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Women's apparel firm to focus on international expansion
01 Apr '08
4 min read
Pursuant to the terms of a "make good provision" in the 2007 $6.15 million private placement transaction, the chief executive officer and another stockholder placed approximately 4.5 million shares into escrow and agreed to return up to 50% of the shares to investors who participated in the private placement transaction if the Company failed to report net income of at least $2.0 million before adjustments for charges related to the reverse acquisition and private placement transactions.
However, the Company achieved its stated goals and met the threshold; thus, 50% of the shares are being returned to the chief executive officer and the other stockholder.
Based on the weighted average number of shares outstanding of approximately 21,993,753 as of December 31, 2007, OmniaLuo reported a loss of approximately $0.05 per share for the year ended December 31, 2007. Excluding approximately $1.0 million of charges associated with its 2007 reverse acquisition through a share exchange with Wentworth II Inc and private placement transactions and $2.3 million of non-cash charges arising from the previously described return of escrowed shares, OmniaLuo would have reported earnings of approximately $0.10 per share for the year ended December 31, 2007.
As of December 31, 2007, a total of 28,544,752 shares of common stock were issued and outstanding on a fully diluted basis included: 1) 22,840,000 issued and outstanding shares, 2) 4,920,000 shares issuable upon exercise of private placement investor warrants, 3) 492,000 shares issuable upon exercise of placement agent warrants and 4) 292,752 shares issuable upon exercise of venture capital investor warrants.
"This past year has been one of many milestones for our Company," stated Chairwoman and CEO Cindy Luo. "We opened an additional 100 retail stores, achieved a U.S. public quotation, completed a $6.15 million PIPE transaction, and most importantly, hit our projected 2007 revenue figure of $7.9 million and adjusted net income figure of $2.2 million. And while we have grown quickly in the last year, most of our strategic growth is still before us -- we will open many additional retail stores throughout China and plan to bring the total store count to more than 250 by year-end 2008.
As we continue to achieve our financial goals we will begin to focus on international expansion into the U.S. and Southeast Asia. We have now established a profitable platform upon which we can build a high-growth future," concluded Ms. Luo.
OmniaLuo will host a conference call on Tuesday, April 1, 2008 to review fourth quarter and full year 2007 earnings results.
However, the Company achieved its stated goals and met the threshold; thus, 50% of the shares are being returned to the chief executive officer and the other stockholder.
Based on the weighted average number of shares outstanding of approximately 21,993,753 as of December 31, 2007, OmniaLuo reported a loss of approximately $0.05 per share for the year ended December 31, 2007. Excluding approximately $1.0 million of charges associated with its 2007 reverse acquisition through a share exchange with Wentworth II Inc and private placement transactions and $2.3 million of non-cash charges arising from the previously described return of escrowed shares, OmniaLuo would have reported earnings of approximately $0.10 per share for the year ended December 31, 2007.
As of December 31, 2007, a total of 28,544,752 shares of common stock were issued and outstanding on a fully diluted basis included: 1) 22,840,000 issued and outstanding shares, 2) 4,920,000 shares issuable upon exercise of private placement investor warrants, 3) 492,000 shares issuable upon exercise of placement agent warrants and 4) 292,752 shares issuable upon exercise of venture capital investor warrants.
"This past year has been one of many milestones for our Company," stated Chairwoman and CEO Cindy Luo. "We opened an additional 100 retail stores, achieved a U.S. public quotation, completed a $6.15 million PIPE transaction, and most importantly, hit our projected 2007 revenue figure of $7.9 million and adjusted net income figure of $2.2 million. And while we have grown quickly in the last year, most of our strategic growth is still before us -- we will open many additional retail stores throughout China and plan to bring the total store count to more than 250 by year-end 2008.
As we continue to achieve our financial goals we will begin to focus on international expansion into the U.S. and Southeast Asia. We have now established a profitable platform upon which we can build a high-growth future," concluded Ms. Luo.
OmniaLuo will host a conference call on Tuesday, April 1, 2008 to review fourth quarter and full year 2007 earnings results.
OmniaLuo Inc
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