LOS ANGELES, CA, Dec. 2 /PRNewswire-FirstCall/ - Horiyoshi Worldwide Inc. (OTC Bulletin Board: HHWW) is pleased to provide an update on the financing activities of the Company. As previously announced, the Company entered into a $5,000,000 equity financing agreement with Milan based investment group, Zyndy Trade Corp.
We are pleased to announce that we have received funds in the amount of $2,000,000 under the terms of the agreement, leaving a balance of $3,000,000 that the Company can call upon to fund our business and expansion strategies. Under the terms of the agreement, the closing of this initial drawdown consisted of the issuance of 1,933,395 restricted shares of common stock at the issuance price of $1.03445, pursuant to the pricing provisions of the agreement.
The securities issued and sold under the financing agreement will not be registered under the Securities Act of 1933 as amended (the "Act"), and may not be offered or sold in the United States absent registration, or an applicable exemption from registration, under the Act.
Horiyoshi Worldwide will utilize the funds in its ongoing strategy for further expanding its main business, Horiyoshi the Third. "In light of unprecedented market conditions, we believe this investment serves as a strong endorsement of our Company and the tremendous potential of our brand" said Mitsuo Kojima - President and CEO of Horiyoshi Worldwide. "The investment provides us with a long term solution for our business and enhances our ability to grow our brand both domestically and internationally over the coming years."
About Horiyoshi Worldwide Inc.
Horiyoshi Worldwide Inc., designs, manufactures, and markets Horiyoshi the Third (HIII) - a high end clothing and accessories product line based on the artistry of World renowned Japanese Tattoo Artist, Yoshihito Nakano (Horiyoshi III). The Company is rapidly expanding its distribution platform with the line currently being sold in approximately 45 luxury retail boutiques located in 25 cities worldwide. Debuting in Fall 2009 - HIII has been featured in leading fashion publications such as the New York Times, International Herald Tribune, the Los Angeles Times, Anotherman Magazine, Vogue and Style.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. Such forward-looking statements include, among other things, the receipt of any additional funds pursuant to the agreement with Zyndy.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, HHWW's ability to design and manufacture its products following the acquisition, the ability of the 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 Horiyoshi Worldwide Inc.