iGo, Inc. (Nasdaq: IGOI), a leading provider of eco-friendly power management solutions and mobile electronic device accessories, today announced the signing of an investment agreement with Pure Energy Visions Corporation and the expansion of its distribution and licensing agreements with PES Canada, Inc. and its parent company, Pure Energy Solutions, Inc., the Company’s partners in the rechargeable battery business. iGo’s investment will fund further developments in rechargeable alkaline battery technology and improve the economics of the product line. In return for a total investment of $1.5 million Canadian dollars in Pure Energy Visions, iGo has received 2,142,858 shares of Pure Energy Visions common stock (which is traded on the TSX Venture Exchange under the ticker symbol PEV.V) at a price per share equal to $0.35, a $750,000 interest-free convertible secured debenture having a one-year repayment term that converts into an additional 2,142,858 shares of Pure Energy Visions common stock (also at a conversion price per share equal to $0.35) in lieu of repayment either upon the achievement of certain business goals or earlier at iGo’s discretion. The investment is subject to acceptance by the TSX Venture Exchange. In addition, this investment in new technology and equipment will reduce iGo’s cost of sourcing its rechargeable alkaline batteries, which will position the Company to offer the batteries at a lower price to consumers. iGo also has certain exclusive rights in a new proprietary battery technology being developed by PureEnergy Solutions. iGo Green® rechargeable alkaline batteries are scheduled to be introduced in July 2011. Michael D. Heil, President and Chief Executive Officer of iGo, Inc., commented, “Through this investment, we will be able to offer iGo Green® rechargeable alkaline batteries at a more attractive price point for consumers, further enhancing their appeal. With iGo Green, consumers can get a AA or AAA alkaline battery that can be recharged hundreds of times, saving them hundreds of dollars in the process and reducing the number of batteries that are tossed into landfills. We believe this will be a strong value proposition that will provide both a financial and an environmental incentive for consumers to make the switch from disposable batteries.”
About iGo, Inc.iGo, Inc. offers a full line of innovative accessories for almost every mobile electronic device on the market. Whether a consumer wants to power, protect, listen to, share, cool, hold or connect to their device, iGo has the accessories they need. iGo is also a leader in developing eco-friendly power solutions based on its patented iGo Green® technology, which automatically reduces the wasteful and expensive standby, or “vampire,” power consumed by electronic devices. 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 is a registered trademark of iGo, Inc. All other trademarks or registered trademarks are the property of their respective owners. About Pure Energy Solutions, Inc. Pure Energy Solutions, Inc. is a Boulder, CO-based company that is revolutionizing power delivery to portable electronic devices through its branded WildCharge™ wire-free power technology, and is a leading supplier of sustainable and environmentally responsible rechargeable battery products with its RAMcell™ rechargeable alkaline batteries. PureEnergy Solutions is the first company to offer commercially available wire-free charging technology that works with multiple devices across multiple brands, and carries the Eco Logo certification for its environmentally responsible battery designs and products. Through its Technology Licensing Program and WildCharge Mark of Interoperability, PureEnergy Solutions allows licensing partners the ability to create and manufacture products that integrate wire-free technology into their solutions and bring them to market quickly. PureEnergy Solutions enjoys a growing network of licensing partners and distributors, and its products are sold in over 75 countries. For more information go to www.pureenergy.com. This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. The words “believe,” “expect,” “anticipate,” “should,” and other similar statements of our expectation identify forward-looking statements. Forward-looking statements in this press release include the belief that the investment in Pure Energy Visions will enable iGo to offer its rechargeable alkaline batteries at a lower price to consumers and the belief that this strong value proposition will provide both a financial and an environmental incentive for consumers to make the switch from disposable batteries. These forward-looking statements are based largely on management’s expectations and involve known and unknown risks, uncertainties and other factors, which may cause the Company’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Risks that could cause results to differ materially from those expressed in these forward-looking statements include, among others, the rate of adoption of rechargeable alkaline batteries by more consumers; our ability to expand the distribution network for our new rechargeable alkaline batteries; our dependence on large purchases from two significant customers; our ability to expand and diversify our customer base; our ability to expand our combined revenue base and develop new products; our loss or failure to replace any significant retail or distribution partners; our failure to expand or protect our proprietary rights and intellectual property; our failure to complete development of products in a timely manner, including the iGo Green chip; our failure to achieve the performance criteria required of our products by our customers; fluctuations in our operating results because of: the timing of new product and technology introductions and product enhancements, relative to our competitors, market acceptance of our products, the size and timing of customer orders, our ability to effectively manage inventory levels, delay or failure to fulfill orders for our products on a timely basis, distribution of or changes in our revenue among distribution partners and retailers, our inability to accurately forecast our contract manufacturing needs, difficulties with new product production implementation or supply chain, our suppliers’ ability to perform under their contracts with us, product defects and other product quality problems, the degree and rate of growth in our markets and the accompanying demand for our products, our ability to expand our internal and external sales forces and build the required infrastructure to meet anticipated growth, and seasonality of sales; increased focus on consumer electronics retailers on their own private label brands; decreasing sales prices on our products over their sales cycles; increased reliance upon RadioShack and Walmart; the termination of reseller and distributor agreements or reduced or delayed orders; difficulty in predicting sales to our customers resulting in increased levels of inventory; lack of visibility to end user customers; resellers and distributors promotion of competitor products; corporate and other sales incentive changes at our resellers and distributors; our failure to introduce new products and product enhancements that achieve market acceptance; our failure to protect our intellectual property; intellectual property infringement claims against us; our reliance on and the risk relating to outsourced manufacturing fulfillment of our products, including potential increases in manufacturing costs; our reliance on sole sources for key components; our ability to manage our anticipated growth; our ability to manage our inventory levels; the negative impacts of product returns; design and performance issues with our products; product liability claims; our ability to hire and retain qualified personnel; our ability to secure additional financing to meet our future capital needs; increased competition and/or reduced demand in our industry; our failure to comply with domestic and international laws and regulations; economic conditions, political events, war, terrorism, public health issues, natural disasters and similar circumstances; volatility in our stock price; the risk that our common stock could be delisted from Nasdaq; concentration of stock ownership among our executive officers and principal stockholders; provisions in our certificate of incorporation, bylaws and Delaware law, as well as our stockholder rights plan, that could make a proposed acquisition of the Company more difficult; and dilution resulting from potential future stock issuances. Additionally, other factors that could cause actual results to differ materially from those set forth in, contemplated by, or underlying these forward-looking statements are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010 under the heading “Risk Factors.” In light of these risks and uncertainties, the forward-looking statements contained in this press release may not prove to be accurate. The Company undertakes no obligation to publicly update or revise any forward-looking statements, or any facts, events, or circumstances after the date hereof that may bear upon forward-looking statements. Additionally, the Company does not undertake any responsibility to update you on the occurrence of unanticipated events which may cause actual results to differ from those expressed or implied by these forward-looking statements.