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InfoSonics and Cooltech Announce Merger ClosingMIAMI, March 12, 2018 /PRNewswire/ -- InfoSonics Corporation ("InfoSonics" or the "Company") (NASDAQ: IFON) and Cooltech Holding Corp. ("Cooltech") today announced the successful completion of the merger of the companies effective March 12, 2018. Cooltech is now a wholly-owned subsidiary of InfoSonics and the Company's common stock will continue to trade on the NASDAQ Capital Market under the stock ticker symbol "IFON." Pursuant to the merger agreement, Cooltech shareholders received 1,874,769 InfoSonics shares consisting of 1,241,000 common shares and 633,769 shares of the Company's 0% Series A Convertible Preferred Stock ("Preferred Stock") to those Cooltech shareholders who, as a result of receiving common stock, would own in excess of 4.99% of the Company's common stock after the merger, in exchange for each share of the Cooltech's capital stock outstanding immediately prior to the merger. In addition, in accordance with the terms of a Securities Purchase Agreement, dated as of August 3, 2017 between the Company and certain accredited investors, the Company issued an aggregate of 175,000 shares of common stock and 175,000 warrants to purchase 175,000 shares of common stock in exchange for an aggregate of $1.75 million in cash. InfoSonics now has approximately 2,726,000 shares outstanding, which includes 633,769 shares underlying Preferred Stock. "Today marks a significant milestone in the histories of both InfoSonics and Cooltech," said Mauricio Diaz, President and CEO of InfoSonics. "We are extremely excited to complete the merger and move forward to execute our strategy as an Apple licensed partner to grow our retail footprint under our OneClick branded stors. We are one of a limited number of partners under the Apple Premium Reseller and Apple Authorized Reseller Mono-Brand programs in Latin America and the United States, and hope to expand into other countries in the near future. In addition, we want to take advantage of the synergies between our distribution business and verykool®, and provide all InfoSonics shareholders with the opportunity for growth to maximize the value of our Company." About InfoSonics Corporation Forward-looking and cautionary statements
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