Business
CCA Industries, Inc. Announces Acquisition of Hair Off and Solar Sense Trademarks
CCA Industries, Inc. Announces Acquisition of Hair Off and Solar Sense Trademarks.
About this update from Cca Industries, Inc.
[{"type":"text","content":"\n\n\n\nCCA Industries, Inc. Announces Acquisition of Hair Off and Solar Sense Trademarks\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nCCA Industries, Inc. Announces Acquisition of Hair Off and Solar Sense Trademarks\nPR Newswire\nLYNDHURST, N.J., Feb. 14, 2020\n\n\n\nLYNDHURST, N.J., Feb. 14, 2020 /PRNewswire/ -- CCA Industries, Inc. (OTC: \"CAWW\"), announced today that it purchased the Hair Off trademark and related intellectual property from Inspired Beauty Brands, Inc. (\"Licensor\"), and purchased the Solar Sense trademark and related intellectual property from K.E.L.K. Corp.\nLance Funston, Chairman of the Board, commented, \"The Hair Off brand provides CCA with a wax based facial and body hair removal system which is very complementary to our Bikini Zone depilatory line of products. We indicated in our press release in the fourth quarter of 2019 that we had retained the service of Cross Tree, LLC to explore strategic alternatives. Acquiring Hair Off at 1.8x gross revenue and Solar Sense at 1x average historical annual revenue made strategic sense.\"\nBoth will be marketed exclusively through ecommerce platforms providing the Company with compelling profit margins.\nThe purchase of the Hair Off trademark and related intellectual property was completed in December 2019, with a payment of $500,000 to the Licensor. The Company had been licensing the Hair Off trademark since March 1986. The license agreement would have expired on November 30, 2022. In the year ended November 30, 2019, the Hair Off brand had gross sales of $275,518. The Company paid royalties of 10% of gross sales.  \nThe purchase of the Solar Sense trademark took place in January. The agreement provided for the payment of $625,000 in cash and the issuance of 155,000 shares of preferred stock. The Company acquired all rights to the Solar Sense trademark in the transaction. The Company had licensed the Solar Sense trademark since 1998. Solar Sense has a 50-year history and is uniquely positioned in the \"all natural\" zinc sector.\nLance Funston, Chief Exe...