Fenbo intends to use approximately 20% of the net proceeds to bolster its research efforts on developing new products; approximately 40% of the net proceeds to develop its own branded products; approximately 30% to form an expanded sales team for marketing its own branded products; and approximately 10% for general working capital, according to the filing.

Headquartered in Hong Kong, Fenbo represents over 30 years of experience producing personal care electric appliances (principally electrical hair styling products) and toys products to overseas markets. The company, since 2006 also has been served as an OEM and ODM for Spectrum Brands, a global home essential company, and its sole customer, producing electrical hair styling products, under the "Remington" brand which Spectrum Brands has the right of the use of, and which are currently sold to Europe, United States and Latin America, according to its website.