SEAI Signs Binding Letter of Intent with Concord Industries, Inc.
Thursday January 17, 1:50 pm ET
LAS VEGAS--(BUSINESS WIRE)--Seaena, Inc. (OTCBB:SEAI - News), a manufacturer and distributor of laser etched glass products, announces that it has signed a Binding Letter of Intent to combine with Concord Industries, Inc., a licensed manufacturer and supplier of premium corporate gifts and promotional incentives. The proposed business combination is intended to further enhance the product lines of both companies through the expansion of all sales, marketing and distribution channels. Upon satisfaction of all closing requirements, Seaena will issue 60% of its total outstanding shares at the time of closing, in exchange for 100% of the outstanding shares of Concord. As a result, Concord would become the wholly-owned operating subsidiary, with Seaena as the parent company. The former Concord shareholders as a group would have majority control of Seaena. It is likely that upon closing, Seaena will change its name to identify itself with Concord. Through this transaction, the companies will gain the experience and expertise of the combined executive management group.
Seaena and Concord shall work as a team to jointly manufacture, market and sell their licensed promotional products utilizing patents, licensing agreements and intellectual property currently held by Concord. In addition, manufacturing capacity will be increased through Concord’s 78,000-square foot facility located in Fitzwilliam, New Hampshire, with expanded corporate space in Norwalk, Connecticut.
Concord was originally founded in 1985 and is an official licensee of major sporting organizations such as the National Football League, Major League Baseball and the National Hockey League. It also holds licenses to produce and sell a wide range of products containing the official Olympic logo and General Motors logos. Concord has gained extensive knowledge and experience in the promotional products industry through its history and involvement in product marketing. The Concord management team has had key involvement in the development of extensive distribution channels and international manufacturing relationships. A separate Division of Concord has developed and designed software systems to sell and manage the selling process of branded products.
Upon closing, the companies will have immediate diversity of promotional products into the combined existing distribution channels and have already initiated development of additional sales platforms to expand current marketing targets. "This agreement is an exciting next step in Seaena’s efforts to increase its product line and expand its distribution channels," said Kevin Ryan, Seaena’s Chief Executive Officer. “The combination of Concord’s license agreements and facilities are instrumental in furthering our efforts.” Mr. Ryan further went on to say, “After years of developing relationships, and enhancing our existing product line, this agreement signifies the beginning of Seaena’s ability to fully utilize its distribution channels and key relationships.”
“We are very excited about this growth opportunity for Concord Industries which will broaden our product line and channels of distribution. The new entity will provide management with the requisite resources to proactively manage the business and pursue vigorously new business opportunities,” said Karen Condron, Concord’s President.
About Concord Industries, Inc.
Concord Industries operates a manufacturing and distribution facility in Fitzwilliam, New Hampshire and maintains its corporate headquarters in Norwalk, Connecticut. Concord has become the leading manufacturer and supplier of promotional products in the U.S. servicing such organizations as The New York Stock Exchange, Morgan Stanley, The U.S. Olympic Committee, United Nations and General Motors. Since 1985, Concord has expanded its product line to include a wide array of promotional items utilizing its branded leather line, “Carriage House Leather”. In addition, Concord is an official licensee of the NFL, MLB, US Olympic Committee and the NHL.
About Seaena, Inc.
Seaena, Inc. is a leading manufacturer and supplier of 3D sub-surface laser engraved products. Seaena has manufacturing in the U.S. and abroad. It owns 51% interest of Laser Design International, LLC, a California limited liability company which owns the exclusive license rights to a family of patents that govern subsurface decorative laser marking in crystal, glass, and other clear materials. Seaena also controls other patents relating to sub-surface color engraving. Seaena’s revenues are derived from diverse sales of various sub-surface etched products, laser etching systems and other items which can be personalized for many different markets. Seaena’s core product lines include two and three dimensional photo crystals as well as customized sub-surface engraved products for the corporate and retail marketplace. Seaena sells to distributors throughout the world and is widely known for its high quality of products and services. Seaena is based in Las Vegas, Nevada.
Forward-Looking Statements
The statements in this press release regarding any statements which are not historical facts, are forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to costs and difficulties related to seeking investment and merger candidates, the viability of the promotional products industry, Seaena’s ability to successfully market its products; access to corporate financing, costs, delays and any other difficulties related to Seaena’s business plan, risks and effects of legal and administrative proceedings and governmental regulation, future financial and operational results, competition, general economic conditions and the ability to manage and continue growth. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents we file from time to time with the U.S. Securities and Exchange Commission. We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contact:
Seaena, Inc.
Christopher Robbins, 800-364-6483 ext. 120
crobbins@seaena.com
Source: Seaena, Inc.
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