LAS VEGAS, Dec. 1, 2015 /PRNewswire/ - Live Ventures, Incorporated., a diversified growth holding company (NASDAQ: LIVE) (the "Company"), today announces that it intends to sell the seven properties owned and managed by its wholly owned subsidiary, Marquis Industries. The company has listed the properties for sale through Marcus & Millichap (NYSE: MMI).
The intent is to sell these properties in a sale-lease back transaction, in which Marquis will secure long-term leases for each of these properties from the new owners.
"Our strategy has long been to ensure that all of our subsidiaries are streamlined in their resources, and we believe the sale of the properties will enable us to reallocate the capital into various investments that yield better overall return on equity for shareholders. We believe that it is prudent for us to sell the real estate to unlock value," said Jon Isaac, CEO of Live Ventures Incorporated. "Our goals remain constant. We provide value to our customers through smart business practices and in-demand products, while providing our shareholders with enhanced value by managing our resources wisely and increasing profitability. We believe that the sale-lease back transactions will contribute to our continuing efforts toward accomplishing this second goal."
The company is listing the properties for a total of $13 million, in the aggregate, which it intends to apply toward extinguishing high-interest debt. As a result, the Company will also have more cash in hand to utilize for future acquisitions of companies that will yield a higher return on equity to our shareholders.
"Working with Live Ventures Incorporated on this transaction represents a new relationship for both parties," said Ben Tashakorian, first vice president of Marcus & Millichap. "We look forward to working with Live Ventures to both sell the buildings and secure new leases, which we believe will open the door to future transactions with the Company."
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, and that 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.
About Marcus & Millichap Marcus & Millichap (NYSE: MMI) has been the premier provider of investment real estate brokerage services, since 1971. Its 44-year history of maintaining investor relationships in local markets makes Marcus & Millichap one of the best information source and transaction service providers in North America. In 2014, Marcus & Millichap closed 7,667 investment transactions for private and institutional investors. With nearly 1,500 brokers in 78 markets Marcus & Millichap has established itself as a leading and expanding investment real estate company throughout the United States and Canada.
Forward-Looking and Cautionary Statements This press release may contain "forward-looking" information 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. 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, 2014, 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.
SOURCE LiveDeal Inc.