Infusion Brands International, Inc. Unaudited Condensed Pro Forma Financial Information Transactional Background, Accounting and Basis of PresentationInfusion Brands International, Inc. • August 15th, 2011 • Perfumes, cosmetics & other toilet preparations
On May 9, 2011, we entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) with HSE and the holders of 100% of the issued and outstanding common stock of HSE pursuant to which we purchased 50% of the issued and outstanding HSE Shares for an aggregate purchase price of 50,000 Euros ($75,154 based upon the exchange rate on the transaction date). HSE, which is located in Baleares, Spain, is engaged in the development and retail sale of consumer products throughout most of Europe, in particular, HSE's flagship product is the Dual Saw by Startwin. Through this acquisition, we became the principle owners of the intellectual property related to Dual Saw in geographic regions whereby Startwin already took ownership of this trademark right. By combining our enterprises, we believe this acquisition helps to unify the worldwide brand for Dual Saw. Moreover, with a global presence this acquisition will help open channels of distribution for cross border promotion of our other resp
