ATLANTA, Feb. 22, 2011 (GLOBE NEWSWIRE) -- iBrands Corp. (Pink Sheets:IBRC) () is pleased to announce that it has finalized terms toward its acquisition of Galileo Optics. Negotations were announced earlier this month with a Letter of Intent from iBrands to Galileo toward purchase of the company, which specializes in wholesale distribution of consumer optical instruments to big-box retailers including some of the world's leading household-names.
As previously released, 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 exp anded 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.
According to the U.S. Census Bureau, The optical instruments industry could be divided into two major product classes, with more than $4 billion dollars in sales last year. "More than two-thirds of revenues came from companies like Galileo, manufacturing optical lenses and equipment (such as binoculars, camera and microscope lenses, and astronomical instruments)," states IBrands CEO, Paul Smith, quoting the study. "...while the remaining segment of the industry produced optical sighting, tracking, and fire-control equipment."
He continues, "Were thrilled to be entering this market with Galileo as terms have been solidified by both parties. Agreements are under final review by attorneys and we expect final acquisition to be announced in the coming days. The Board agrees unanimously that the deal will lead to significant market potential for iBrands Corp and its shareholders in terms of growth and increased revenues."
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.
Paul Smith, 1-866-595-1081
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