SOURCE: H & H Imports, Inc.

June 01, 2011 08:30 ET

TV Goods, Inc. Announces Closing of Initial Tranche of Funding

CLEARWATER, FL--(Marketwire - Jun 1, 2011) - TV Goods, Inc. ("TV Goods"), a direct response marketing organization and wholly owned subsidiary of H & H Imports, Inc. (OTCBB: HNHI), today announced it has closed the initial tranche of $1,070,000 of a private placement funding. The funding terms provide for a minimum of $1,000,000 and a maximum of $8,000,000.

Under the terms of the funding arrangement, the Company sold shares at an initial purchase price of $.20 per share which may be adjusted downward but not less than $.10 per share under certain circumstances.

In addition to the common shares, each investor received 100 percent warrant coverage (one warrant for each common share) with an exercise price of $.15 per share; 50 percent warrant coverage at $.25 per share and 50 percent warrant coverage at $.50 per share. The warrants are exercisable for three years from issuance and may be exercisable on a cashless basis if the underlying shares are not registered under a registration statement to be filed within 30 days of the effectiveness of a currently pending registration and not declared effective within 90 days of filing.

The funding agreement further provides that the placement agent receives a selling commission in cash of 10 percent of the aggregate funds raised with an additional two percent in non-accountable cash expense allowance. In addition, the placement agent shall receive common stock purchase warrants equal to 10 percent of (i) the number of common shares issued in the offering and (ii) the number of common shares issuable upon exercise of the warrants issued in the offering, exercisable at the lowest price of the warrants being issued.

Mr. Harrington commented, "I am pleased we have concluded our initial funding towards obtaining the capital necessary to implement our growth plans. The coming year will provide many opportunities which will require funding to fully exploit for the benefit of our company and shareholders."

The securities sold in this private placement offering have not been registered under the Securities Act of 1933, amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release does not constitute an offer to sell any securities or a solicitation of an offer to purchase any securities.

About The Company:

H & H Imports, Inc. is the parent company of TV Goods, Inc. TV Goods, Inc. is a direct response marketing company. We identify, develop and market consumer products for global distribution. TV Goods was established by Kevin Harrington, a pioneer of direct response television. Kevin Harrington is an original investor on the ABC show "Shark Tank," which is produced by Sony Pictures Television and reality TV mogul Mark Burnett. For more information go to www.TVGoodsInc.com.

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. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future," "plan" or "planned," "expects," "may" or "projected." 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 identifying and marketing products, intense competition and additional risks factors as discussed in reports filed by the company with the Securities and Exchange Commission, which are available at http://www.sec.gov.

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