Xspand Products Lab Inc., a product development company in Phillipsburg, has officially closed on the previously announced acquisition of its strategic partner, Edison Nation LLC for $950,000 and 990,000 shares of common stock.
Edison Nation is a consumer product development consulting firm. To date, it has investment more than $11 million into its proprietary platform, has generated more than 100,000 idea submissions which resulted in more than $250 million in retail sales, and has partnered with companies such as Amazon, Bed Bath & Beyond, Walmart, Rite Aid and more.
“We are pleased to announce the closing of the acquisition of Edison Nation,” said Chris Ferguson, CEO of Xspand Products Lab. “Edison Nation is the leader in crowdsourced innovation, which will enable us to fully leverage our established operating infrastructure to form a true full-service product development platform, creating value for both innovators and our shareholders alike. I remain fully confident in the ability of our combined company to become a driving force behind the next wave of internationally recognized products.”