CLEARWATER, FL--(Marketwire - 10/20/10) - H & H Imports, Inc. (OTC.BB:HNHI - News) parent company of TV Goods Holding Corporation and TV Goods, Inc., today announced that it has entered into an infomercial production and brand licensing agreement with Sleek-Audio, LLC. Under the terms of the agreement, the Company acquired certain marketing rights to certain developmental products from Sleek, and an equity interest in Sleek.On October 13, 2010 TVGoods, Inc. (the "Company") entered into an Infomercial Production and Brand License Agreement (the "Sleek Agreement") with Sleek-Audio, LLC ("Sleek") relating to the promotion and sale of certain Sleek products (the "Products") via direct response television and other forms of marketing.The Sleek Agreement shall continue through April 22, 2015 (the "Initial Term"), unless earlier terminated as provided therein. Subject to certain conditions in the Sleek Agreement, upon expiration of the Initial Term, the Company shall have the option to renew the Sleek Agreement for an additional five (5) year period (the Initial Term and any extension thereof, the "Term").Pursuant to the Sleek Agreement, the Company and Sleek shall share equally in the net profits received by the Company from the sale of the Products by the Company.Pursuant to the Sleek Agreement, on October 19, 2010, the Company executed subscription documents for the sale by Sleek to the Company of 6.6312 limited liability company membership interests (the "Membership Interests") representing five percent (5%) of the outstanding Membership Interests of Sleek after giving effect to such issuance at a purchase price of $500,000 to be used for tooling and working capital.Pursuant to the terms of the Sleek Agreement, if, during the Term of the Agreement, and for a period of six (6) months thereafter, Sleek sells all or substantially all of its assets, and certain conditions precedent are met by the Company, the Company will have the right to participate in up to 5% of the net proceeds from such sale (the "Participating Percentage"). The Participating Percentage will be in addition to any membership interests held by TVGoods at the time of such sale to potentially enable the Company to earn a participation of up to ten (10%) percent of the net proceeds of a sale of Sleek."This is a very strategic partnership for H & H Imports," stated Steve Rogai, President of TV Goods. "We are very excited to have the opportunity to work with Sleek-Audio and its management team. We will provide shareholders with additional detail as it becomes available."The terms of the agreement have been filed in an 8-K with the Securities and Exchange Commission.About The Company:H & H Imports, Inc. is the parent company of TV Goods Holding Corporation. TV Goods Holding Corporation is a direct response marketing company. We identify, develop and market consumer products for global distribution. TV Goods was established by Kevin Harrington, a pioneer and principal architect of the "infomercial" industry. Kevin Harrington is an original investor on the ABC show Shark Tank, which is owned by SONY Pictures and produced by reality TV mogul Mark Burnett. TV Goods management is responsible for over 500 infomercial spots accounting for over $4 billion in sales revenues. For more information go to www.TVGoodsInc.com.Forward-Looking Statements:
Except for statements of historical fact, the matters discussed in this press release are forward looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future," "plan" or "planned," "expects," or "projected." These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the company's control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, limited operating history, difficulty in developing, exploiting and protecting proprietary technologies, intense competition and additional risks factors as discussed in reports filed by the company with the Securities and Exchange Commission, which are available at http://www.sec.gov.
DC Consulting, LLC