SOURCE: Summer Infant, Inc.
WOONSOCKET, RI--(Marketwired - Jun 27, 2013) - Summer Infant, Inc. (Summer Infant) (NASDAQ: SUMR), a global designer, marketer and distributor of branded durable juvenile products, today announced that it has acquired the assets of Little Looster, LLC., a designer and manufacturer of the award-winning Little Looster™ potty training step stool. The transaction is expected to be immediately accretive.
"The highly rated, mom-invented Little Looster broadens our existing potty-training offerings in the Safety category," said Jason Macari, President and Chief Executive Officer. "We are strengthening our core product categories by adding innovative items that meet the needs of our consumers. Additionally, as part of our strategy to return to profitable growth and enhance shareholder value, we will continue to assess similar transactions that we believe will contribute to our top- and bottom-line improvement initiative."
"Little Looster inventor Monica Mylet has been raising awareness of the product on social media and among respected parenting bloggers, and she will continue to do so working with the Summer Infant team," added Macari. "Through the wider reach of our distribution channel, we can bring this product into significantly more homes around the world."
Under the terms of the transaction, Summer Infant has acquired all of the company's intellectual property, which includes a patent, trade names and website, as well as the tooling (injection mold) for manufacturing, for a purchase price of approximately $100,000 in cash and an ongoing royalty payment.
Summer Infant is a company founded on invention and innovation. Over 30 years ago, a father trying to solve a true need, created the original bouncy seat, thereby starting Summer Infant on a path that continues to create products of superior quality. Summer Infant enjoys an ongoing relationship with "parenting inventors" by inviting moms, dads, and inventors to submit product ideas directly to the Summer Infant website.
Little Looster founder, Monica Mylet, invented the potty step stool when she identified the need for a better potty training accessory while raising her three children. The Little Looster provides support for toddlers' legs and fits discreetly around the toilet base. The horseshoe shape design allows adults to use the toilet without obstruction. In 2011, the Little Looster received a Gold Medal from the National Parenting Publications Awards (NAPPA).
About Summer Infant, Inc.
Based in Woonsocket, Rhode Island, the Company is a designer, marketer and distributor of branded durable juvenile health, safety and wellness products (for ages 0-3 years), which are sold principally to large U.S. retailers. The Company currently sells proprietary products in a number of different categories, including nursery audio/video monitors, safety gates, durable bath products, bed rails, nursery products, booster and potty seats, swaddling blankets, bouncers, travel accessories, highchairs, swings, nursery furniture, infant feeding products, and car seats. For more information about the Company, visit the website: www.summerinfant.com.
Certain statements in this release that are not historical fact may be deemed "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and the Company intends that such forward-looking statements be subject to the safe harbor created thereby. These statements are accompanied by words such as "anticipate," "expect," "project," "will," "believes," "estimate" and similar expressions. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by such forward-looking statements. Such factors include the concentration of the Company's business with retail customers; the ability of the Company to compete in its industry; the Company's ability to continue to control costs and expenses; the Company's dependence on key personnel; the Company's reliance on foreign suppliers; the Company's ability to develop and market new products; the Company's ability to meet required financial covenants under its loan agreements; and other risks as detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012, and subsequent filings with the Securities and Exchange Commission. The Company assumes no obligation to update the information contained in this release.