MINNEAPOLIS, June 21, 2021 (GLOBE NEWSWIRE) -- iMedia Brands, Inc. (the "Company") (IMBI) - Get iMedia Brands, Inc. Class A Report announces it has secured five-year exclusivity agreements with two of ShopHQ's largest vendors, Invicta Watch Company of America, Inc ("IWCA") and FamJams Trading LLC ("Famjams").
"These five-year exclusivity agreements provide our ShopHQ customers with the important stability of continuing to enjoy innovative products from brands they love," said Tim Peterman, iMedia CEO. "These agreements also provide our shareholders with the stability of continuing to enjoy the financial performance of three innovative brands that collectively generate over 20% of ShopHQ's annual revenues today."
In June, the Company entered into a Confidential Vendor Exclusivity Agreement with IWCA, one of the Company's ten largest vendors, pursuant to which IWCA granted the Company the exclusive right to market, promote and sell watches and watch accessories using the Invicta, Technomarine, S.Coifman and Glycine brand names and any substantially similar or directly competitive goods or services through the Company's live or taped direct response video retail programming in North and South America during the five-year exclusivity period.
The Company also entered into a Confidential Vendor Exclusivity Agreement with Famjams, one of the Company's ten largest vendors, pursuant to which Famjams granted the Company the exclusive right to market, promote and sell products using the Medic Therapeutics and Safety Vital brand names and any substantially similar or directly competitive goods or services through the Company's television networks, website, mobile and social applications, and brick & mortar retail in North and South America, Europe and Asia during the five-year exclusivity period.
About iMedia Brands, Inc.
iMedia Brands, Inc. (Nasdaq: IMBI) is a leading interactive media company that owns a growing portfolio of lifestyle television networks, consumer brands, online marketplaces and media commerce services that together position the Company as a leading single-source partner to television advertisers and consumer brands seeking to entertain and transact with customers using interactive video.
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