NEW YORK, June 25, 2012 (GLOBE NEWSWIRE) -- Omni Ventures, Inc. (OTCQB:OMVE), announced today that it has hired Mr. Deepak Ramchandani as the Company's Chief Executive Officer.
Mr. Ramchandani, an experienced apparel industry veteran, has launched and developed several successful apparel companies including Brands Unlimited, LLC, a leading designer and distributer of casual apparel to boutique customers as well as department store chains.
Additionally, Omni announced today a Letter of Intent to acquire certain revenue-generating assets of Brands Unlimited, including its account receivable, customer lists and intellectual property. Omni will also expand its operations in New York's Fashion District where it will maintain the offices and the showroom, which will serve the business to be acquired from Brands Unlimited as well as its PRVCY Premium brand.
"We are very excited to welcome Deepak on Board, add new lines of business and expand our operations into the heart of the New York Fashion District," stated Christian Wicks, President of Omni Ventures, Inc. He added, "Deepak brings with him about 20 years of valuable experience in the casual apparel business as well as additional lines of casual apparel business, which will augment our PRVCY brand and turn Omni into a versatile apparel holding company serving premium, mid-tier and discounted apparel markets."
Deepak Ramchandani stated: "I'm very happy to join the management team of Omni and am looking forward to the strategic partnerships, which we will strive to create for the company in the mid-tier and discounted apparel markets, in addition to the premium brand, which the Company has been developing and is planning to re-launch. Upon completion of the due diligence and the contractual paperwork on acquisition of the assets of Brands Unlimited, which has shipped about $1.1M of denim and casual tops this year, we are looking to immediately add at least $1.4M of current orders and about another $600K of orders in the works to the books of Omni. And by consolidating the operations between New York and Los Angeles, combining our sales forces, reducing expenses and targeting strategic customers we are looking forward to building a very solid revenue base covering all tiers of the increasingly savvy apparel shoppers markets."
About Omni Ventures
Omni Ventures, Inc. is the owner of PRVCY Couture, Inc., the casual couture apparel and accessories design, manufacturing and distribution company (www.prvcycouture.com) known for the "Made in Hollywood" PRVCY brands. The Company is in various stages of developing several related projects in the fields of consumer goods design, manufacturing and distribution as well as consumer services. For more info, please visit www.omve.net.
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities, and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company's business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company's periodic filings with the Security and Exchange Commission. You should carefully review the information disclosed within the section entitled "Risk Factors" contained in the Company's Current Report on Form 10Q/A filed on February 15, 2012, as well as the information contained in this release, when assessing the Company and its business. The Company undertakes no obligation to update any forward-looking statements.