iMedia Secures Exclusivity Agreements with Two of its Biggest Vendors
June 21 2021 - 5:00AM
iMedia Brands, Inc. (the “Company”) (NASDAQ: IMBI) announces it has
secured five-year exclusivity agreements with two of ShopHQ’s
largest vendors, Invicta Watch Company of America, Inc (“IWCA”) and
FamJams Trading LLC (“Famjams”).
“These five-year exclusivity agreements provide
our ShopHQ customers with the important stability of continuing to
enjoy innovative products from brands they love,” said Tim
Peterman, iMedia CEO. “These agreements also provide our
shareholders with the stability of continuing to enjoy the
financial performance of three innovative brands that collectively
generate over 20% of ShopHQ’s annual revenues today.”
In June, the Company entered into a Confidential
Vendor Exclusivity Agreement with IWCA, one of the Company's ten
largest vendors, pursuant to which IWCA granted the Company the
exclusive right to market, promote and sell watches and watch
accessories using the Invicta, Technomarine, S.Coifman and Glycine
brand names and any substantially similar or directly competitive
goods or services through the Company’s live or taped direct
response video retail programming in North and South America during
the five-year exclusivity period.
The Company also entered into a Confidential
Vendor Exclusivity Agreement with Famjams, one of the Company's ten
largest vendors, pursuant to which Famjams granted the Company the
exclusive right to market, promote and sell products using the
Medic Therapeutics and Safety Vital brand names and any
substantially similar or directly competitive goods or services
through the Company’s television networks, website, mobile and
social applications, and brick & mortar retail in North and
South America, Europe and Asia during the five-year exclusivity
period.
About iMedia Brands, Inc.
iMedia Brands, Inc. (Nasdaq: IMBI) is a leading
interactive media company that owns a growing portfolio of
lifestyle television networks, consumer brands, online marketplaces
and media commerce services that together position the Company as a
leading single-source partner to television advertisers and
consumer brands seeking to entertain and transact with customers
using interactive video.
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995
This release contains statements, estimates,
projections, guidance or outlooks that constitute “forward-looking”
statements as defined under U.S. federal securities laws.
Generally, the words “believe,” “expect,” “intend,” “estimate,”
“anticipate,” “plan,” “project,” “should” and similar expressions
identify forward-looking statements, which generally are not
historical in nature. These statements may contain information
about our prospects, including anticipated show, event, or product
line launches, and involve risks and uncertainties. We caution that
actual results could differ materially from those that management
expects, depending on the outcome of certain factors.
Contacts:
Media:press@imediabrands.com(800) 938-9707
Investors:Gateway Investor
RelationsCody SlachIMBI@gatewayir.com(949) 574-3860
iMedia Brands (NASDAQ:IMBI)
Historical Stock Chart
From Aug 2024 to Sep 2024
iMedia Brands (NASDAQ:IMBI)
Historical Stock Chart
From Sep 2023 to Sep 2024