(San Francisco : Ucs News) Struggling retailer Sharper Image Corp., which filed for bankruptcy protection last month, stunned Wall Street analysts by announcing a 150 million deal with the Beijing Air Quality Administration. The deal is a life saver for the embattled San Francisco-based Sharper Image. The firms shares, (Pink Sheets: SHRP), rebounded 15%.
According to the contract, the Sharper Image Corp. will supervise the design and construction of 1oo massive Ionic Breeze Quadra air cleaning towers. The 160 foot air purifying towers will be located in a line 8 kilometers west of the main Olympic venues.
Sharper Image’s lawyer E. Robert Wallach said in a statement, “The contract vindicates the Ionic Breeze technology.” With the firms legal and financial troubles mounting, the contract is life line.
The San Francisco-based company filed for protection in U.S. bankruptcy court in Wilmington, Delaware. Sharper Image said it had $251.5 million in assets and $199 million in debt as of January 31, according to the filing. Cash on hand totaled about $700,000.