Live Ventures Incorporated Announces Termination of S-3 Shelf Registration Statement with SEC
February 22 2017 - 08:30AM
Live Ventures Incorporated (Nasdaq:LIVE) (“Live Ventures” or the
“Company”), a diversified holding company, today announces that it
will terminate its $50M S-3 shelf registration on file with
Securities and Exchange Commission (SEC) on March 3, 2017.
The shelf registration statement allowed the Company to raise
cash by selling stock into the open market. However, management
does not believe that the Company has any current need to raise
additional funds through the issuance and sale of stock, and
instead will rely on cash internally-generated through its
operating subsidiaries, most recently totaling $5 million in the
last quarter.
“Based on the recent trading price of our stock, we believe we
would be doing our stockholders a disservice by raising equity
capital at these values,” said Jon Isaac, CEO of Live Ventures.
“Instead, we will utilize internally-generated cash to reduce our
share count through our previously announced share repurchase
program, to continue with our previously announced acquisition
program, and to reduce our debt.”
About Live Ventures Incorporated Live Ventures
Incorporated is a diversified holding company with several wholly
owned subsidiaries and a strategic focus on acquiring profitable
companies that have demonstrated a strong history of earnings
power. Live Ventures Incorporated provides, among other
businesses, marketing solutions that boost customer awareness and
merchant visibility on the Internet. Its subsidiary, Marquis
Industries, a specialty, high-performance yarns manufacturer,
hard-surfaces re-seller, is a top-10 high-end residential carpet
manufacturer in the United States. Marquis Industries,
through its A-O Division, utilizes its state-of-the-art yarn
extrusion capacity to market monofilament textured yarn products to
the artificial turf industry. Marquis is the only
manufacturer in the world that can produce certain types of yarn
prized by the industry. Most recently, the company acquired
Vintage Stock, Inc., an award-winning entertainment company,
featuring movies, classic and new video games, music, collectible
comics and toys, and the ability to special order and ship product
worldwide to the customer’s doorstep. Vintage Stock is America’s
largest entertainment superstore chain. The Company also
operates a deal engine, which is a service that connects merchants
and consumers via an innovative platform that uses geo-location,
enabling businesses to communicate real-time and instant offers to
nearby consumers. In addition, it maintains, through its
subsidiary, ModernEveryday, an online consumer products
retailer.
Forward-Looking and Cautionary StatementsThis
press release may contain "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of
1995. In accordance with the safe harbor provisions of
this Act, statements contained herein that look forward in time
that include everything other than historical information, involve
risks and uncertainties that may affect the Company’s actual
results. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates" and similar
statements. Live Ventures Incorporated may also make written
or oral forward-looking statements in its periodic reports to the
U.S. Securities and Exchange Commission on Forms 10-K, 10-Q and
8-K, in its annual report to stockholders, in press releases and
other written materials and in oral statements made by its
officers, directors or employees to third parties. There can be no
assurance that such statements will prove to be accurate and there
are a number of important factors that could cause actual results
to differ materially from those expressed in any forward-looking
statements made by the Company, including, but not limited
to, plans and objectives of management for future operations
or products, the market acceptance or future success of our
products, and our future financial performance. The
Company cautions that these forward-looking statements are further
qualified by other factors including, but not limited to, those set
forth in the Company’s Form 10-K for the fiscal year ended
September 30, 2016, most recent Form 10-Q, and other filings with
the U S. Securities and Exchange Commission (available
at http://www.sec.gov). The Company undertakes no obligation
to publicly update or revise any statements in this release,
whether as a result of new information, future events, or
otherwise.
Contact:
Live Ventures Incorporated
Tim Matula, investor relations
425-836-9035
tmatula@live-ventures.com
http://live-ventures.com
Source: Live Ventures Incorporated
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