Edison Nation, Inc. (EDNT) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

 

Exhibit 99.1

 

Xspand Products Lab, Inc. Reports First Quarter 2018 Financial Results and Recent Corporate Highlights

 

Doylestown, Pennsylvania – May 21, 2018 – Xspand Products Lab, Inc. (“Xspand”),

a full-service product development company, today reported its financial results for the first quarter ended March 31, 2018.

 

Recent Company Highlights:

 

·

Successfully completed initial public offering on April 30, 2018, selling an aggregate of 1,307,120 shares of its common stock at a public offering price of US$5.00 per share, resulting in approximately $6.5 million in gross proceeds.

 

·

Xspand began trading on The Nasdaq Capital Market exchange on May 3, 2018 under the ticker symbol “XSPL”.

 

·

Xspand secured approximately $1.0 million in purchase orders from a variety of customers, including two newly developed items for major theme parks based in Tokyo and Shanghai, for the one week period ending May 18, 2018.

 

·

Xspand’s patented Goodie Gusher item, www.goodiegusher.com, has been purchased by and now available at Party City.

 

·

Xspand’s arts and crafts brand, Pirasta, has secured its first international retail customer, Carefour, the world’s second largest retailer.

 

·

The first crowdsourced micro brand opportunities are expected to roll out next month through partnership with Edison Nation.

 

Management Commentary

“We are beginning 2018 with a great deal of enthusiasm,” noted Chris Ferguson, CEO of Xspand. “At heart, we are an award-winning product development company, with over 50 years of success designing, manufacturing and selling creative products and services globally to customers, including Fortune 500 companies. We believe our recent strategic partnership Edison Nation will provide a growing base of opportunities and even greater value proposition as we work to crowdsource innovation and scale products quickly and more efficiently than ever before.

 

“The $6.5 million in gross proceeds from our successful IPO have significantly strengthened our balance sheet, enabling us to accelerate revenue growth, both organically and via acquisition. Our acquisition strategy entails the acquisition of eight or more micro brands annually. We intended to commence this activity in the third quarter of 2018.

 

“We are serving a large, growing and dynamic market. The e-commerce marketplace continues to evolve with the rise of platforms like Kickstarter, which de-risk product launches before significant capital has been committed, and we intend to take advantage of this evolution to bring our products to a larger audience than ever before with minimal capital investment.”

 

“The entire company is laser focused on executing upon our stated goals. Management believes it is strongly aligned with shareholders and poised to create significant shareholder value,” concluded Ferguson.

 

---

The following information was filed by Edison Nation, Inc. (EDNT) on Thursday, May 24, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.