BEVERLY HILLS, Calif., November 7, 2016 /PRNewswire/ --
Reign Sapphire Corporation, (OTCQB: RGNP) (“Reign” or the “Company”), a jewelry company that sells branded Australian Sapphire Jewelry direct to consumers, today announced that it has signed a binding letter of intent to acquire 100% of the assets of custom jewelry company, Coordinates Collection Inc.
Founded in 2012, Coordinates Collection offers customized jewelry that uses materials such as semi-precious to precious metals and stones as well as ceramic coatings. The company sells bracelets, rings and necklaces that display the latitude and longitude of any place that represents a special memory to the customer with 90% online distribution as well as wholesale accounts and distribution agreements to Middle East markets. Products are designed and manufactured in Los Angeles, CA.
“Coordinates Collection is a strong accretive acquisition for Reign, offering an established infrastructure, human resources, intellectual property, supply chain, product, up and downstream distribution, geographic expansion and revenue synergies that will support our collective Brands throughout the US, Europe, Asia and the Middle East,” said Joseph Segelman, Reign Sapphire Corporation, CEO.
This acquisition will enable us to retain founder Owen De Vries, who will continue as Head of International Business Development and Strategic Partnerships across the Reign group of companies, while also retaining Coordinates Collection Inc.’s team and infrastructure in downtown Los Angeles, providing expansion opportunities for Reign related to sales and marketing, distribution, and research and development.
Coordinates Collection has established Widgets, a 3D Web Simulator and a retail display and guided sales technology kiosk which create a scalable, personalized experience, further complementing Reign’s Concierge, VIP Service and online shopping approach” Coordinates Collection founder, Owen De Vries stated, “We are thrilled to integrate with Reign Sapphire Corporation as we carry forward our brand growth expertise into this new venture. We consider Reign to be an important aspect of driving the growth of the Mine-Gate to Consumer concept and envision value creation across our complementary brands and business models.
The acquisition is expected to close in December 2016.
About Coordinates Collection Inc.
Coordinates Collection Inc., is a jewelry brand platform that offers an end-to-end solution to launch accessories brands and marketplaces. Coordinates Collections brands, including Le Bloc and Coordinates combine quality craftsmanship and timeless designs to provide a personalized experience to commemorate life’s favorite moments.
About Reign Sapphire Corporation
Based in Beverly Hills, California, Reign Sapphire Corporation is a fully reporting, DTC eligible company, established as a “miners-gate to retail” model for fine sapphires — rough sapphires to finished jewelry; a color gemstone brand; and a jewelry brand featuring Australian sapphires.
Forward Looking Statements
This press release includes "forward-looking statements" within the meaning of the U.S. federal securities laws, which statements may include information regarding the plans, intentions, expectations, future financial performance, or future operating performance of Reign Sapphire Corporation (“Reign” or the “Company”). Forward-looking statements are based on the expectations, estimates, or projections of the Company’s management as of the date of this press release. Although Reign's management believes these expectations, estimates, or projections to be reasonable as of the date of this presentation, forward-looking statements are inherently subject to significant business risks, economic and competitive uncertainties, or other contingencies, which could cause the Company’s actual results or performance to differ materially from what may be expressed or implied in the forward-looking statements. Important factors that could cause Reign's actual results or performance to differ materially from the forward-looking statements include those set forth in the "Risk Factors” sections in the Company's filings with the Securities and Exchange Commission, including the risks set forth in the company's Annual Report on Form 10-K for the year ended December 31, 2015, which is available for viewing on the SEC’s EDGAR website. These forward-looking statements speak only as of the date of this press release and, except as required by law, Reign specifically disclaims any obligation to update these forward-looking statements, even if new information becomes available in the future.
Joseph Segelman, CEO
9465 Wilshire Boulevard
Beverly Hills, CA 90212
SOURCE Reign Sapphire Corporation
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Nov 07, 2016, 08:00 ET