"I am also very pleased to announce the promotion of Jeff Kornblum to President and Chief Executive Officer," Mr. Lipton continued. "Jeff has been invaluable to us, translating our vision and building a presence online."
Under the terms of the Asset Purchase Agreement and related agreements, the Company received $9.0 million at the closing and Ice delivered $500,000 to an escrow agent to be held for six months as security for the Company's indemnification and other obligations under the Purchase Agreement and related agreements.
As a result of the sale, the Company became prohibited from engaging in the online retail sale of jewelry and diamonds.
The Company continues to be an online retailer of brand name watches and luxury goods through two websites, www.ashford.com and www.worldofwatches.com .
In connection with the sale, the Company and Ice entered into a Transition Services Agreement which provides that, for a period of up to 60 days, the Company shall provide to Ice certain services relating to the maintenance and operation of the diamond.com website, including technology support and fulfillment services.
Jeff Kornblum, President and Chief Executive Officer, stated: "It is a great opportunity to lead Odimo in this new phase of our development.
The sale of the jewelry and diamond segment of our business will enable us to bring greater focus to our Company and dramatically reduce our cost structure.
I welcome the chance to develop this potential and look forward to working with Alan, the Board and our Odimo team to take us to a new, exciting level."
Odimo is an online retailer of current season high quality diamonds, fine jewelry, brand name watches and luxury goods.
marketing@alchempro.com
