Lot78 raises $825k in first round of private placements and announces new CFO
LONDON, Aug. 14, 2013 /PRNewswire/ -- Ali Gulamhussein CFO of Lot78 says "I am very proud to join Lot78, a brand that is now recognized in 4 continents across the globe," he said. "It's an exciting time to be joining with the finance raised, and there is a real opportunity to further develop the brands' reach amid new financing avenues the company is presently researching. As someone who has been involved with the Brand since its inception, I have seen the brand grow from a 2 jacket line to a full ready to wear men's and women's collection and can see the brand going from strength to strength."
Ollie Amhurst CEO of Lot78 says "this is a very exciting time for Lot78. With the substantial investment we have received and the announcement of our new CFO this will strengthen our management and organization. We have also instructed lawyers to prepare an S-1."
About Lot78, Inc.
Lot78, Inc. is a trend-setting leader in the design, marketing, distribution and sale of urban apparel – retailing under the brand name "Lot78" in five continents, including: North America, Europe, Asia, Australia, and South America. Lot78 has been featured in US Weekly, Elle Magazine, Financial Times, Harrods Magazine, The London Evening Standard, and Grazia Magazine as an emerging global brand.
Lot78, Inc. is quoted on the OTC in the United States of America under the symbol LOTE.OB. For more information, please visit www.lot78.com.
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, Lot78's products to gain market acceptance, and the difficulties faced by an early stage retail fashion company in the competitive retail fashion industry. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in the Company's recent current reports on Form 8-K, our annual report on Form 10-K, our quarterly reports on Form 10-Q, and other periodic and current reports filed from time to time with the Securities and Exchange Commission.
SOURCE Lot78, Inc.