SOURCE: Summer Infant

April 20, 2009 17:15 ET

Summer Infant, Inc. Announces Expiration of Warrants

WOONSOCKET, RI--(Marketwire - April 20, 2009) - Summer Infant, Inc. ("Summer Infant" or the "Company") (NASDAQ: SUMR) today announced that the Company's publicly traded warrants (NASDAQ: SUMRW) expired on April 20, 2009 at 5:00 p.m. Eastern Time in accordance with the terms of the warrant securities. The warrants were originally issued in conjunction with KBL Healthcare Acquisition Corp. II's initial public offering in 2005, and prior to expiration each warrant was exercisable for the purchase of one share of common stock. There were approximately 3,633,953 redeemable common stock purchase warrants outstanding as of April 20, 2009.

"The expiration of the remaining warrants streamlines our capital structure and removes the significant overhang on our total shares outstanding, as these warrants could have been potentially dilutive to existing shareholders if they had been exercised," commented Jason Macari, CEO and Chairman of Summer Infant.

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, infant thermometers and related nursery, health and safety products, booster and potty seats, soft goods, bouncers, travel accessories, highchairs and swings.

Forward-Looking Statements

Certain statements in this release that are not historical fact may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and the Company intends that such forward-looking statements be subject to the safe harbor created thereby. These forward-looking statements relate to information or assumptions about the acquisitions of Basic Comfort, Inc. and Kiddopotamus and Company, benefits and synergies of these transactions, future opportunities for the combined company and products and any other statements regarding the future expectations, beliefs, goals or prospects of the Company. 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 dependence on key personnel; the Company's reliance on foreign suppliers; the costs associated with pursuing and integrating strategic acquisitions; and other risks as detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2008, and subsequent filings with the Securities and Exchange Commission. The Company assumes no obligation to update the information contained in this presentation.

Contact Information

  • Contact:

    Joe Driscoll
    Chief Financial Officer
    Summer Infant, Inc.
    (401) 671-6922

    or

    Devlin Lander
    Integrated Corporate Relations
    (415) 292-6855