OCEANSIDE, N.Y., Feb. 7, 2011 (GLOBE NEWSWIRE) -- Xsovt Brands, Inc. (OTCBB:XSVT) (OTCBB:RXBD), an exciting new lifestyle brand and footwear company, begins trading today on the Over The Counter Bulletin Board under the symbol "XSVT".
Xsovt Brands was created on January 26, 2011 when the company, then known as RxBids (OTCBB:RXBD), acquired Oceanside, New York-based Xsovt, LLC. Xsovt Brands will now focus its business on the launch and development of its new footwear line, with a planned brand debut at two major industry trade shows (the WSA Show and Magic) in Las Vegas, Nevada on February 7th and February 14th, 2011, respectively.
Also today, Xsovt Brands effected a 1 for 12 reverse stock split of its common stock and legally changed its name from RxBids to Xsovt Brands, Inc. Simultaneously with the company's acquisition of Xsovt on January 26, Xsovt's founder, Avi Koschitzki, acquired a controlling interest in the company and became Chairman, President and Chief Executive Officer of the company.
"The movement of Xsovt into a public company represents the next step in Xsovt's growth and development, which we believe will provide us with the foundation to launch our brand and drive our business plan," stated Mr. Koschitzki. "We have many exciting initiatives underway, including our participation at WSA and Magic where our exciting and innovative brand will make its first public appearances. We are also in the process of building a great management and employee team for Xsovt, and we are looking forward to further sharing our strategic goals for Xsovt in the near future."
Xsovt Brands, Inc., pronounced "Zoft" is an exciting new company that has developed a new footwear paradigm in the multi-billion dollar footwear industry. Xsovt was formed in October 2010, and the founders of Xsovt have worked since the Fall of 2008 toward the development of the XsovtTM brand and in refining several innovative footwear concepts including lines for men, women and children.
Xsovt has adopted a novel approach to the design, comfort, and construction of shoes and slippers, as well as the packaging in which the products are sold. Technology and comfort are incorporated in every stage of the design process to make fashion fun and comfortable. In its initial product launch, scheduled for August 2011, Xsovt will synthesize elements of style, quality and comfort comparable to high end footwear at a competitive price point. The design impetus for Xsovt's debut product line is what we call our "Crossover line", incorporating the benefits a casual shoe and a comfortable slipper, designed for both lounging at home or for a casual evening out. This design innovation epitomizes Xsovt's maxim: "Freedom to Move and Strength to Stand TM".
Xsovt's ethos has evolved from an overarching commitment to customer service and the creation of a corporate culture for its employees consistent with the company's goals. Xsovt's management and senior consultants have direct expertise in superior product development, facilitating award winning service, delivering a high end retail experience and building a dedicated staff. Several salient examples of their professional work experience include premier hotels and resorts and luxury retailers in the United States and Asia including the Bellagio, Wynn Resorts and Neiman Marcus. The prior engagements with the management of those companies helped shape Xsovt's core business and branding philosophy to imbue its corporate culture with uncompromising service and dedication to excellence.
Cautionary Note Regarding Forward Looking Statements
This press release and the statements of representatives of Xsovt Brands, Inc. (the "Company") related thereto contain, or may contain, among other things, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements," including any other statements of non-historical information. These forward-looking statements are subject to significant known and unknown risks and uncertainties and are often identified by the use of forward-looking terminology such as "guidance," "projects," "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "ultimately" or similar expressions. All forward-looking statements involve material assumptions, risks and uncertainties, and the expectations contained in such statements may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results (including, without limitation, Xsovt's ability to advance its business, generate revenue and profit and operate as a public company) could differ materially from those stated or anticipated in these forward-looking statements as a result of a variety of factors, including factors and risks discussed in the periodic reports that the Company files with the Securities and Exchange Commission ( http://www.sec.gov ). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. The Company undertakes no duty to update these forward-looking statements except as required by law.
CONTACT: Avi Koschitzki Xsovt Brands, Inc. President and Chief Executive Officer (516) 740-2929