Strong Balance Sheet Positions Company for Growth
LONG BEACH, Calif.–(April 1, 2014)–Human Touch®, the U.S. market leader of innovative lifestyle, zero gravity and massage products, announced today the upcoming launch of several new products with revolutionary technology, and promotional programs to celebrate its 35th anniversary during 2014. The exciting roll-out strategy for this milestone celebration will be introduced during the High Point Market Spring furniture show April 5-10, 2014.
“We are committed to our mission of providing innovative lifestyle products and experiences that deliver indispensable, life-changing benefits to an ever-growing number of consumers. Marking 35 years in business underscores our ongoing commitment to serve our customers and resellers now and in the future,” said David Wood, Chief Executive Officer.
In addition, the Company announced the successful completion of an exchange offer under which over 99% of the Company’s outstanding Secured PIK Notes were exchanged into a combination of preferred and common stock. The exchange offer followed the Company’s repurchase of all of its 7¼% Senior Notes in May 2013. The two transactions resulted in the elimination of substantially all of the Company’s indebtedness and interest expense going forward.
We believe this successful modification of the Company’s capital structure will provide added flexibility to pursue marketing and growth strategies, and it will permit management to focus additional time and resources on expanding the Company’s product offerings and customer base. “The exchange offer is a significant positive development for Human Touch, and we greatly appreciate the support of our bondholders in completing this long-term strengthening of our capital structure,” said Robert Chartener, Chairman of the Board.
The Company was represented by Gibson, Dunn & Crutcher LLP and the bondholders were represented by Stinson, Leonard Street LLP. The High Point Market Spring Market furniture show will be held at the High Point Market Authority in High Point, NC.
About Human Touch
Human Touch, celebrating its 35th anniversary as the leading U.S. brand of high-technology, design-oriented massage chairs and products for today’s modern and traditional living spaces, offers advanced technology and designs for consumers seeking to incorporate health and wellness into their everyday routines. Appealing to back pain sufferers, sports enthusiasts, and those looking to relax from today’s hectic lifestyles, Human Touch delivers high-quality Robotic Massage® chairs, zero-gravity recliners such as its award winning Perfect Chair®, and other industry-leading massage products that help people feel better, play better, and perform better. Human Touch products are available at fine furniture and consumer electronics stores, back care specialty stores, more than 10,000 chiropractors across the country, through nationwide road show events, through international retailers and distributors in more than 40 countries, and online at www.humantouch.com.
Director of Marketing, Human Touch