DALLAS, Nov. 30, 2014 /PRNewswire/ -- John Rochon Jr., Vice Chairman of CVSL
Inc. [OTCQX: CVSL] reaffirmed today that Rochon
Capital Partners will continue with its plan to restrict its right
to receive its Second Tranche Shares in CVSL, thereby eliminating
any overhang as a result of those shares to shareholders and
potential investors.
"There is no change from the plan set forth in CVSL's 8-K filing
on October 10, 2014 with respect to
these shares," Mr. Rochon noted.
Mr. Rochon observed that last week, on November 26, CVSL
and Richmont Capital Partners V LP, pursuant to the terms of the
Second Amendment dated June 12, 2014 to the Convertible
Subordinated Unsecured Promissory Note issued by the Company to RCP
V on December 12, 2012, had mutually agreed to provide for the
conversion by RCP V of the note in the principal amount of
$20 million into 3,200,000 shares of
CVSL common stock, effective immediately.
"That conversion is a major positive for shareholders, because
it eliminated a large liability classified as long term debt and,
with its conversion to common equity, strengthens the balance sheet
of the company.
"Furthermore, the conversion will help us fulfill the
shareholder equity listing requirements for our anticipated
uplisting on a national securities exchange," Mr. Rochon said.
About CVSL
(www.cvsl.us.com)
CVSL is a growing group of micro-enterprise companies that
connect social media networks into an ever-expanding virtual
"community" of social commerce. CVSL companies currently include
The Longaberger Company, a 42-year old maker of hand-crafted
baskets and other home decor items; Your Inspiration At
Home, an award-winning maker of hand-crafted spices and other
gourmet food items from around the world; Project Home, a
direct seller of Tomboy Tools, a line of tools designed for women
as well as home security systems; Agel Enterprises, a global
seller of nutritional products in gel form as well as a skin care
line sold under the Ageless brand, operating in 40
countries; Paperly, which offers a line of custom stationery
and other personalized products; My Secret Kitchen, a
U.K.-based seller of gourmet food products; and Uppercase
Living, which offers an extensive line of customizable vinyl
expressions for display on walls in the home. In addition,
CVSL and Golden Girls, a purchaser of gold and tradable
jewelry, have signed a definitive purchase agreement, which is
subject to customary closing conditions.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties. All statements other than
statements of historical fact contained in this press release are
forward-looking statements. We have attempted to identify
forward-looking statements by terminology including "anticipate,"
"believe," "can," "continue," "could," "estimate," "expect,"
"intend," "may," "plan," "potential," "predict," "project,"
"should," or "will" or the negative of these terms or other
comparable terminology. Although we do not make
forward-looking statements unless we believe we have a reasonable
basis for doing so, we cannot guarantee their accuracy. Such
statements include statements regarding our continued growth,
whether the uplisting will occur as anticipated, and the
benefits of the various steps taken. These statements are
only expectations and involve known and unknown risks,
uncertainties, and other factors including the risk that our
expected uplisting will not occur in the time period expected
and the risks outlined under "Risk Factors" in our Annual
Report on Form 10-K for our fiscal year ended December 31, 2013, our Quarterly Reports on Form
10-Q, including the Quarterly Report filed with the Securities and
Exchange Commission for the quarter ended September 30, 2014, and those risks discussed in
other documents we file with the Securities and Exchange
Commission, which may cause our actual results, levels of activity,
performance, or achievements expressed or implied by these
forward-looking statements to differ materially from
expectations. Except as required by law, we undertake no
obligation to update or revise publicly any of the forward-looking
statements after the date of this press release to conform our
statements to actual results or changed expectations.
Contact: Russell Mack
(rmack@cvsl.us.com)
Investor Relations: (scottp@cvsl.us.com)
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/rochon-capital-partners-reaffirms-plan-on-second-tranche-shares-300002329.html
SOURCE CVSL Inc.