Summer Infant Broadens Safety Product Offerings With Acquisition of Little
Looster Potty Training Accessory
Company to Leverage Wide Distribution Channel to Expand Reach of
WOONSOCKET, RI -- (Marketwired) -- 06/27/13 -- Summer Infant, Inc.
(Summer Infant) (NASDAQ: SUMR), a global designer, marketer and
distributor of branded durable juvenile products, today announced
that it has acquired the assets of Little Looster, LLC., a designer
and manufacturer of the award-winning Little Looster(TM) potty
training step stool. The transaction is expected to be immediately
"The highly rated, mom-invented Little Looster broadens our existing
potty-training offerings in the Safety category," said Jason Macari,
President and Chief Executive Officer. "We are strengthening our core
product categories by adding innovative items that meet the needs of
our consumers. Additionally, as part of our strategy to return to
profitable growth and enhance shareholder value, we will continue to
assess similar transactions that we believe will contribute to our
top- and bottom-line improvement initiative."
"Little Looster inventor Monica Mylet has been raising awareness of
the product on social media and among respected parenting bloggers,
and she will continue to do so working with the Summer Infant team,"
added Macari. "Through the wider reach of our distribution channel,
we can bring this product into significantly more homes around the
Under the terms of the transaction, Summer Infant has acquired all of
the company's intellectual property, which includes a patent, trade
names and website, as well as the tooling (injection mold) for
manufacturing, for a purchase price of approximately $100,000 in cash
and an ongoing royalty payment.
Summer Infant is a company founded on invention and innovation. Over
30 years ago, a father trying to solve a true need, created the
original bouncy seat, thereby starting Summer Infant on a path that
continues to create products of superior quality. Summer Infant
enjoys an ongoing relationship with "parenting inventors" by inviting
moms, dads, and inventors to submit product ideas directly to the
Summer Infant website.
Little Looster founder, Monica Mylet, invented the potty step stool
when she identified the need for a better potty training accessory
while raising her three children. The Little Looster provides support
for toddlers' legs and fits discreetly around the toilet base. The
horseshoe shape design allows adults to use the toilet without
obstruction. In 2011, the Little Looster received a Gold Medal from
the National Parenting Publications Awards (NAPPA).
About Summer Infant, Inc.
Based in Woonsocket, Rhode Island, the
Company is a designer, marketer and distributor of branded durable
juvenile health, safety and wellness products (for ages 0-3 years),
which are sold principally to large U.S. retailers. The Company
currently sells proprietary products in a number of different
categories, including nursery audio/video monitors, safety gates,
durable bath products, bed rails, nursery products, booster and potty
seats, swaddling blankets, bouncers, travel accessories, highchairs,
swings, nursery furniture, infant feeding products, and car seats.
For more information about the Company, visit the website:
Certain statements in this release that
are not historical fact may be deemed "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, and the Company
intends that such forward-looking statements be subject to the safe
harbor created thereby. These statements are accompanied by words
such as "anticipate," "expect," "project," "will," "believes,"
"estimate" and similar expressions. The Company cautions that these
statements are qualified by important factors that could cause actual
results to differ materially from those reflected by such
forward-looking statements. Such factors include the concentration of
the Company's business with retail customers; the ability of the
Company to compete in its industry; the Company's ability to continue
to control costs and expenses; the Company's dependence on key
personnel; the Company's reliance on foreign suppliers; the Company's
ability to develop and market new products; the Company's ability to
meet required financial covenants under its loan agreements; and
other risks as detailed in the Company's Annual Report on Form 10-K
for the fiscal year ended December 31, 2012, and subsequent filings
with the Securities and Exchange Commission. The Company assumes no
obligation to update the information contained in this release.
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Sharon Merrill Associates, Inc.
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