Live Ventures Provides Business Update
April 06 2020 - 8:00AM
Live Ventures Incorporated (Nasdaq: LIVE), a diversified holding
company, today provided a business update in response to the
COVID-19 pandemic.
Vintage Stock has temporarily closed all of its
retail stores and expects stores to remain closed until permitted
to reopen by government authorities. Vintage Stock continues
to operate and serve its customers online at
www.vintagestock.com.
Marquis Industries, a national carpet
manufacturer and hard surface flooring supplier, is continuing to
operate on a scaled down basis to meet continuing demand and
service its customers. Sales, administration, warehouse,
distribution and some manufacturing facilities remain open with
temporarily reduced staffing. Marquis has agreed to file for
unemployment benefits for employees who are temporarily furloughed
during this time.
Jon Isaac, President and Chief Executive Officer
of Live Ventures, commented, “We are following the guidance of
global health professionals to ensure the health and wellbeing of
our associates, customers, and communities. Our associates and
customers are our main priority and our thoughts are with those
affected by this situation.” Mr. Isaac continued, “As
of April 3, 2020, we estimate we had total cash on hand and
availability under our various lines of credit between $18 million
- $20 million. Despite near-term uncertainties, we remain
confident in the long-term potential of our business and we will
continue to monitor the situation and respond accordingly.”
Live Ventures expects to publish its Quarterly
Report on Form 10-Q for the quarterly period ended December 31,
2019 on or before April 10, 2020.
About Live Ventures
Live Ventures Incorporated, originally
incorporated in 1968, 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. Through its subsidiary Marquis Industries, the
company manufactures and sells residential and commercial carpets
primarily in North America. Marquis Industries also designs,
sources and sells hard-surface flooring. Through its subsidiary
Vintage Stock, an award-winning entertainment retailer, the company
sells new and pre-owned movies, classic and current generation
video games and systems, music on CD & LP, collectible comics,
books, toys, and more. Vintage Stock, through its stores and
website, ships product worldwide directly to the customer's
doorstep. Through its subsidiary ApplianceSmart, the company sells
new major household appliances in the United States through a chain
of company-owned retail stores operating under the name
ApplianceSmart®.
Forward-Looking and Cautionary
Statements The use of the word “company” or “Company”
refers to Live Ventures Incorporated and its wholly-owned
subsidiaries. This press release contains "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 may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the “SEC”) on Forms 10-K and
10-Q, Current Reports on Form 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 Annual Report on
Form 10-K for the fiscal year ended September 30, 2019 (available
at http://www.sec.gov). Live Ventures 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)
836-9035tmatula@liveventures.comhttp://liveventures.com
Source: Live Ventures Incorporated
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