Press Release, News
Bitzio, Inc. (OTCQB:BTZO), a leading mobile media and app company, has entered into a letter of intent to acquire New York City-based Grandstand Sports and Memorabilia.
Founded in 1999, Grandstand is one of the largest providers of unique memorabilia in the sports and entertainment industry. Grandstand generated $11 million in revenues in 2012, with a large focus of its business on fundraising events and charity auctions. Grandstand's exclusive signings have included Olympic gold medalist Michael Phelps and world-renowned soccer player Pele.
The combined company will create a unique multi-channel business singularly focused on sports and entertainment fans and their communities. Through merging Bitzio's deep digital marketing expertise and fan reach with Grandstand's solid roots and history in sports and entertainment products, the new Bitzio will be well positioned as a leader in connecting fans to their favorite athletes, teams and celebrities across online and offline channels. The platform will bring together physical products, virtual goods, e-commerce, offline commerce, digital engagement and physical experiences all centered around one common thread: the fanatic.
"This transformative acquisition unites the unique and profitable niche of Grandstand Sports with the digital marketing know-how of Bitzio," said Peter Henricsson, president and CEO of Bitzio. "The result will be a new, state-of-the-art multi-channel platform that will Engage very specific, eager fan bases by connecting them to their favorite celebrities and sports idols and monetizing key steps of the engagement. Grandstand also brings with it invaluable assets in terms of its employees and management team, particularly its founder."
Grandstand's founder and president, Howard Schwartz, is a well-known and respected member of the sports and entertainment memorabilia industry that he has served for more than 15 years. His expertise and extensive industry knowledge is regularly sought on issues of authentication and industry matters, including appearances on major news outlets like CNBC and MSNBC. He has participated in more than 700 autograph signings, and has established numerous long-term and personal relationships with players and agents.