Iparty Will be Acquired by Party City for $0.45 per Share

iParty Corp. (NYSE MKT: IPT - news), a leading party goods retailer with astrong presence in New England, and Party City Holdings Inc., North America'slargest party supply retailer today announced that they have entered into adefinitive merger agreement under which Party City will acquire iParty for$0.45 per share of iParty Common Stock and the greater of liquidationpreference or conversion value for each share of iParty Preferred Stock, incash. The purchase price for iParty Common Stock represents a 200% premiumover the closing price of iParty Common Stock as of February 28, 2013.“Party City is a leading player in our industry and we could not be morepleased with this outcome of the strategic review we initiated last year andthe return it affords to all of our stockholders, both Common and Preferred,”said Sal Perisano, iParty's Chairman and Chief Executive Officer. “The PartyCity network with their Amscan distribution platform will benefit our storesand products by significantly increasing our scale and broadening ourgeographic presence. We look forward to working with Party City and itsmanagement team as we integrate our companies.”