DALLAS, Jan. 28, 2016 /PRNewswire/ -- CVSL Inc.
[NYSE MKT: CVSL] has made an estimate of its expected Fourth
Quarter 2015 revenues and announced that it intends to begin doing
business as JRJR Networks.
The announcements were made today by John Rochon Jr., the company's Vice
Chairman.
"We were very pleased with our progress in the Fourth Quarter,"
said Mr. Rochon, "and we expect our results to confirm that we are
on track with the strategy we have outlined to investors. We
look forward to finalizing and issuing our upcoming earnings report
and showing our continued good progress."
Mr. Rochon said the company estimates that its 2015 Q4 pro forma
revenues (including a full quarter of revenue from Betterware Ltd.,
which was acquired on October 15,
2015) will be in the $49-50
million range.
The company has received board approval, including the approval
of John P. Rochon and John Rochon, Jr., the holders of in excess
of fifty percent of the company's voting stock, to change its
name. The company plans to begin doing business as JRJR
Networks upon the completion of all necessary NYSE, SEC and
other legal requirements. At that time, its common stock will
begin trading under the symbol JRJR.
"We inherited the CVSL name when we acquired the company three
years ago. We have always intended to change our name at the
appropriate time, to give us a unique identity. Now that we
have grown to encompass ten companies, doing business across the
globe as a 'network of networks,' the time has come to assert our
new identity," said Mr. Rochon.
"The heart of our company is networks – personal networks,
social networks, networks of friends conducting commerce, supported
by technology networks. Our new name reflects our unique role
as a network of personal commerce networks within the global
micro-enterprise sector."
The change of name and stock symbol is expected to result in the
company changing its CUSIP number.
ABOUT CVSL INC. (www.cvsl.us.com)
CVSL is a growing platform of direct-to-consumer brands. Within
CVSL, each company retains its separate identity, sales force,
product line and compensation plan, while CVSL seeks synergies and
efficiencies in operational areas. 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;
Tomboy Tools, a direct seller of tools designed for women;
Agel Enterprises, a global seller of nutritional products in
gel form as well as a skin care line, 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; Uppercase Living, which
offers a line of customizable vinyl expressions for display on
walls in the home; Kleeneze, a 95-year old UK-based seller
of cleaning, health, beauty, home, outdoor and a variety of other
products, and Betterware, a UK-based catalog company. CVSL
also includes Happenings, a lifestyle publication and
marketing company.
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. These statements are based
upon current beliefs, expectations and assumptions and include
statements regarding CVSL's expected fourth quarter results, its
continued progress, its ability to continue its growth and the
expected name change, trading symbol change and CUSIP number
change. These statements are subject to a number of risks and
uncertainties including CVSL's ability to
successfully implement its strategy and the other risks outlined
under "Risk Factors" in CVSL's Annual Report on Form 10-K/A for its
fiscal year ended December 31, 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 (Russell.mack@cvsl.us.com)
Investor Relations: Tucker Gagen
(tucker.gagen@cvsl.us.com)
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SOURCE CVSL Inc.