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Decorize Acquires Faith Walk Designs, Inc.
VISION STATEMENT We will create the world's best "source to business" home furnishings and accents company serving both small and large retail partners. Using technology, leading edge logistics and an innovative business model, we will shatter old standards for delivery time, value, product uniqueness and selection as we strive to satisfy every customer.
Decorize, Inc., the first direct sourcing model in the home furnishings industry that
allows small retailers to source the Far East, has announced that it will acquire Faith Walk
Designs, a Houston, Texas manufacturer of premium, hand painted furniture and home accents.
This is Decorize, Inc.'s second acquisition and their first as a public company.
According to Jon Baker, CEO of Decorize, Inc., "Faith Walk has been at the top of our list as an acquisition because of their brand name, the talent of their owner, Michael Sandel, and t he fact that we will be able to offer their creative designs at a better value to Faith Walk retailers. Using our model, we will quickly be able to reduce their pricing structure in almost half while improving margins." Michael Sandel added, "The Decorize model is truly leading edge for our category and we wanted to be a part of it. The chemistry and shared cultural values of our companies also made for a good fit. I have long dreamed of being able to make our proprietary furniture designs available to more customers through better pricing. At the upcoming High Point furniture market, retailers will find Bombay chests in our new Island Breeze collection will be at a $499.00 wholesale price point and we had been at $899.00 for a similar piece." The acquisition is a stock and cash transaction with Faith Walk keeping its offices in Houston. There will be no staffing changes for the 30 Faith Walk associates as a result of the acquisition. The Faith Walk revenue will be reflected in the August financials of Decorize, Inc. and according to Jon Baker puts the projected yearly revenues of Decorize, Inc. at approximately $17 million. Decorize was formed 13 months ago. "When we met with our board of directors last January to review our acquisition plan, Faith Walk was at the top of the list. We are delighted that someone of Michael Sandels stature and creative talent has joined our team," Baker concluded. More information on Decorize, its business model, and products can be found on their website: www.decorize.com. The corporate offices of Decorize, Inc. are located at 211 South Union Street, Suite F, Springfield, Missouri 65802. Questions may be addressed to Jon Baker, Chief Executive Officer at (417) 879-3326. Statements that are not historical fact, including statements about confidence and strategies and business expectations relating thereto are forward looking statements that involve risks and uncertainties that could significantly impact Decorize. These include the factors that are discussed from time to time in Decorize's filing with the Securities and Exchange Commission. |
