As Seen On TV, Inc. (fka ASTV)

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TVGoods Provides Mid-Year Strategic UpdateFont size: A | A | A
8:31 AM ET 8/24/11 | Marketwire
TVGoods Inc., ("TVGoods") a direct response marketing organization and wholly owned subsidiary of H & H Imports, Inc. (OTCQB: HNHI) (PINKSHEETS: HNHI), announced today that it has filed Form 10Q for the quarter ended June 30, 2011 with the Securities and Exchange Commission (SEC). Highlights from the past quarter include:

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-- The Company has completed the development stage of its growth and is entering into the commerce and distribution stage of its product lines, which have already begun to generate revenue. -- Achieved record revenue of $485,888 and gross profit of $31,659 representing positive gross margin for the first time in the Company's history. Sales increased approximately 295 percent for the three month period ending June 30, 2011 as compared to the three month period ending June 30, 2010, as the company began to gain traction in multiple sales channels. -- Announced the Company's intention to change its name from H & H Imports, Inc. to As Seen On TV, Inc. to better reflect the significance of this sales channel and the operations of the Company. -- TVGoods' pipeline of products is continuing to increase and the Company is currently developing and testing over 25 products through its various sales channels. The Company's infrastructure has grown considerably in 2011 and management expects to continue to increase the number of products tested with revenue coming from at least 50 percent of those tested. -- Instant Zipper will be debuted to the international market at the Electronic Retailing Association D2C Tradeshow in September 2011. Instant Zipper debuted in the U.S. on one of the largest live television shopping networks to over 90 million households with great success. The Company immediately received additional purchase orders from the television live shopping channel after the product sold out online and on the live presentation. The Company has also received a lot of interest internationally and has secured purchase orders from a major Canadian live shopping channel in addition to an As Seen On TV retail chain in Canada. Management is in negotiations for purchase orders with several distributers out of Asia, Australia and New Zealand. -- Completed two major financings during the quarter, raising approximately $1.7 million in aggregate. -- Chairman and Founder Kevin Harrington appeared on ABC's popular and Emmy-winning daytime program The View on Friday, July 22nd. The Company experienced a significant increase in sales of CitiKitty(TM) and Instant Zipper(TM) shortly after the appearance. The increased sales will positively impact the current (third) quarter's revenue. -- The venture with AsSeenOnTV.com is growing exponentially. Average daily sales for featured products increased by 485 percent on the day of their promotion. Average daily margins for these products increased by 275 percent on the day of their promotion. AsSeenOnTV.com represents a highly trafficked catalog of direct response products with over two million customers, 700,000 email registrants and hundreds of thousands of unique visitors each month. Management believes it can reach millions of new consumers through this site.

"I am excited to report that we have made substantial progress toward our strategic goals this quarter," commented Kevin Harrington, Chairman of the Board. "We believe the foundation has been laid to significantly increase shareholder value over the next year. In just one year, we believe TVGoods has established a diverse and effective platform to monetize a large and rapidly growing number of unique products through direct response, live television shopping, retail, and catalog. We have also created a robust pipeline for securing new products to sell. In the next 12 months, we expect to experience accelerated growth as we leverage this powerful infrastructure."

CEO Steve Rogai added, "We have made significant operational improvements during the quarter. In addition, we have a record number of products under development and should be well-prepared for the upcoming holiday season. We are evaluating a number of other products which we expect to launch in the next six months."

Financial details are available on Form 10Q filed with the SEC (www.sec.gov).

Conference Call:

With the goal of providing a more comprehensive update, management scheduled a conference call for shareholders for Thursday, August 25, 2011 at 4:30 p.m. ET. Interested parties are encouraged to email questions to [e-mail] in advance of the call, and management will endeavor to answer the questions on the live call.

Investors and interested parties are encouraged to dial in approximately 10 minutes prior to the scheduled start time by dialing 1-877-941-2068 domestically or 480-629-9712 if calling internationally. Mention the "TVGoods Conference Call" or Conference ID "4467767" when calling. A telephonic replay will be available from 7:30 p.m. ET on August 25, 2011 until 11:59 p.m. ET on September 1, 2011. The replay pin number is 4467767. In addition, the call will be webcast via the internet at http://viavid.net/dce.aspx?sid=00008C38. The webcast will be available for 90 days.

About The Company:

H & H Imports, Inc. is the parent company of TV Goods, Inc. TV Goods, Inc. is a direct response marketing company. We identify, develop and market consumer products for global distribution. TV Goods was established by Kevin Harrington, a pioneer of direct response television. For more information, go to www.TVGoodsInc.com.

Forward-Looking Statements:

Except for statements of historical fact, the matters discussed in this press release are forward-looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future," "plan" or "planned," "expects," or "projected." These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the company's control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, limited operating history, difficulty in identifying and marketing products, intense competition and additional risks factors as discussed in reports filed by the company with the Securities and Exchange Commission, which are available at http://www.sec.gov.