Nimbus intends to take a 51 per cent stake in Fragex for 1.155 million shares of Nimbus' restricted common stock, approximately 15 per cent of the outstanding shares of the Nimbus Group.
"Over the years, Fragex has succeeded in building a strong and valuable base of customers that utilise our exceptional resources to deliver a turnkey product. We have created a one-of-a-kind niche in a growing industry by facilitating the creation of brand-name cosmetics and fragrances without the client having to invest large capital normally associated with such development costs," said managing director of Fragex Patrice Henry.
Fragex specialises in developing cosmetics and fragrances for major brand names in Europe and Asia. In business since 2000 it has sales of €2.4 million in 2003 and owns designs for personal care products including unique glass and plastic moulds for fragrances. The Company specialises in providing a turnkey product to brand owners worldwide.
"We believe that Nimbus should benefit substantially from the infrastructure and resources that Fragex brings to this transaction. The acquisition of Fragex will give Nimbus the correct combination of personnel, and assets which will enable us to meet the qualification standards of listing on the American Stock Exchange earlier than planned," said president of Nimbus Group Lucien Lallouz.
Nimbus specialises in licensing and developing fine fragrances and skincare cosmetics worldwide. It currently licenses and markets the Phantom brand fragrances and the Cara Mia total skin care system.