Marietta’s Lori Lite, who was rewarded $250,000 from an investor last year, gets some additional love from her ABC’s “Shark Tank Update” during this Friday’s episode at 9 p.m. on WSB-TV.
The show, in a 70-second clip about one-third through the episode, updates her success with Stress Free Kids since she received the money. She has a line of CDs and books that help kids to reduce stress through stories.
The biggest breakthrough: national distribution at several chain bookstores. The report shows her reading one of her books to a group of children at a book store in California, taped about a month ago.
“This is the best book ever!” one cute blond child says to her.
“We are expanding our brand,” she told ABC. “We are reaching more children not only in America but globally. I would not have gotten to this place this fast without ‘Shark Tank.’ ”
“Shark Tank” features wealthy “sharks” facing entrepreneurs who pitch their businesses in hopes of getting an investment from one or more of the sharks.
In a phone interview, Lite said she met with investor Barbara Corcoran and they worked out a financial arrangement that wasn’t quite the same as what appeared on the show but she wouldn’t provide specific details. On the show, Corcoran agreed to give Lite $250,000 for a 50 percent stake in Lite’s company.
“She’s fabulous,” Lite said, of Corcoran. “She’s super enthusiastic and creative. She’s very focused, very direct, very candid. She’s a wealth of knowledge.”
To piece the deal together, Lite said there was a ton of paperwork. “It was a very extensive process,” she said. “It took a lot of time to pull together. But I’m very happy. I’m excited that ABC wanted to follow up with me.”
She is putting out a digital download of her book “Angry Octopus” with some animation. It can be downloaded onto a DVD or viewed on a computer. She’s also considering a version using sign language. Overall, she has six books in hardcover and three children’s CD in her lineup. She has not had time to add to it but for now is finding ways to market her existing products in a broader fashion.
One more bit of good news: her products will be available for A list stars at the Golden Globes next week.
“I’m looking forward to a fabulous year,” she added. “I want to reach more children. That’s my goal.”
8:00 am January 8, 2010, by Rodney Ho AJC Online
Shark Tank News
Nice to get an update on how things worked out. I was curious to see if Barbara made the right decission by investing in Stress Free Kids, and it seems she did.