Live Ventures Enters Into Agreement to Acquire $65M Per Year ApplianceSmart
January 08 2018 - 8:30AM
Live Ventures Incorporated (Nasdaq:LIVE), a diversified holding
company, today announces that it has entered into an agreement to
acquire 100 percent of the outstanding stock of ApplianceSmart, a
17-store chain specializing sales and service of new and
out-of-the-box appliances with annualized revenues of approximately
$65 million.
ApplianceSmart maintains stores in Minnesota, Ohio, Texas and
Georgia. It is estimated that Live Ventures revenues will rise
approximately 42 percent on an annualized basis as a result of this
acquisition.
Net assets acquired as part of this transaction are estimated to
be valued at purchase price or greater, resulting in no recording
of goodwill. In addition, no stock was issued by the company in
connection with this transaction.
The Company believes the acquisition will be synergistic because
it anticipates the transaction may provide opportunities for its
other subsidiaries, including award-winning entertainment retailer
Vintage Stock, to expand into new markets. Additionally,
management anticipates improving ApplianceSmart’s financial
position by expanding its current product offering and increasing
operational efficiencies.
“We welcome ApplianceSmart and its approximately 150 employees
to the Live Ventures family,” said Jon Isaac, president and CEO of
Live Ventures Incorporated.
“We are excited for this transaction and believe ApplianceSmart
will thrive under the Live Ventures umbrella,” said Akram Mohamad,
president of ApplianceSmart. “We look forward to continuing to grow
in our current markets with an eye toward additional expansion.”
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 positive
revenues. Live Ventures Incorporated provides, among other
businesses, marketing solutions that boost customer awareness and
merchant visibility on the Internet. The company 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 provide instant
offers to nearby consumers. Through its subsidiary, Marquis
Industries, the company operates as a specialty, high-performance
yarns manufacturer and hard-surfaces re-seller. Marquis Industries,
which is a top-10 high-end residential carpet manufacturer in the
United States, 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. Through its subsidiary Vintage Stock, Inc., an
award-winning entertainment retailer, the company sells new and
pre-owned movies, classic and current generation video games and
systems, music on CD and LP, collectible comics, books, toys, and
more. Vintage Stock, through its stores and website, ships product
worldwide directly to the customer’s doorstep.
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. The
Company 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 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://www.live-ventures.com
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