Lifetime Brands Allies with Accent Fairchild Group to Expand Presence in Canada
GARDEN CITY, N.Y.--(BUSINESS WIRE)--March 14, 2008--Lifetime Brands, Inc. (Nasdaq NM: LCUT), North America's leading resource for nationally branded kitchenware, tabletop and home decor products, has entered into a Letter of Intent to form a strategic alliance with the Accent-Fairchild Group, Inc. (AFG) to expand the sales of Lifetime's products and brands in Canada.
Under the proposed agreement Lifetime will make available certain of its brands and products to AFG and AFG will directly service most retailers based in Canada. AFG, which formerly sold certain Lifetime products under the name of Target Home Products, will also re-brand itself as LTB Canada. The proposed arrangement will not involve any cash investment on the part of Lifetime Brands.
Based in Toronto and Montreal, AFG has been Lifetime's Canadian distributor for more than 15 years and has strong relationships with Canada's leading retailers.
Jeffrey Siegel, Lifetime's Chairman, President and Chief Executive Officer, commented, "Today's agreement further solidifies Lifetime's position as a leading North American housewares company. As our long-time distributor, with a deep knowledge of the market and strong ties to retailers, AFG is the logical partner to help Lifetime substantially increase our penetration of the Canadian market."
Solly Feldman, President of AFG, added, "We are very pleased to expand our longstanding relationship with Lifetime Brands. We believe the opportunity to grow Lifetime's business in Canada is substantial and, accordingly, we are setting aggressive goals to grow the business."
The definitive agreement is expected to be signed within the next few weeks.
About Lifetime Brands, Inc.
Lifetime Brands is North America's leading designer, developer and marketer of kitchenware, cutlery & cutting boards, bakeware & cookware, pantryware & spices, tabletop, home decor, picture frames and bath accessories. The Company markets its products under some of the industry's best known brands, including KitchenAid(R), Farberware(R), Pfaltzgraff(R), Cuisinart(R), Block(R) China and Crystal, Calvin Klein(R), CasaModa(R), Cuisine de France(R), Gorham(R), Hoffritz(R), International(R) Silver, Joseph Abboud(TM), Kamenstein(R), Kirk Stieff(R), Lisa Jenks(R), Melannco(R), Nautica(R), Pedrini(R), Roshco(R), Sabatier(R), Sasaki(R), Towle(R) Silversmiths, Tuttle(R), Wallace(R), :USE(R) and Vasconia(R). Lifetime's products are distributed through almost every major retailer in the United States.
The information herein contains certain forward-looking statements including statements concerning the Company's future prospects. These statements involve risks and uncertainties, including risks relating to general economic conditions and risks relating to the Company's operations, such as the risk of loss of major customers and risks relating to changes in demand for the Company's products, as detailed from time to time in the Company's filings with the Securities and Exchange Commission.
CONTACT: Lifetime Brands, Inc.
Christian G. Kasper, 516-203-3590
Senior Vice President
chris.kasper@lifetimebrands.com
Or
Investor Relations:
Lippert/Heilshorn & Assoc.
Harriet Fried / Jody Burfening, 212-838-3777
hfried@lhai.com
SOURCE: Lifetime Brands, Inc.