Online Jewelry News: Reign
Sapphire (OTCQB: $RGNP) Announces Closing of Acquisition of Coordinates
Collection Inc.
BEVERLY
HILLS, CA - December 5, 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 the completion of its previously announced
acquisition of 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.
Joseph
Segelman, Reign Sapphire Corporation, CEO said, "We are very pleased to
complete the acquisition within our anticipated closing dates, allowing the
company to move into 2017 as a business with established revenue. This
transaction represents an opportunity to expand in the jewelry industry both
online and in retail. Coordinates Collection adds 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."
He
went on to say, "We are excited 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 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
SOURCE: Reign Sapphire Corporation
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