CNBC.com | 10 Feb 2010
MINNEAPOLIS, Feb 10, 2010 (BUSINESS WIRE) — Aethlon Capital today announced that it has completed an equity stock offering for Coolibar, Inc., a manufacturer and marketer of high quality sun protection products including sun protective clothes, sun hats, UltraViolet protection swimwear, sunglasses, and umbrellas. Coolibar is a private company based in Minneapolis, Minnesota.
Proceeds from the Series E Preferred equity, which totaled $2,937,500, will be used for new- customer acquisition, inventory purchases and initiating distribution channels domestically and overseas.
Aethlon did an excellent job helping us to attract investors in a very difficult economy, said Donna Avery, CEO of Coolibar, Inc.
This funding will allow us to pursue key initiatives in brand development, product innovation, and sales growth.
Our vision is to be the number one trusted brand for sun protection worldwide, said John Barrow, Coolibar’s founder.
Sima Griffith and the Aethlon team have been tremendously supportive of that vision and this capital infusion will be instrumental in helping us achieve it. Commenting on the transaction, Sima Griffith, Managing Partner of Aethlon stated:
“Coolibar has strong growth potential as a result of an aging population, increasing rates of skin cancer and the growing awareness of the harmful effects of UV rays. This entrepreneurial company now has the capital and strategic partners it needs to take advantage of its market opportunities.”
Coolibar was founded in 2001 to bring Australia’s world-leading approaches to sun protection to the American market. The company has extensively redesigned Australian sun protective clothing styles to meet the tastes and needs of fashion- and health-conscious Americans. For information about Coolibar, go to www.coolibar.com or call 1-800-926-6509.