Thane International's Acquisition of Reliant International Media Corp. Receives Shareholder Approval
Miami, FL - May 22, 2002 - H.I.G. Capital, a Miami based private investment firm, announced today that its affiliate, Thane International, Inc. ("Thane") has completed its merger with Reliant Interactive Media Corp. ("Reliant") (OTC Bulletin Board: RIMC). After the merger, Reliant will operate as a wholly-owned subsidiary of Thane. Each Reliant stockholder will receive .3049459 shares of Thane common stock for each share of Reliant common stock owned at the time of the acquisition. Reliant's shares will continue to trade on the OTCBB through the close of business May 22, 2002, and common shares of Thane will commence trading under the symbol THAN on the OTCBB exchange beginning Thursday, May 23, 2002.
Sami Mnaymneh, Managing Partner of H.I.G. Capital, which owns a majority stake in Thane, commented, "The acquisition of Reliant broadens Thane's portfolio of products, creates the opportunity to market more products through Thane's multiple distribution channels, and results in material cost savings for order processing, fulfillment and product sourcing. This acquisition continues the evolution of Thane into a leading multi-channel direct marketing company in the industry."
The combination of Thane and Reliant, in addition to Krane Products, Inc., a telemarketing firm acquired by Thane in March 2002, creates a company with historical pro forma revenues in excess of $350 million and EBITDA in excess of $30 million (adjusted for non-recurring stock compensation of $2.4 million) for the nine months ended December 31, 2001.