Bitzio, Inc. is pleased to announce the evolution of its corporate strategy culminating in the following corporate transactions: -Entered into an exclusive distribution agreement with E-Motion Apparel -Appointed Gordon McDougall as CEO and Marilu Brassington as CFO -Secured $500k in equity financing from an institutional investor -Restructured existing senior secured debentures through December 2015 On November 18, 2013, Bitzio entered into an exclusive distribution agreement with E-Motion Apparel, Inc. ("E-Motion"), a women's casual lifestyle apparel brand based in Los Angeles. E-Motion blurs the lines between function and art with its use of modern tie-dye designs that are fashionable, comfortable and versatile. E-Motion has grown from doing house parties and distribution in one or two high-end stores, to being in over 70 doors across the country from California to Florida. E-Motion has been featured on the cover of fashion magazines and already has a celebrity following including Julie Bowen and Adrian Maloof. Marilu Brassington, Chief Executive Officer of E-Motion Apparel and newly appointed Chief Financial Officer of Bitzio, commented, "Although E-Motion has experienced rapid growth since inception, our business has been held back by a lack of capital, having to forge our own distribution and retail relationships, and operating a small business. We are thrilled to join the Bitzio platform to accelerate our growth not only through solving these issues, but also because of the dynamic team that Bitzio has assembled to assist in our development."
Concurrent with the distribution agreement with E-Motion Apparel, Bitzio entered into an agreement with an institutional investor for a $500,000 investment into the Company's Series B Preferred Shares. In addition, Bitzio repaid certain unsecured convertible indebtedness and restructured its senior secured notes into long term debentures maturing in December 2015. Until recently, Bitzio focused its efforts on its mobile app development business, leveraging celebrity and athlete followings. With its learnings from the celebrity market, coupled with fashion and apparel business prospects sourced by management, Bitzio has shifted its focus to fashion, and adopted a unique Los Angeles based apparel brand incubation model. To drive the model forward, Bitzio has engaged industry veterans Gordon McDougall and Marilu Brassington as CEO and CFO, respectively, and they will join Hubert Blanchette on the Bitzio board of directors.
