LuxeYard Signs MOU to Acquire Bari Leather Furniture - Adding Established Leather Furniture E-Retailer to Expand LuxeYard's Market Reach, Product Mix and Revenue Stream -
LOS ANGELES, June 27, 2012 /PRNewswire/ -- LuxeYard, Inc., (OTCQB: LUXR), the fast-growing luxury flash sale site, announced today it has entered into an agreement to acquire Bari Leather Furniture, an e-commerce website specializing in high-end leather furniture. The proposed transaction is subject to the completion of due diligence and other closing conditions.
"Bari Leather Furniture's time-proven product mix speaks to a wide range of consumers and fits in perfectly with our goal of building a world-class brand that speaks to a luxury consumer looking for the finest items available," said Steve Beauregard, COO of LuxeYard. "The expertise and credibility that Bari Leather Furniture has established in the online leather furniture market over the past decade will be a great addition to LuxeYard."
Bari Leather Furniture (www.barileatherfurniture.com), a leader in the online leather furniture market, focuses on great design and quality workmanship. The company's strong customer focus, with flexible financing options and return policy, has led to a loyal following and solid customer base. For 2012, Bari Leather Furniture has projected revenues of approximately $10 million.
Upon commencement of the acquisition, Bari Leather Furniture Co-Presidents Lou Ferris and Tom Tilaro will continue to manage the Bari brand and will leverage their experience in the category to further augment the LuxeYard brand.
"We are achieving growth at LuxeYard by organically building on our core assets and layering on strategic complimentary acquisitions that add heft and expertise," said Braden Richter, CEO. "Our recent capital raise, which is outlined in our registration statement with the SEC on Form S-1 filed last week, provides us with the flexibility to be opportunistic, and we are in discussions with several companies regarding potential strategic acquisitions. In this manner we intend to not only increase revenues, but also enhance margins and profitability by quickly integrating these assets, building expertise, leveraging efficiencies and reducing any redundancies, all with a goal of increasing sustainable shareholder value."
LuxeYard is a members-only flash sale site for luxury home furnishings, decor and fashion that offers access to unique products sourced by a seasoned team of buyers at a fraction of retail prices. LuxeYard is the pioneer of Concierge Buying, which gives members the power to determine what items will be sold on the site, and Group Buy which allows them to lower the price by sharing sale items with friends. Along with its veteran retail, e-commerce and digital marketing management team, LuxeYard partners with celebrity Trendsetters and design and fashion industry insiders to deliver a curated buying experience from a unique point of view to its members. To join the LuxeYard community, visit www.LuxeYard.com.
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This press release contains forward-looking statements, which involve risks and uncertainties, and actual results could differ materially from those discussed. Factors that could cause or contribute to such differences include, but are not limited to, the factors included under the headings "Risk Factors" and "Cautionary Note Regarding Forward Looking Statements" on Form 8-K, filed with the Securities and Exchange Commission on November 15, 2011, a copy of which may be obtained by visiting the SEC's web site at www.sec.gov. LuxeYard's actual results could differ materially from those predicted or implied and reported results should not be considered as an indication of future performance.
You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this press release to conform these statements to actual results or to changes in our expectations.
SOURCE LuxeYard, Inc.