$RETC 12 ReTech Announces That It Will Be Acquirin
Post# of 46
(Total Views: 358)
Posted On: 02/05/2019 9:20:17 AM
$RETC 12 ReTech Announces That It Will Be Acquiring RUNE NYC, LLC, a Thriving Women’s Activewear Brand Targeted At Today’s Fashion Conscious Woman.Press Release | 02/05/2019
Las Vegas, NV & Hong Kong, Feb. 05, 2019 (GLOBE NEWSWIRE) -- 12 ReTech Corporation (OTCQB: RETC) announced today that it has signed a Definitive Exchange of Equity Agreement to acquire control of New York based Rune NYC, LLC (“RUNE”). Rune members representing over 77% of the equity have already agreed to tender their equity to the Company. The Company is leaving the offer open till February 8, 2019 for the rest of the RUNE members to agree to tender their equity,
Adding RUNE’s operations which is an up and coming women’s apparel brand that already sells their activewear products through a variety of well-known domestic USA sales and distribution channels, will bring immediate brand awareness and revenues to 12 ReTech. In recent years, RUNE’s annual revenues have been as high as $1.4 million while although 2018 revenues were approximately $800 thousand.
The target date for the completion of the RUNE acquisition is February 28, 2019.
Angelo Ponzetta, 12 ReTech’s CEO commented, “RUNE is an exciting addition to our portfolio of women’s apparel brands. They have designs that are in demand and the ability to bring new ideas to market quickly. Synergistically, our own manufacturing operations will help to improve margins in their business and their existing sales channels will be a great place to introduce our other brands into. I am positive that with our assistance, over the next year RUNE will be generating record revenue run rates for their brand.”
Greg Haehl, Manager of Red Wire Group, LLC, said, “This is one of the reasons we teamed up with 12 ReTech! Their ability to attract synergistic acquisitions that will fully utilize our production ability to manufacture quality products while increasing margins for our brands is exciting! And Red Wire can certainly accomplish that!”
Emily Santamore, Managing Member of Rune NYC commented, “I am excited to become part of 12 ReTech team. Since our inception, I have developed a nice following for my brand over the last six years and believe that 12 ReTech will help me grow RUNE’s followers quickly. The obvious synergies between our businesses will help me to concentrate my time on where it is best spent, in apparel design and sales, which will benefit all our 12 ReTech brands. I am also excited to learn about 12 ReTech’s retail technology and how I can utilize it to grow our Rune NYC brand.”
Hub Blanchette, President of 12 ReTech’s Emotion Fashion Group added, “Having Emily as part of our team will add important design experience and sales channels for all of our brands, making them more contemporary and relevant. By manufacturing a portion of RUNE’s products in Salt Lake City in addition to their production in NYC, we can reduce their costs and deliver products faster with shipping on both sides of the country. Our Salt Lake City staff can quickly fulfill orders in this part of the country allowing Rune NYC’s online customers a superior consumer experience. This should make RUNE more competitive and dramatically increase revenues.”
Angelo Ponzetta finished, “We are already working on the integration of our three Fashion related companies, with Red Wire’s team operating the manufacturing for all of our brands and in both factories. This integration effort has slightly delayed the completion of the Red Wire Acquisition which will occur shortly. In addition, there is a lot going on in our business pipeline in all three of our geographic markets. I hope to soon have exciting news about additional new acquisitions that we are negotiating as well as updates on our technology front.”
About Rune NYC, LLC
Founded by a brother-sister team in January 2013, Rune NYC, LLC set up shop in the heart of New York City’s historic garment district. Rune NYC is a growing fashion company focusing on the expanding women’s market of activewear and athleisure. They offer an array of apparel targeted to fashionable women who are looking for excellent quality and great value. Rune currently designs and produces fashion leggings, maternity leggings, plus-size leggings, bottoms, tops, dresses, and jackets. Rune NYC is 100% designed and manufactured in the USA.
About 12 ReTech Corporation:
At our core, we are a software company whose technology allows retailers to combat the dual threats of Walmart and Amazon — both online and in physical stores. Our microbrand rollup acquisition strategy allows us to demonstrate the effectiveness of our software, devise and test new products, while providing shareholder value through immediate revenue and earnings growth. The Company operates through our subsidiaries on three continents: 12 Hong Kong, Ltd., 12 Japan, Ltd., 12 Europe A.G., 12 Retail Corporation (and its subsidiaries in North America, including Emotion Fashion Group, Inc.). For more information please visit our website at www.12ReTech.com.
12 ReTech Corporation is publicly listed on the OTCQB Markets under the symbol RETC.
Safe Harbor: This document contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, the ability of the Company to successfully implement its turnaround strategy, changes in costs of raw materials, labor, and employee benefits, as well as general market conditions, competition and pricing. Although the Company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this letter will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as representation by the Company or any other person that the objectives and plans of the Company will be achieved. In assessing forward-looking statements included herein, readers are urged to carefully read those statements. When used in the Annual Report on Form 10-K, the words "estimate," "anticipate," "expect," "believe," and similar expressions are intended to be forward-looking statements.
