IGo® Announces Acquisition Of Adapt Mobile Ltd.
iGo, Inc. (Nasdaq: IGOI), a leading provider of eco-friendly power management solutions, today announced the acquisition of Adapt Mobile Ltd., a London-based marketer of a broad range of accessories for mobile electronic devices. The acquisition expands iGo’s European sales presence and increases its product offerings for fast-growing categories within the mobile accessories space.
Adapt Mobile’s best-selling items include its award-winning mini-projectors (also known as pico projectors) that attach to mobile electronic devices for displaying video, as well as a variety of skins, cases, chargers and screen protectors for mobile electronic devices. Additional information about Adapt Mobile’s products can be found at www.adapt-mobile.com.
Adapt Mobile’s products are available through retailers in Europe, as well as distributors that target the enterprise, government, and education markets. Adapt Mobile is currently generating annualized revenue of approximately $2.0 million.
“The acquisition of Adapt Mobile provides a number of synergies that we believe will help us profitably grow iGo,” said Michael D. Heil, President and Chief Executive Officer of iGo. “Adapt Mobile has effectively grown its business with limited financial support and distribution capabilities. With our strong balance sheet and established sales organization, we believe we can increase the penetration of Adapt Mobile’s products throughout Europe. Adapt Mobile also gives us exposure to emerging, fast-growing product areas that we believe can be successful both in Europe and the United States.”Total consideration for the Adapt Mobile acquisition was $900,000 in cash. The Company has signed multi-year employment agreements with the three principals of Adapt Mobile. Each principal of Adapt Mobile, Jack Hampson, Arno Nabuurs and Ben Theobald, has also received 200,000 restricted stock units (RSUs) from iGo as inducement grants without stockholder approval pursuant to Nasdaq Marketplace Rule 5635(c)(4). The RSUs will vest one-third per year over a three-year time period. About iGo, Inc. iGo, Inc., based in Scottsdale, Arizona, is a leading provider of power management solutions, including eco-friendly chargers, and accessories for laptop computers and mobile electronic devices (e.g., mobile phones, PDAs, digital cameras, etc.). iGo is also the creator of the new, innovative patent-protected power saving technology, iGo Green ® Technology, that automatically eliminates wasteful and expensive standby or “vampire” power that is generated from chargers continuing to draw electricity when a mobile electronic device no longer requires charging or is disconnected from the charger. iGo’s chargers also leverage iGo’s intelligent tip technology, which significantly minimizes electronic waste by enabling one charger to charge hundreds of brands and thousands of models of mobile electronic devices through the use of interchangeable tips. In addition to iGo’s innovative power management solutions, iGo continues to add new, novel mobile electronic accessories consistent with its vision to attach its products and technology to every mobile electronic device. iGo’s products are available at www.iGo.com as well as through leading resellers and retailers. For additional information call 480-596-0061, or visit www.igo.com. iGo and iGo Green are registered trademarks and Adapt Mobile is a trademark of iGo, Inc. and its affiliates. All other trademarks or registered trademarks are the property of their respective owners.
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