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Brands Acquisition of Galileo Moves Forward

Ibrands Corp (PC) (USOTC:IBRC)
Intraday Stock Chart
Today : Wednesday 20 July 2011


iBrands Corporation (OTCPink: IBRC), www.ibrandscorp.com, is pleased to announce its acquisition of Galileo Optics is moving forward. Most of the issues involved in the acquisition have been worked through and the transaction is expected to occur in the near future. The acquisition of Galileo adds a niche brand with substantial name awareness to iBrands portfolio. Furthermore, once acquired, Galileo will accelerate IBRC’s growth curve resulting in tremendous benefits for the company and its shareholders. Galileo exemplifies the company’s acquisition targets – a highly-recognized trademark, a quality product with identifiable niche markets, a strong management team and positioned for rapid growth.

“In an acquisition of this magnitude, it is important the terms of the acquisition contemplate many issues. In reviewing the original terms of the letter of intent to acquire Galileo, the sellers attorneys required substantial restructuring to provide appropriate tax planning for the sellers”, states Paul Smith, CEO of iBrands. “This hurdle has now been overcome and we expect the agreement to purchase Galileo will be announced in the very near future.”

About Galileo Optics

Galileo Optics, www.galileosplace.com, was first introduced to the American market in 1992 providing quality products to the entry through intermediate level consumer optics enthusiasts, offering telescopes, microscopes, binoculars and associated science products. Today Galileo’s product line has been expanded to include more advanced optical products including imaging systems, accessories and gadgets. Over the past 19-years a million satisfied customers have enjoyed Galileo’s products. The Galileo product line is sold through wholesale channels consisting of big box retailers, specialty electronic chains, sporting good stores, Internet retailers, direct response TV, and premium/mail order catalogs. Examples of Galileo’s retail base are QVC, Costco, Fry’s Electronics, Radio Shack, Kohl’s, Amazon and Overstock.com.

SAFE HARBOR STATEMENT: Except for historical information contained herein, the statements in this release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results in the future to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition and risk inherent in the operations of a company.  

 

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