NEW BERLIN, Wis.--(BUSINESS WIRE)--The Board of Directors of FirsTime Design Limited (FTDL) is pleased to announce a non-brokered private placement (the “Offering”) of up to 521,739 shares of restricted common stock, 6-2/3 cents par value per share, of FTDL, at $5.75 per share. On June 30, 2017, FTDL issued 369,559 shares of such common stock. All securities issued under the Offering are subject to a six month transfer restriction. As of June 30, 2017, FTDL had approximately 1,871,678 shares of common stock outstanding, including restricted shares issued in the private placement as of such date.
The Board of Directors of FTDL also announced today that it has authorized the repurchase of up to $2,000,000 of FTDL’s common stock from time to time on the open market or in privately negotiated transactions. The timing and amount of any repurchases of common stock will be determined by FTDL’s management, based on its evaluation of market conditions and other factors. The repurchase program may be suspended or discontinued at any time, including a suspension or discontinuance of the repurchase program in order to preserve net operating losses of FTDL. The repurchase program will be funded using the proceeds of the private placement and FTDL’s existing working capital.
The Board of Directors of FTDL has also voted to decrease the size of the Board, from four to three. Mr. Peter Wierenga was removed as Chairman of the Board, on June 26, 2017. Christopher D. Bering, President and CEO, has been appointed Chairman of the Board, and will also continue as the President and Chief Executive officer of FTDL and its subsidiaries, to include the newly acquired InnerSpace Luxury Products. Bering had served as President and Chief Executive officer of FTDL, since 2013.
Upon written request, pursuant to Section 2.2(b) of the bylaws of FTDL, the Board of Directors of FTDL set a demand record date of July 10, 2017 in order to determine the shareholders entitled to demand a special meeting of the shareholders.
About FirsTime Design Limited
FirsTime Design Limited, through its subsidiary, FirsTime Manufactory, Inc., is an industry leading designer, marketer and distributor of decorative home décor products sold at major-national retailers and e-commerce channels. More information can be found at: www.firstimeonline.com or http://www.otcmarkets.com/stock/FTDL/quote.