Feb 24 2011
iBrands announced that it has inked a letter of intent (LOI) to purchase Copernicus Optics, an online retailer that provides a complete set of consumer optics products such as binoculars, microscopes, telescopes and related sports and science products. iBrands is a holding company that acquires niche brands having great potential growth.
The Founder and President of Copernicus Optics, Michael Wittmeyer stated that the company has established the Copernicus brand and website in 2010 to meet its increasing demand for more sophisticated consumer optics. The company selected online retailing as its channel of distribution to offer optimal value to customers and maximum profit to the firm. The online marketing experience of iBrands would strengthen the worldwide presence of Copernicus brand in the consumer optics market, he added.
The Chief Executive Officer at iBrands, Paul Smith commented that the acquisition of Copernicus Optics would allow the company to sell high-end leisure consumer optics without affecting its Galileo wholesale distribution network. The Galio product portfolio is marketed via wholesale channels, including premium/mail order catalogs, direct response TV, online retailers, sporting good stores, specialty electronic chains and big box retailers. The acquisition would help the company to attain its sales target of $20 million from its consumer optics unit, he added.
Source: http://www.ibrandscorp.com