LAS VEGAS, June 16, 2016 /PRNewswire/ - Live Ventures
Incorporated (NASDAQ:LIVE) ("Live Ventures" or the "Company"), a
diversified holding company, today announced the closing of a
$10M deal. The transaction involves a
mixture of a sale leaseback of land owned by Marquis Industries
Inc., a subsidiary of Live Ventures, and a loan secured by the
improvements on such land. The deal was closed with STORE Capital
Corporation, a publicly traded net-lease real estate investment
trust (REIT) that invests
in Single Tenant Operational
Real Estate.
Approximately 70 percent of the proceeds of the transaction will
be used by the Company to pay down debt. The transaction will also
enable Live Ventures, the parent company, to freely utilize cash
flows generated from Marquis, including to pay dividends to Live
Ventures.
"This transaction is truly a win for all parties involved. It
enables us to recapitalize our balance sheet and continue to grow
the business," said Jon Isaac, CEO
of Live Ventures Incorporated. "We are grateful to find such
a high-quality partner in STORE Capital, and look forward to
maintaining a strong and fruitful relationship."
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. We operate 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, we maintain, through our subsidiary,
ModernEveryday, an online consumer products retailer and, through
our subsidiary, Marquis Industries, a specialty, high-performance
yarns manufacturer, hard-surfaces re-seller, which 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.
Forward-Looking and Cautionary Statements
This 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
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 shareholders, 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 Annual Report on Form 10-K for the fiscal
year ended September 30, 2015, its
most recent Quarterly Report on 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
press@livedeal.com
SOURCE Live Ventures Incorporated