Investors Relations Contacts:
Las Vegas, NV & Hong Kong, Feb. 05, 2019 (GLOBE NEWSWIRE) -- 12 ReTech Corporation (OTCQB: RETC) announced today that it has signed a Definitive Exchange of Equity Agreement to acquire control of New York based Rune NYC, LLC (“RUNE”). Rune members representing over 77% of the equity have already agreed to tender their equity to the Company. The Company is leaving the offer open till February 8, 2019 for the rest of the RUNE members to agree to tender their equity,
Adding RUNE’s operations which is an up and coming women’s apparel brand that already sells their activewear products through a variety of well-known domestic USA sales and distribution channels, will bring immediate brand awareness and revenues to 12 ReTech. In recent years, RUNE’s annual revenues have been as high as $1.4 million while although 2018 revenues were approximately $800 thousand.
The target date for the completion of the RUNE acquisition is February 28, 2019.
Angelo Ponzetta, 12 ReTech’s CEO commented, “RUNE is an exciting addition to our portfolio of women’s apparel brands. They have designs that are in demand and the ability to bring new ideas to market quickly. Synergistically, our own manufacturing operations will help to improve margins in their business and their existing sales channels will be a great place to introduce our other brands into. I am positive that with our assistance, over the next year RUNE will be generating record revenue run rates for their brand.”
Greg Haehl, Manager of Red Wire Group, LLC, said, “This is one of the reasons we teamed up with 12 ReTech! Their ability to attract synergistic acquisitions that will fully utilize our production ability to manufacture quality products while increasing margins for our brands is exciting! And Red Wire can certainly accomplish that!”
Emily Santamore, Managing Member of Rune NYC commented, “I am excited to become part of 12 ReTech team. Since our inception, I have developed a nice following for my brand over the last six years and believe that 12 ReTech will help me grow RUNE’s followers quickly. The obvious synergies between our businesses will help me to concentrate my time on where it is best spent, in apparel design and sales, which will benefit all our 12 ReTech brands. I am also excited to learn about 12 ReTech’s retail technology and how I can utilize it to grow our Rune NYC brand.”
Hub Blanchette, President of 12 ReTech’s Emotion Fashion Group added, “Having Emily as part of our team will add important design experience and sales channels for all of our brands, making them more contemporary and relevant. By manufacturing a portion of RUNE’s products in Salt Lake City in addition to their production in NYC, we can reduce their costs and deliver products faster with shipping on both sides of the country. Our Salt Lake City staff can quickly fulfill orders in this part of the country allowing Rune NYC’s online customers a superior consumer experience. This should make RUNE more competitive and dramatically increase revenues.”
Angelo Ponzetta finished, “We are already working on the integration of our three Fashion related companies, with Red Wire’s team operating the manufacturing for all of our brands and in both factories. This integration effort has slightly delayed the completion of the Red Wire Acquisition which will occur shortly. In addition, there is a lot going on in our business pipeline in all three of our geographic markets. I hope to soon have exciting news about additional new acquisitions that we are negotiating as well as updates on our technology front.”
About Rune NYC, LLC
Founded by a brother-sister team in January 2013, Rune NYC, LLC set up shop in the heart of New York City’s historic garment district. Rune NYC is a growing fashion company focusing on the expanding women’s market of activewear and athleisure. They offer an array of apparel targeted to fashionable women who are looking for excellent quality and great value. Rune currently designs and produces fashion leggings, maternity leggings, plus-size leggings, bottoms, tops, dresses, and jackets. Rune NYC is 100% designed and manufactured in the USA.
About 12 ReTech Corporation:
At our core, we are a software company whose technology allows retailers to combat the dual threats of Walmart and Amazon — both online and in physical stores. Our microbrand rollup acquisition strategy allows us to demonstrate the effectiveness of our software, devise and test new products, while providing shareholder value through immediate revenue and earnings growth. The Company operates through our subsidiaries on three continents: 12 Hong Kong, Ltd., 12 Japan, Ltd., 12 Europe A.G., 12 Retail Corporation (and its subsidiaries in North America, including Emotion Fashion Group, Inc.). For more information please visit our website at www.12ReTech.com.
12 ReTech Corporation is publicly listed on the OTCQB Markets under the symbol RETC.
Safe Harbor: This document contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, the ability of the Company to successfully implement its turnaround strategy, changes in costs of raw materials, labor, and employee benefits, as well as general market conditions, competition and pricing. Although the Company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this letter will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as representation by the Company or any other person that the objectives and plans of the Company will be achieved. In assessing forward-looking statements included herein, readers are urged to carefully read those statements. When used in the Annual Report on Form 10-K, the words "estimate," "anticipate," "expect," "believe," and similar expressions are intended to be forward-looking statements.
Investors Relations Contacts:
(0)
(0)12 Retech Corporation (RETC) Stock Research Links
Scroll down for more posts ▼