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Shark Tank Season 3, Episode 15: REMYXX Recycles Shoes, UniKey Recycles Technology

By   /   May 19, 2012  /   2 Comments

Excitement was running high for the final episode of Shark Tank Season 3. It’s been an exciting season full of wild inventions, a few superstar cameos, heartfelt stories, and massive deals. The season finale was no different, and viewers even got to see an update from EzVIP, who made a deal earlier this season with Daymond. Missed the season finale and want to catch up on what went down in the tank? Here’s what happened:

Cougar Ltd. seeks a lady’s touch of investment: $150,000

First into the Shark Tank tonight was Cougar Ltd., an energy drink company focused on marketing to women. Ryan Custer, owner of Cougar Ltd. and self-proclaimed cougar-lover, went before the Sharks seeking a $150,000 investment in exchange for 30% of his energy drink company. In recent years cougars have become a pop culture phenomenon, thanks, in part, to shows like Desperate Housewives and The Real Housewives series. The Sharks were interested to know what kind of sales Cougar Ltd. had, but they were less than impressed to learn that Ryan had only sold about $60,000 worth of product… in three years. Kevin remarked, “Barbara, you used to be a cougar,” so all were waiting to hear what she thought after taste testing the drink. Unfortunately for Ryan, Barbara claimed the drink tasted chalky, and that was it for the Sharks. No offers were made for Cougar Ltd.

REMYXX recycled shoe company seeks $50,000, walks away with more

Second into the tank was Gary Gagnon, founder of REMYXX, who was seeking a $50,000 investment in exchange for 10% of his company. REMYXX is a sneaker company built on the idea that shoes should be 100% recyclable and stylish. On first look, the Sharks definitely seem to be liking the design and style of the shoes, especially the recycle stamp on the toe of the shoes. However, the conversation quickly turned to sales, and REMYXX doesn’t have any sales yet. At the beginning of his presentation, Gary told the Sharks he was crazy, and Daymond made him an offer that tested exactly how crazy he is: Daymond offered Gary $50,000 for 80% of the company. In an emotional moment, Gary explained that he wanted REMYXX to be around long enough that he could pass the business on to his sons, and he countered with $100,000 for 50% of the company. Daymond stuck to his guns with his original offer and Gary bit—they made a deal.

Shark Tank Success Story: EzVIP

Before the next segment Shark Tank fans were treated to a short update about a contestant from earlier this season. Al Nelson’s company, EzVIP aims to offer the VIP club experience anyone. We caught up with him as Daymond revealed EzVIP’s new celebrity spokesman: Pitbull. Though no further information was given as to EzVIP’s progress, we’re confident that with Mark and Daymond’s guidance, the company is well on its way to becoming a success. Congrats guys!

Nitroforce Titan proves to be a minnow in the Tank after $250,000 request

Next up was the Nitroforce Titan 1000, represented by personal trainer duo Frank Campitelli and Debrae Barensfeld. The two were seeking a $250,000 investment in exchange for 10% of their home gym company. Debrae described the machine, which allows users to perform over 100 different exercises, as “tighten your butt, tighten your gut, Titan 1000.” After a personal investment of over $200,000, Frank and Debrae have only sold 26 units at $1299 apiece. According to Robert, 98% of machines in the industry are bought and used only once. The rest of the Sharks seemed to agree, and they all bowed out.

UniKey phone technology has all the Sharks frenzied, including a $1 million offer

Last into the Shark Tank was Unikey, a product that aims to revolutionize the personal security industry. Founder Phil Dumas asked the Sharks for a $500,000 investment, in exchange for a 33% stake in his company. The premise behind Unikey is quite simple: a phone app enables home locks to be opened only by someone who has the phone that holds the Unikey (or someone who has been given a temporary key). Prior to entering the tank, Phil had been in talks with Black and Decker about possibly partnering with them and tentatively selling the Unikey for $149-199 apiece. At the mention of a major industry partner, the Sharks were instantly intrigued and deals were flying.

Kevin offered $100,000 for 50%, assuming other Sharks would pony up the other $400,000 to make his offer complete. Robert jumped in with $1 million for 75% of the company, with the condition that the Black and Decker partnership had to happen. Barbara offered $250,000 for 25%, hoping Mark would match her offer and they could go in together. Daymond threw his offer into the pool: $500,000 for 40%. Finally, Mark told Barbara, “I love you, but this isn’t your wheelhouse.” With that, Mark contributes the other $400,000 to Kevin’s original offer, wanting 45% for their $500,000 combined offer. Phil, clearly a skilled negotiator, countered at 40%, and adds that Mark and Kevin will have two seats on the board (and therefore control), while Phil would maintain stock control. Impressed by his reasoning and not wanting to lose their piece of the pie, Kevin and Mark agree to do the deal at 40%.

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About the author

Author

Carolyn is a 20-something marketing professional from Chicago, and she's been working with InTheSharkTank since August 2011. Some of her favorite past Shark Tank contestants are Litter SF, REMYXX, and Villy Customs. When she's not busy live-tweeting the show, Carolyn likes reading on her Kindle, exploring the city, and getting in touch with her inner Betty Crocker. Google+

2 Comments

  1. Michael E says:

    Has anybody wondered how the Bluetooth lock is powered, And why none of the sharks asked?

  2. tommyb says:

    4 AA Batteries. Possibly Li-Ion

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