Edison Nation is Pleased to Announce the Closing of the 911 Help Now® Brand and Associated Intellectual Property Acquisition
BETHLEHEM, Pa., Oct. 20, 2020 (GLOBE NEWSWIRE) -- Edison Nation, Inc., a multifaceted ecosystem that fosters innovation and drives IP, media and consumer products is pleased to inform shareholders that it has closed the acquisition of TBD Safety, LLC, the owner of the 911 Help Now® Brand of products and associated Intellectual Property.
On October 16, 2020, the Company closed on its previously announced Purchase and Sale Agreement with TBD Safety, LLC, the owner of the 911 Help Now® Brand and associated Intellectual Property. The addition of the 911 Help Now® Brand and associated products expands Edison Nation’s product line into the safety and security sector, an industry that continues to grow in today’s climate.
Featured nationally on Live Shopping, as well as www.911helpnow.com, the 911 Help Now® products will allow the Company to recognize revenue immediately. Led by the hero product, the 911 Help Now® Emergency Communication Pendent, the Company will leverage its distribution channels to expand the brand onto Amazon as well as retail channels. The final agreement includes payment based on TBD Safety, LLC achieving its stated revenue forecast of $10,000,000 in sales for fiscal year 2021. This forecast includes sales of both the primary emergency communication products as well as the technology license currently in place.
An additional benefit of the acquisition of the Intellectual Property is the included license of technology to a leading cellular development company. Emergency Cellular Solutions, the brand of the license entity, has developed the product as a solution for consumers seeking an easy to use cell phone and medical alert device all-inclusive within a single unit. The Company anticipates the product’s launch during the first quarter of 2021 in partnership with a leading cellular carrier.
The potential revenue stream from the cellular technology license is an attractive component of our acquisition,” said Chris Ferguson, CEO. “The growing focus on safety and security makes this brand and future product development a compelling piece of our overall product strategy.”
About Edison Nation, Inc.
Edison Nation, Inc. (EDNT), is a multifaceted ecosystem which fosters innovation and drives IP, media and consumer products. Edison offers innovation sourcing, product design, sales, manufacturing, and fulfillment services. Edison Nation’s model is to source innovative ideas to launch internally or license to brand partners. Edison Nation hopes to leverage its television property, Everyday Edisons, to become the recognized leader in the innovator community. For more information, please visit www.edisonnationmedical.com.
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations and plans, including assumptions underlying such statements, are forward-looking statements, and should not be relied upon as representing the Company's views as of any subsequent date. Such forward-looking statements are based on information available to the Company as of the date of this release and involve a number of risks and uncertainties, some beyond the Company's control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including consumer, regulatory and other factors affecting demand for the Company's products, any difficulty in marketing the Company's products in global markets, competition in the market for consumer products, any inability to raise capital to fund operations and service the Company's debt. Additional information that could lead to material changes in the Company's performance is contained in its filings with the SEC. The Company is under no obligation to, and expressly disclaims any responsibility to, update or alter forward-looking statements contained in this release, whether as a result of new information, future events or otherwise.
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Source: Edison Nation, Inc.
Released October 20, 2020
Released October 20, 2020