OmniReliant Holdings Enters into Purchase Agreement to Acquire Assets of Abazias, Inc.
EXHIBIT
99.1
OmniReliant
Holdings Enters into Purchase Agreement to Acquire Assets of Abazias,
Inc.
CLEARWATER,
Fla., December 9, 2008 – On December 3, 2008, OmniReliant
Holdings, Inc. (“OmniReliant”) OTCBB: ORHI entered into a securities purchase
agreement (the “Purchase Agreement”) with Abazias, Inc. (“Abazias”) OTCBB: ABZA,
a Delaware corporation and Xxxxxxx.xxx, Inc., (“Abazias Sub”), a Nevada
corporation and wholly owned subsidiary of Abazias, pursuant to which
OmniReliant purchased substantially all of the assets of Abazias Sub for an
aggregate purchase price of: (i) a loan in the amount of Five Hundred Thousand
Dollars ($500,000) (the “Loan”) and; (ii) the issuance of up to thirteen million
one thousand (13,001,000) shares of the Company’s zero coupon convertible
preferred stock (the “Preferred Stock”) to the Shareholders of Abazias, subject
to adjustment as set forth in the Purchase Agreement.
Upon the
Closing of this transaction Abazias Sub will become a wholly owned subsidiary of
the Company. Commensurate with the entering into of the Agreement,
Abazias Sub has entered into Employment Agreements with Xxxxx Xxxxxxxxx and
Xxxxx Xxxx, with Xx. Xxxxxxxxx serving as Chief Executive Officer and President
of Abazias Sub and Xx. Xxxx serving as Vice President, Chief Financial Officer
and Chief Operating Officer of Abazias Sub.
Recently,
Abazias, Inc. was featured in Internet Retailer Top 500
Guide. Abazias is showcased as one of the 500 trailblazers who have
helped make Internet retailing one of the fastest growing segments of the U.S.
retail industry. The staff editors of Internet Retailer chose to
include Abazias based on its sales, corporate strategies, merchandising, and
marketing tactics (xxxx://xxx.xxxxxxx.xxx/).
Xxxx X.
Xxxxxxxx, CEO of OmniReliant Holdings, Inc. stated, 'Xxxxx Xxxxxxxxx and Xxxxx
Xxxx have built a strong team and formidable e-commerce website for diamonds and
jewelry that competes with such companies as Blue Nile. With our recent purchase
of our studio we have the ability to give access to the Abazias team to film
diamonds/jewelry segments and instructional videos for their website and even to
launch their own jewelry TV channel’
About
Abazias
Abazias
showcases over 150,000 diamonds, valued at over $1 billion on its website. Most
of Xxxxxxx.xxx's diamonds are GIA, AGS or EGL certified. Abazias offers the
'Couples Diamond(R)' which is required to meet even higher standards for cut,
clarity and dimensions. Abazias is also a full-service jeweler offering a large
selection of settings for stones purchased and other jewelry. For more
information about Abazias, visit the company's website at xxx.xxxxxxx.xxx.
The
Company, through its wholly owned subsidiary, OmniReliant Corporation, engages
in the creation, design, distribution, and sale of affordable luxury products
available to U.S. and international consumers. The Company plans to market its
products through direct response infomercials, live shopping networks,
ecommerce, direct mail and traditional retail channels. The corporate offices of
OmniReliant are located at 00000 Xxxxxxxx Xxxxxx, Xxxxxxxxxx, XX 00000. For
additional information visit xxx.xxxxxxxxxxx.xxx.
Forward-Looking-Statement:
Except for factual statements made herein, the information contained in this
press release consists of forward-looking statements that involve risks and
uncertainties, including the effect of changing economic conditions, customer
acceptance of products and other risks and uncertainties. Such forward-looking
statements are not guarantees of performance, and OmniReliant results could
differ materially from those contained in such statements. These forward-looking
statements speak only as of the date of this release, and OmniReliant undertakes
no obligation to publicly update any forward-looking statements to reflect new
information, events or circumstances after the date of this
release.
SOURCE
OmniReliant Holdings, Inc.
Contact
Information:
OmniReliant
Holdings, Inc., Clearwater, Florida
Xxxx
Xxxxxxxx, CEO and President (000) 000-0000
