LifeVantage Receives Limited Waiver and Extension Under Credit Facility
October 26 2016 - 4:30PM
LifeVantage Corporation (NASDAQ:LFVN) announced today that it has
received a limited waiver and extension from Zions Bank, the lender
under the company’s credit facility. The credit facility
requires that LifeVantage provide the lender with audited financial
statements for the company’s 2016 fiscal year on or before October
28, 2016. Under the limited waiver, Zions Bank has agreed to
refrain from exercising its rights and remedies under the credit
facility if the company delivers such audited financial statements
prior to December 31, 2016.
LifeVantage previously announced a delay in
filing its Form 10-K for the fiscal year ended June 30, 2016.
LifeVantage President and Chief Executive
Officer Darren Jensen stated, "We appreciate the support of Zions
Bank and their flexibility in providing this limited waiver and
extension to enable LifeVantage to remain compliant with its
reporting obligations under the credit facility while our Audit
Committee and our independent advisors work diligently to finalize
our financial results for fiscal 2016.”
About LifeVantage
CorporationLifeVantage Corporation (Nasdaq:LFVN), is a
science based network marketing company dedicated to visionary
science that looks to transform health, wellness and anti-aging
internally and externally at the cellular level. The company is the
maker of Protandim® Nrf2 and Nrf1 Synergizers, our line of
scientifically-validated dietary supplements, the TrueScience®
Anti-Aging Skin Care Regimen, Canine Health®, the AXIO® energy
product line and the PhysIQ™ smart weight management system.
LifeVantage was founded in 2003 and is headquartered in Salt Lake
City, Utah.
Forward Looking StatementsThis
document contains forward-looking statements made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Words and expressions reflecting optimism,
satisfaction or disappointment with current prospects, as well as
words such as "believe", "hopes", "intends", "estimates",
"expects", "projects", "plans", "anticipates", "look forward to",
"goal", “may be”, and variations thereof, identify forward-looking
statements, but their absence does not mean that a statement is not
forward-looking. Examples of forward-looking statements include,
but are not limited to, statements we make regarding the conduct of
our business in international markets, the independent review being
conducted by the Audit Committee of our Board of Directors, our
compliance with the covenants under the credit facility with Zions
Bank and the timing of our release of earnings information and the
filing of our Form 10-K. Such forward-looking statements are not
guarantees of performance and the Company's actual results could
differ materially from those contained in such statements. These
forward-looking statements are based on the Company's current
expectations and beliefs concerning future events affecting the
Company and involve known and unknown risks and uncertainties that
may cause the Company's actual results or outcomes to be materially
different from those anticipated and discussed herein. These risks
and uncertainties include, among others, the final conclusions of
the Audit Committee (and the timing of such conclusions) concerning
the matters discussed above, including revenue, tax or other
implications resulting from any accounting adjustments or other
factors, and those discussed in greater detail in the Company's
Annual Report on Form 10-K and the Company's Quarterly Report on
Form 10-Q under the caption "Risk Factors," and in other documents
filed by the Company from time to time with the Securities and
Exchange Commission. The Company cautions investors not to place
undue reliance on the forward-looking statements contained in this
document. All forward-looking statements are based on information
currently available to the Company on the date hereof, and the
Company undertakes no obligation to revise or update these
forward-looking statements to reflect events or circumstances after
the date of this document, except as required by law.
Investor Relations Contact:
Cindy England
Director of Investor Relations
(801) 432-9036
investor@lifevantage.com
-or-
Scott Van Winkle
Managing Director, ICR
(617) 956-6736
scott.vanwinkle@icrinc.com
Media Relations Contact:
John Genna
Vice President of Communications
& Corporate Partnerships
(801) 432-9172
jgenna@lifevantage.com
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