SOURCE: H & H Imports, Inc.

July 07, 2010 17:43 ET

H & H Imports to Change Its Name to IBC Global, Inc.

Releases Details of Its Business Plan and Alternative Public Offering ("APO") Which Raised $3 Million in Private Financing

CLEARWATER, FL--(Marketwire - July 7, 2010) - H & H Imports Inc. (OTCBB: HNHI), a leading developer and distributor of products and services primarily through infomercials and other direct response channels of distribution, announced today its Board of Directors and shareholders holding a majority of its common stock have approved a change in the Company's name to IBC Global, Inc. and that it has filed an information statement with the S.E.C. relating to the name change.

One of the Company's subsidiaries, "Inventors Business Center, LLC" ("IBC"), was founded to capitalize on the tremendous number of products and product ideas that were being offered to Kevin Harrington, the Company's Chairman, as a result of his numerous appearances on the national network broadcast show, "Shark Tank."  

The Company's IBC subsidiary employs a rather distinct approach from that of other typical direct response television marketers that potentially generates a consistent revenue stream as a result of cash fees charged by IBC to product owners/inventors for product development and marketing. In addition to these cash fees, the Company acquires a significant percentage of the equity in or profits from the product. As a result, the Company is "sharing the product development risk" of the product with the inventor/owner, rather than shouldering it on its own.

As a result of the success to date of IBC, as well as the Company's intention to open multiple IBC offices on a global basis, the Company shall change its name to "IBC Global, Inc." to more accurately reflect its current business.

In addition, the Company released details of its business plan and its Alternative Public Offering ("APO") which was accomplished by completing its previously announced Agreement and Plan of Merger (the "Merger Agreement") by and between H&H Imports, Inc. ("H&H") TV Goods Holding Corporation and a subsidiary of H&H, pursuant to which the wholly owned subsidiary merged with TV Goods and TV Goods continues to operate its business as a wholly owned subsidiary of H&H.

Under the terms of the Merger Agreement, the TV Goods Shareholders received restricted shares of H&H common stock and warrants to purchase shares of H&H common stock such that TV Goods shareholders owned approximately 98% of the total of approximately 184,755,010 shares issued and outstanding at the closing of the merger. In connection with its APO and the funding of its business, the Company announced that since inception in October 2009 it has raised in excess of $3.0 million in multiple rounds of private financing with accredited investors and institutions pursuant to Regulation D of the Securities Act. The last round of financing (of approximately $2.4 million) was comprised of Units consisting of one share of restricted Common Stock, one Series A Warrant, one Series B Warrant and one Series C Warrant at a purchase price of $.10 per Unit. Each Series A, B and C Warrant entitles the holder to purchase one share of Common Stock at a purchase price of $.15, $.25 and $.50 respectively ("the Warrants").

Assuming the exercise of all such Warrants, the Company would generate $21.6 million in gross proceeds. The Warrants are callable by the Company under certain circumstances. Forge Financial Group, Inc acted as Placement Agent in connection with the financing while Bion Advisors acted as Financial Advisor. Counsel for the Company is Pearlman & Pearlman LLC, of counsel to Quintairos, Prieto, Wood & Boyer, P.A.

About Kevin Harrington

Kevin Harrington, the Company's Chairman of the Board, is widely acknowledged as the pioneer and principal architect of the "infomercial" industry. Since producing the industry's first infomercial in the 1980s, he has financed more than 500 product launches resulting in sales of more than $4 billion worldwide with 20 products reaching individual sales of over $100 million each, and creating dozens of millionaires.

Harrington got his start in direct TV marketing with his company Quantum International, which after merging with National Media in 1991 grew to over $500 Million in annual sales with distribution in over 100 countries in 20 languages.

In his latest venture, Harrington is an investor on the ABC show called "Shark Tank," in which budding entrepreneurs compete in pitching their potentially moneymaking ideas to business experts in hopes of securing investment financing. The show is owned by SONY Pictures and produced by Mark Burnett.

Harrington's book, ACT NOW! explains how he innovatively turns ideas into million-dollar products. It is available through Amazon and at bookstores nationwide. Harrington is proud to have founded two of the most important global networking associations in the marketplace, the Entrepreneurs' Organization (EO) and the Electronic Retailing Association (ERA). In addition, Harrington's business was a case study that was chronicled and taught for over 12 years at Harvard/MIT, called "The Rise, The Fall and The Rise of Quantum International."

About the Company

The Company finds, develops, markets and distributes products and services. Typically, it initially launches through infomercial and other direct response methods of distribution and thereafter expands into all other channels of distribution, on a worldwide basis. It uses direct response to drive and to maximize retail sales globally, where the margins are larger and number of potential sales are greater. The Company was formed by Kevin Harrington to leverage upon the track record of success of its Management Team. Management is responsible for having produced over 500 infomercials and spots over the years accounting for over $4 billion in sales revenues. The Company intends to leverage this experience and the current high profile of its Chairman, Kevin Harrington, to develop and launch marketing campaigns for a portfolio of products and services on a worldwide basis. Harrington is currently a "Shark" in the Sony Television/Mark Burnett production of "Shark Tank" which runs on primetime on the ABC Network.

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. 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 developing, exploiting and protecting proprietary technologies, intense competition and additional risks factors as discussed in reports filed by the company with the Securities and Exchange Commission, which are available on at http://www.sec.gov.

SAFE HARBOR STATEMENT: This news release contains "forward-looking statements" made pursuant to the safe harbor provisions of the 1995 Private Securities Litigation Reform Act. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." Such statements are subject to risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that our products may not achieve customer acceptance or perform as intended, that we may be unable to obtain necessary financing to continue operations and development, and other risks. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements.

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