VANCOUVER, BC / CRWEPRESSRELEASE / August 28, 2015 /Mezzi Holdings Inc. (“MEZZI” or the “Company”) (CVE:MZI, FRA:0MZ) is pleased to announce that it has signed a Letter of Intent to acquire Capital Eyewear (“Capital”), which is a profitable independent eyewear design and manufacturing company based in San Francisco, California. Since commencing operations in 2009, Capital has developed a popular line of wood and acetate eyewear that is sold online as well as carried in more than 65 stores in the USA and Japan.
Under the terms of the Letter of Intent, on closing, MEZZI will pay $125,000 in order to complete the acquisition. An additional $125,000 in cash will be payable by MEZZI as certain milestones are met in terms of the achievement of agreed monthly recurring revenue targets within 18 months of closing the acquisition.
The transaction remains subject to completion of final documentation, regulatory approval and final due diligence.
“We are excited to be expanding our product offering and begin our rollup strategy of accelerating growth through acquisitions of profitable luxury brands that can benefit from our sales and marketing platform. Capital’s products are second to none in quality and having in-house production, it provides strong margins and the opportunity to contract manufacture for other brands,” Keir Reynolds, CEO and Chairman, commented.
MEZZI is disrupting the status quo in the luxury accessories market as it recently unveiled a beautiful new product line featuring cutting edge technology, making MEZZI the true smart luxury brand. Each piece, including handbags, duffel bags and essential leather goods, allows wireless connectivity between your MEZZI bag and smartphone, providing a completely new user experience. With fine leather sourced directly from Italy, all pieces in the MEZZI Smart Luxury collection are manufactured to precision quality.
For further information please contact:
Mr. Keir Reynolds
Tel: (778) 998-9242
ON BEHALF OF THE BOARD
Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
SOURCE:Mezzi Holdings Inc.