Premiere to seal deal of apparel firm Global Products
Premiere Opportunities Group Inc. has set May 20th for the closing of the acquisition of Global Products Holdings, Inc. which business combination will occur in a reverse merger transaction.
Global is a fully integrated design, apparel and manufacturing company based in NYC and is the owner of eleven proprietary labels. Global will combine the experience of a world class team of managers along with its cutting edge labels to maximize the potential of its proprietary brands.
Global is the owner of several brands such as E Sleep, IntiMacy's, and Cyn and Luca its swimwear line, which is distributed through Macy's, Bloomingdale's and several other retail outlets throughout the USA. Global's plans are to expand as well as debut several of its proprietary brands in 2012 through its existing relationships with major retailers throughout the US and Asia.
Global Products Holdings, Inc., with the inclusion of the 28 retail stores it is set to acquire in Korea, will have combined sales of over $10,000,000 while also being cash flow positive. The retail stores will be part of the global strategy of bringing the convergence of manufacturing and retail distribution under the same umbrella to maximize profitability for Global Products Holdings, Inc.
Chris H. Giordano, Premiere's Co-Chairman, stated, "We have completed our due diligence by having a member of our M & A team spend the time necessary in Korea in order to potentially fold the 28 store retail chain under the Global umbrella. We are very satisfied with our teams findings and are very enthusiastic about the 'manufacturer direct to retail store' model which will exponentially increase the profit margins on products that can be distributed in this manner.
"Globally, the apparel manufacturing industry dwarfs the $14 billion US industry, with global export revenue alone topping $315 billion with China controlling a third of the world market. The opportunities for Global Products Holdings, Inc to distribute its cutting edge designs globally as well as here in the US is with great merit due to existing relationships it already maintains in both the US and overseas.
"Furthermore, now that we are moving toward a closing with Global Products Holdings, Inc., we would like to reiterate that it is our intention to maximize shareholder value in this transaction as well as for the future of Premiere's shareholders by separating the reverse merger transaction from Premiere Opportunities Group. This will be accomplished by spinning off the assets which are held already by Premiere into a separate public company.
"Henceforth shareholders will own shares of Global Products Holdings as well shares of the 'new Premiere Opportunities Group, Inc.' Going forward this will allow shareholders the ability to receive their proportionate share of equity in any companies in which we already hold an equity stake in or would develop such equity in.
"In order for a shareholder to receive shares in such companies you would have to be a shareholder of Premiere on the date that each individual client company files its S-1 registration statement with the Securities and Exchange Commission.