements. Such factors include the concentration of the Company's
business with retail customers; the ability of the Company to
compete in its industry; the Company's dependence on key personnel;
the Company's reliance on foreign suppliers; the costs associated
with pursuing and integrating strategic acquisitions; and other
risks as detailed in the Company's Annual Report on Form 10-K for
the fiscal year ended December 31, 2008, and subsequent filings
with the Securities and Exchange Commission. The Company assumes no
obligation to update the information contained in this
presentation.
Contact: Joe Driscoll Chief Financial Officer Summer Infant,
Inc. (401) 671-6922 or Devlin Lander Integrated Corporate Relations
(415) 292-6855
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