iMedia Secures Exclusivity Agreements with Two of its Biggest Vendors

Rhea-AI Summary

iMedia Brands, Inc. (NASDAQ: IMBI) has secured five-year exclusivity agreements with top vendors, Invicta Watch Company and FamJams Trading. These agreements ensure continued access to popular products for ShopHQ customers and aim to stabilize revenue streams, as these brands contribute over 20% of ShopHQ's annual revenues. The partnerships allow iMedia to market and sell a range of products across North and South America, Europe, and Asia, further solidifying its market position in the interactive media space.

Positive

• Secured five-year exclusivity agreements with major vendors, enhancing product stability.
• The agreements potentially stabilize over 20% of annual revenues from key brands.
• Broadened marketing rights across multiple regions including North and South America, Europe, and Asia.

Negative

• None.

Invicta, Medic Therapeutic and Safety Vital Commit to Five-Year Exclusivity Agreements

MINNEAPOLIS, June 21, 2021 (GLOBE NEWSWIRE) -- iMedia Brands, Inc. (the “Company”) (NASDAQ: IMBI) announces it has secured five-year exclusivity agreements with two of ShopHQ’s largest vendors, Invicta Watch Company of America, Inc (“IWCA”) and FamJams Trading LLC (“Famjams”).  

“These five-year exclusivity agreements provide our ShopHQ customers with the important stability of continuing to enjoy innovative products from brands they love,” said Tim Peterman, iMedia CEO. “These agreements also provide our shareholders with the stability of continuing to enjoy the financial performance of three innovative brands that collectively generate over 20% of ShopHQ’s annual revenues today.”

In June, the Company entered into a Confidential Vendor Exclusivity Agreement with IWCA, one of the Company's ten largest vendors, pursuant to which IWCA granted the Company the exclusive right to market, promote and sell watches and watch accessories using the Invicta, Technomarine, S.Coifman and Glycine brand names and any substantially similar or directly competitive goods or services through the Company’s live or taped direct response video retail programming in North and South America during the five-year exclusivity period.

The Company also entered into a Confidential Vendor Exclusivity Agreement with Famjams, one of the Company's ten largest vendors, pursuant to which Famjams granted the Company the exclusive right to market, promote and sell products using the Medic Therapeutics and Safety Vital brand names and any substantially similar or directly competitive goods or services through the Company’s television networks, website, mobile and social applications, and brick & mortar retail in North and South America, Europe and Asia during the five-year exclusivity period.

About iMedia Brands, Inc.

iMedia Brands, Inc. (Nasdaq: IMBI) is a leading interactive media company that owns a growing portfolio of lifestyle television networks, consumer brands, online marketplaces and media commerce services that together position the Company as a leading single-source partner to television advertisers and consumer brands seeking to entertain and transact with customers using interactive video.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This release contains statements, estimates, projections, guidance or outlooks that constitute “forward-looking” statements as defined under U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “project,” “should” and similar expressions identify forward-looking statements, which generally are not historical in nature. These statements may contain information about our prospects, including anticipated show, event, or product line launches, and involve risks and uncertainties. We caution that actual results could differ materially from those that management expects, depending on the outcome of certain factors.

Contacts:

Media:
press@imediabrands.com
(800) 938-9707

Investors:
Gateway Investor Relations
Cody Slach
IMBI@gatewayir.com
(949) 574-3860

FAQ

What is the significance of the exclusivity agreements for IMBI?

The exclusivity agreements secure continued access to popular products, stabilizing revenue streams that contribute over 20% of ShopHQ's annual revenues.

Which brands are involved in IMBI's exclusivity agreements?

The brands involved are Invicta Watch Company and FamJams Trading.

How long are the exclusivity agreements for IMBI?

The exclusivity agreements are for five years.

What percentage of ShopHQ's revenue is generated by the brands involved in IMBI's agreements?

The brands collectively generate over 20% of ShopHQ's annual revenues.

In which regions does IMBI have the right to market products under these agreements?

IMBI has the right to market products in North and South America, Europe, and Asia.