HJWL plans to utilize capital for marketing & brand-building
18 Aug '05
3 min read
Los Angeles based international jewelry company House of Taylor Jewelry Inc (HJWL) announced the closing of a private placement of its securities effective August 12, 2005. HJWL completed a private sale of 1,523,980 Units for aggregate gross proceeds of approximately $6,476,915 (the "Placement").
"They plan to utilize net proceeds primarily for marketing and brand-building," explained Jack Abramov, chief executive officer of the Company. "These funds," he added, "allow us to expand design, manufacturing and distribution of multiple product categories across major price points for compay Elizabeth Taylor and Kathy Ireland brands."
Debuted House of Taylor Jewelry to the trades during the recent JCK Las Vegas show in June and the JA New York show in July. They were very pleased to experience overwhelming positive responses from domestic and foreign retailers as well as major jewelry manufacturers and diamond companies wanting to participate and collaborate with us. They expect that these Placement proceeds will enable us to continue expanding domestic and worldwide distribution of company branded jewelry lines.
Each Unit in the Placement consisted of one share of restricted Common Stock (a "Share" and, in the plural, "Shares") and one Common Stock Purchase Warrant (a "Warrant" and, in the plural, "Warrants") at a price of $4.25 per Unit. The Warrants are exercisable for a period of five years and entitle the holder to purchase one share of restricted Common Stock (a "Warrant Share" and, in the plural, "Warrant Shares") for $7.00 per Warrant Share.