Gemini Industries Completes Acquisition of Zenith Electronics Accessories Business

Clifton, NJ– July 12, 2001– Gemini Industries, Inc. today announced that it has completed its previously announced acquisition of the assets of Zenith Electronics Corporation’s consumer electronics accessories business. Gemini also entered into a long-term brand licensing relationship under the agreement.     Terms were not disclosed.Following the transaction, Gemini will offer an even more extensive range of product solutions and sales opportunities to our consumers and retail partners.”

Among the more exciting of these immediate product opportunities are:

  • ZenGM2 The Universal Remote Control for Play Station 2(TM)
  • Klicker (TM) The unique line of children’s remote controls
  • Video Senders The 4Ghz wireless room-to-room remote control systems
  • Baby Monitors Advanced Wired and Wireless Baby Monitor and Security
  • Camera solutions
  • Digital Accessories Complete Satellite and Digital Accessories

The Company expects that additional innovative product solutions will result from this transaction in the coming weeks and months.

This transaction is part of Gemini’s long-term strategy to increase its presence in the consumer electronics industry through both internal growth and selective acquisition. Gary A. Nacht, Vice Chairman of Gemini Industries, said,“This transaction fits the profile of the strategic opportunities Gemini seeks. Zenith has a strong brand name, complements the current Gemini product profile and significantly expands Gemini’s customer base.”

The majority of the members of the Zenith Accessories business joined Gemini.

About Gemini Industries
Gemini Industries, Inc. is a leading manufacturer and distributor of consumer electronics accessories marketed under many of today’s prominent brand names, including Philips®, Philips Magnavox®, Magnavox®, Southwestern Bell Freedom Phone® and now Zenith®. Gemini’s customers include the nation’s leading home improvement stores and mass merchants, representing more than 20,000 retail locations.

Zenith is a registered trademark of Zenith Electronics Corporation. Play Station 2 is a trademark of SONY computer entertainment, Inc.

About Synergy Enterprises
Synergy Enterprises, LLC is a Fort Lauderdale-based firm owned by Gary Nacht, its Chairman and CEO. Founded in 1995, Synergy has been acquiring and advising distressed and underperforming companies for over 20 years across a wide diversity of industries, including Kmart Canada, Northern Reflections, Gemini Industries, DPI International and AmerTac Inc.  Recently, Synergy launched its Quick Strike Advisory Service to help companies experiencing operating losses achieve short-term recovery.