Reign
Sapphire Corporation (OTCQB: $RGNP) Signs Binding Letter of
Intent to Acquire 100% of the Assets of Custom Jewelry Company,
Coordinates Collection Inc.
BEVERLY HILLS, CA, November 07, 2016 (Investorideas.com Newswire) 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.
Corporate Contact
Joseph Segelman, CEO
9465 Wilshire Boulevard
Beverly Hills, CA 90212
(213) 457-3772
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