×

Quirky, Inc. Set For Ch. 11 Sale Process

NEW YORK, Oct. 8, 2015 (GLOBE NEWSWIRE) -- Quirky, Inc. has filed a motion to retain Hilco Streambank (www.hilcostreambank.com) as its disposition and sale agent to monetize Quirky's considerable portfolio of intangible assets. The assets include active and pending patent applications, U.S and Foreign registered trademarks, the Quirky inventor platform, 130 registered domains - including "Quirky.com", product inventory and all proprietary software. The proposed sale is to be conducted pursuant to Section 363 of the Bankruptcy Code in the Chapter 11 case pending in the United States Bankruptcy Court for the Southern District of New York (Case No. 15-12596). The proposed bid deadline is November 12, 2015 at 5:00 PM (EST) with an auction to take place on November 17, 2015.

Parties interested in learning more about Quirky's assets to be offered for sale, the sale process and other bidding requirements should contact Hilco Streambank directly using the contact information provided below.

Quirky was founded by Ben Kaufman in 2009 with the purpose of making invention accessible to everyone. As of September 30, 2015, Quirky's product line consists of over 240 SKU's in a variety of industry categories from small appliances to power supply devices and productivity gadgets. In addition, the invention community consists of approximately 1.15MM members.

Quirky was a unique technology incubator that was responsible for the development of a wide array of products including Pivot Power ®, Cordies® and the Broom Groomer ®. By developing close relationships with retailers and inventors, Quirky earned a reputation of being both creative and business savvy and established itself as a trustworthy partner for inventors looking to bring their products to market.

About Hilco Streambank

Hilco Streambank is a market leading advisory firm specializing in intellectual property disposition and valuation. Over the last three years Hilco Streambank has become a leader in the IP valuation and disposition market, representing brands across various industries. Having completed numerous transactions including sales in publicly reported Chapter 11 bankruptcy cases, private transactions, and online sales through HilcoDomains.com and IPv4Auctions.com, Hilco Streambank has established itself as the premier intermediary in the consumer brand, internet and telecom communities. Hilco Streambank is part of Northbrook, Illinois based Hilco Global (www.hilcoglobal.com), a worldwide financial services company and leader in helping companies maximize the value of their assets.

For questions or more information regarding the Quirky assets, please contact:

Gabe Fried
Chief Executive Officer
Hilco Streambank
(781) 471-1238
gfried@hilcoglobal.com

Dmitriy Chemlin
Director
Hilco Streambank
(212) 610-5642
dchemlin@hilcoglobal.com

Matt Helming
Director
Hilco Streambank
(781) 471-1240
mhelming@hilcoglobal.com

Counsel for the Debtors:
Jeffrey L. Cohen
Partner
Cooley LLP
absolutepriority.cooley.com
(212) 479-6218

CONTACT: Gary C. Epstein EVP Chief Marketing Officer Hilco Global gepstein@hilcoglobal.com (847) 418-2712

Source: Hilco Global