Phoenix-based specialty retailer and loyalty marketplace preferred partner SkyMall has merged into a subsidiary of leading digital marketing and advertising solutions provider Xhibit. Together, the companies will concentrate on the next-generation interactive platform to provide a comprehensive and enhanced client experience to SkyMall's 650 million viewers and to more than 135 million loyalty division members.
"We are excited to bring these two companies together," said Xhibit Founder Chris Richarde , who will now serve as president of Xhibit Corp. "At Xhibit's core, we have focused on building communities that link consumers with product and service providers while enhancing the purchasing process. We believe that our platform will enhance the shopping experience for SkyMall's suppliers, customers and members."
Xhibit's large digital media distribution network will combine with SkyMall's increasing merchants and customer reach to create a world-class consumer merchandising and relationship platform. SkyMall's catalog is currently accessible to 80 percent of domestic travelers in the United States, and SkyMall is additionally the preferred loyalty partner provider to iconic enterprises in finance, gaming, and hospitality verticals.
Najafi Companies - the owners of SkyMall prior to the merger - will continue as a major shareholder of Xhibit Corp. Xhibit has acquired all outstanding capital stock of the SkyMall parent for newly issued shares of Xhibit common stock, which represents around 40 % of the total outstanding shares of Xhibit capital stock. Structured as a merger of a newly formed Xhibit subsidiary into the SkyMall parent, the transaction was unanimously approved by the Xhibit and SkyMall parent boards of directors and by the shareholders of the SkyMall parent.
For more information, visit www.xhibitcorp.com
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