KNOH now. George Foreman. o/s 8 million
Only public 5 days after recent merger. George Foreman's cleaning products in 7000 stores since August. From 12-28 pr, GF automotive cleaning products coming this summer.
Low floater all. Volume just now starting.
Bo
_________________________________________________________________
1-18 pr
Knockout Holdings, Inc., Marketer of George Foreman's Knock-Out Cleaners, Completes $8.0 Million Financing
1/18/2005 3:10:00 PM
NORTHLAKE, Ill., Jan 18, 2005 (BUSINESS WIRE) -- Knockout Holdings, Inc., ( KNOH ), developer and exclusive marketer of George Foreman's Knock-Out(R) line of non-toxic, environmentally friendly cleaners and disinfectant, today announced that it has completed $8.0 million in financings in connection with the Dec. 28, 2004, merger with The Knockout Group, Inc.
The company raised approximately $5.5 million through an offering of Units consisting of Series B Preferred Stock and Common Stock Purchase Warrants, which closed Jan. 17, 2005. The Units were sold to investors at a price of $46.89 per Unit. Each share of Series B Preferred Stock is convertible into approximately 160 shares of the company's common stock. For each share of Series B Preferred Stock purchased, investors received 16 Common Stock Purchase Warrants with an exercise price of $2.25.
In December 2004, The Knockout Group, Inc. raised approximately $2.5 million in a convertible preferred stock offering. The investors in the prior financing of The Knockout Group, Inc. will receive Common Stock Purchase Warrants on the same terms as investors in Knockout Holdings' Series B Preferred Stock.
"The successful completion of these two offerings of preferred shares and warrants has provided the capital required for us to formally launch our line of George Foreman's Knock-Out(R) household cleaners and disinfectant," said John Bellamy, chairman and chief executive officer of Knockout Holdings.
The company pre-launched its George Foreman's Knock-Out(R) household cleaners and disinfectant line in August 2004. It already has product placements in more than 7,000 stores, including Albertson's, Duckwall, Publix, Target, Walgreen's and the military exchanges.
