OmniReliant Holdings, Inc. announced yesterday that as of December 31, 2010, they have initiated a substantial restructuring to fully reflect their new singular operating model, beginning January 1, 2011.
The Company’s new management team, throughout the prior year, has changed the Company’s operational, business, and financial strategies. This is to reflect the Company’s move from an asset acquisition holding company to a singular operating business model as a global Consumer Products company. They are now specializing in building and marketing profitable brands in large consumer product categories via their international direct-to-consumer channels of distribution.
Mr. Robert J. DeCecco, the Company’s CEO, said, “Our Board of Directors has spent much of the past year preparing for this new business strategy by recruiting a strong management team with deep industry expertise, forging valuable strategic partnerships, establishing a strong sales pipeline, and creating scalable operational excellence which will be the backbone of our future growth as a Consumer Products enterprise. We believe that our new business strategy, tied together with this foundation and a ‘fresh start’ approach to our overall business direction, will lead to the ability of accomplishing our goals for 2011 and beyond.”
The Company, as part of this fresh start approach, has decided to change their name by entering into an agreement and plan of merger with Infusion Brands International, Inc., a Nevada corporation and the Company’s wholly-owned subsidiary. Pursuant to the terms and subject to the conditions set forth in the merger agreement, the Company merged with and into Infusion Brands International, Inc., continuing as the surviving corporation with the surviving corporation changing their name to “Infusion Brands International, Inc.”
Along with the name change, the Company has also applied for a voluntary stock ticker symbol change with the Financial Industry Regulatory Authority (FINRA). If they receive approval, the ticker symbol change will be announced in a forthcoming filing on a Form P-IC with the Securities and Exchange Commission (the SEC) and press release.
The Company has also initiated a number of financial restructuring events, as outlined in recent filings with the SEC. This is to provide more simplicity and clarity regarding the future reporting of the Company’s financial statements. These changes should result in more stable and transparent financial statements, with a focus on operating results. This should make it easier for an investor or other stakeholder to better understand and value their business properly.
Headquartered in Clearwater, Florida, Infusion Brands International, Inc. is a leading international consumer products company. Their wholly owned operating company, Infusion Brands, Inc. specializes in building and marketing profitable brands in large consumer product categories through their international direct-to-consumer channels of distribution.