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Total Luxury acquires common stock of Petals Decorative
11 Mar '08
2 min read
Total Luxury Group Inc announced that it had acquired approximately 38 million shares of common stock of Petals Decorative Accents Inc from a majority shareholder of Petals for approximately $19 million.
A portion of the consideration included 87 million shares of common stock plus warrants to acquire 100 million shares of common stock.
The purchase price will be paid in installments and is supported by a secured note for the amount of the purchase price.
Separately, Total Luxury purchased 100% of Petals' Series C Preferred Stock for $1,012,500 and warrants to purchase an aggregate of 7,593,750 shares.
The purchase price will be paid in installments and is supported by an unsecured note for the amount of the purchase price.
Petals Decorative Accents Inc, originally founded in 1939, sells decorative silk flowers, plants and trees, along with complementary decorative accents, which include mirrors, small furniture pieces, figurines, lamps and rugs.
Petals sells its products through its mail order catalog and website, importing most of the floral stems and other materials used in its products primarily from China, which are then assembled in facilities within the United States.
Commented Don Jones, Total Luxury's Chairman: "We believe that there is a tremendous opportunity to bring these two companies together.
Not only do we believe that there are certain economies of scale that can be brought by combining these two companies, but we believe there are cross-marketing opportunities that we can take advantage of as well." Mr. Jones will serve as CEO of the two companies.
A portion of the consideration included 87 million shares of common stock plus warrants to acquire 100 million shares of common stock.
The purchase price will be paid in installments and is supported by a secured note for the amount of the purchase price.
Separately, Total Luxury purchased 100% of Petals' Series C Preferred Stock for $1,012,500 and warrants to purchase an aggregate of 7,593,750 shares.
The purchase price will be paid in installments and is supported by an unsecured note for the amount of the purchase price.
Petals Decorative Accents Inc, originally founded in 1939, sells decorative silk flowers, plants and trees, along with complementary decorative accents, which include mirrors, small furniture pieces, figurines, lamps and rugs.
Petals sells its products through its mail order catalog and website, importing most of the floral stems and other materials used in its products primarily from China, which are then assembled in facilities within the United States.
Commented Don Jones, Total Luxury's Chairman: "We believe that there is a tremendous opportunity to bring these two companies together.
Not only do we believe that there are certain economies of scale that can be brought by combining these two companies, but we believe there are cross-marketing opportunities that we can take advantage of as well." Mr. Jones will serve as CEO of the two companies.
Total Luxury Group Inc
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