LAS VEGAS, April 19, 2016 /PRNewswire/ - Live Ventures Incorporated (NASDAQ: LIVE) ("Live Ventures" or the "Company"), a diversified holding company, today announced it has acquired 53,510 shares of its common stock as part of its recently established $10 million stock repurchase program that it announced in its Form 8-K on January 22, 2016. The shares were acquired at approximately 10-15 percent below the April 18th closing price of $1.70 per share.
"The second quarter of our current fiscal year will mark the first time since the arrival of current management that Live Ventures will witness a decline in our issued and outstanding shares," said Jon Isaac, CEO of Live Ventures Incorporated. "Our buy-back of these shares represents our continuing commitment to our goal of building long-term value for our stockholders."
The Company's stock repurchase program allows the Company to acquire up to $10 million worth of its common stock at prevailing market prices. Management has indicated that the program is designed to strengthen the Company's long-term financial structure by capitalizing on the current undervaluation of its stock in the open market. The details of the stock repurchase program are further outlined in the above-referenced Form 8-K, which can be found on the Company's website or at https://www.sec.gov/Archives/edgar/data/1045742/000101968716004911/0001019687-16-004911-index.htm.
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 and 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.
For more information, please visit www.live-ventures.com.
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, which 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 the periodic reports that it files with the U.S. Securities and Exchange Commission on Forms 10-K, 10-Q and 8-K, in its annual reports 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 services, 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 its fiscal year ended September 30, 2014, 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.
SOURCE Live Ventures Incorporated