IBRC 0038,,, iBrands Corporation Signs Letter of Intent to Acquire Galileo Optics
Ibrands Corporation (USOTC:IBRC)
Intraday Stock Chart
Today : Wednesday 9 February 2011
iBrands Corporation (OTCPink: IBRC), www.ibrandscorp.com, - a holding company targeting the merger and acquisition of niche brands positioned for rapid growth through proven products –today announces the signing of a letter of intent to acquire 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.
Mr. Michael Wittmeyer, President and Founder of Galileo Optics states; “Galileo is positioned for substantial growth, domestically and internationally. The combining of Galileo’s reputation, products and management team with iBrands vision is a recipe for success. I encourage iBrands shareholders to visit us at www.galileosplace.com in order to learn about our company.”
“In addition to significant increases in revenues, Galileo adds a niche brand with substantial name awareness to iBrands portfolio,” states Mr. Paul Smith, President of iBrands Corporation. “Acquiring Galileo will accelerate our growth curve resulting in tremendous benefits for the company and our shareholders. Galileo is the perfect example of our acquisition targets – a highly-recognized trademark, a quality product with identifiable niche markets, a strong management team and positioned for rapid growth.”
Terms of the acquisition will be disclosed in the near future.
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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AI
