“Cooltech has built an exceptional relationship with the largest company in the world, Apple, to aggressively expand in related markets to our existing business,” said Joseph Ram, President and CEO of InfoSonics. “We believe this merger represents an accretive opportunity for InfoSonics shareholders to participate in Cooltech’s growth and maximize the value of our NASDAQ-listed company with several synergies between our businesses.”
“We are excited about this combination with InfoSonics to enter the public markets as we continue to execute on our growth plans in various regions with strong partners,” said Mauricio Diaz, President and CEO of Cooltech. “Our senior team has a depth of experience in consumer electronics at many high profile companies, including Apple, Cisco Systems, Samsung, Panasonic, and Tech Data. Our investors have significant private equity and industry expertise, including very successful investments in a number of other retail plays.”
About InfoSonics Corporation
About Cooltech Holding Corp.
Cooltech is a Miami-based company comprised of OneClick, 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; and Icon Networks, an authorized distributor to the OneClick stores and other resellers of Apple products and other high-profile consumer electronic brands. OneClick is one of a very limited and select number of partners currently under the APR and AAR MB program in Latin America. Oneclick currently has over 20 stores open in the Americas, and has committed with Apple to an expansion plan of stores in the region, given the
Cautionary Statement Regarding Forward-Looking Statements
following: InfoSonics shareholders may not approve the transaction; the conditions to the completion of the transaction may not be satisfied; closing of the transaction may not occur or may be delayed, either as a result of litigation related to the transaction or otherwise; the parties may be unable to achieve the anticipated benefits of the transaction; revenues following the transaction may be lower than expected; operating costs, customer loss, and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, and suppliers) may be greater than expected; the Company may assume unexpected risks and liabilities; completing the merger may distract the Company’s management from other important matters; and the other factors discussed in “Risk Factors” in InfoSonics’ Annual Report on Form 10-K for the fiscal year ended December 31, 2016 and in the Company’s other filings with the U.S. Securities and Exchange Commission (“SEC”), which are available at http://www.sec.gov. InfoSonics assumes no obligation to update the information in this release, except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
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