CVSL And Tomboy Tools Sign Definitive Agreement
DALLAS, Sept. 4, 2013 /PRNewswire/ -- Tomboy Tools Inc. and CVSL Inc. [stock symbol: CVSL] today signed a definitive agreement under which Tomboy Tools will become part of CVSL's strategy of bringing together multiple companies within the direct selling industry. The two companies had signed a letter of intent for the transaction on July 12.
Founded in 2000 by Chief Executive Officer Janet Rickstrew and Chief Technical Officer Mary Tatum, Tomboy Tools sells a line of tools ergonomically designed to be comfortable for women, through an independent sales force across the U.S. and Canada. The company's sales force offers its customers hands-on home improvement education through home tool parties.
In addition to its line of more than 75 tools, Tomboy Tools offers a state-of-the-art GE wireless home security system, with 24/7 monthly fee-based monitoring and several different security packages to choose from.
"CVSL has taken another important step today with the signing of this definitive agreement with Tomboy Tools. As the third direct selling company joining CVSL, we believe Tomboy Tools will open doors to two important business categories: the $11 billion home improvement category and the $13 billion home security category. Both offer huge opportunities. We're eager to explore those categories over the coming years and to bring Tomboy Tools into markets around the world," said CVSL chairman John Rochon.
Ms. Rickstrew said that her company sees new opportunities for growth as a result of the transaction. "John Rochon has an exciting vision for CVSL, and we're thrilled about the prospect of joining it. We believe we can move to the next level as part of the CVSL family. We look forward to building our future side by side with the other companies joining CVSL."
Tomboy Tools has been featured in articles in many national publications, such as Woman's Day Magazine, Better Homes and Gardens, Brides Magazine, Family Circle, Readers Digest and All You Magazine, as well as HGTV's Design Star, NBC Nightly News and The Today Show. The company donates a percentage of all profits to organizations that help women, for purposes including women's shelters and breast cancer research, as well as animal welfare charities.
About CVSL (www.cvsl.us.com)
CVSL Inc. is an innovative public company pursuing a strategy of gathering together multiple companies in the direct selling, or micro-enterprise, sector. Each company maintains its own separate brand identity, leadership and product line, while achieving efficiencies through sharing of back office resources and best practices. The first two companies to become part of CVSL are The Longaberger Company, a 40-year old maker of handcrafted baskets and other home décor items, and Your Inspiration At Home, an award-winning maker of hand-crafted spice blends from around the world.
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SOURCE CVSL Inc.