Sale Of Longaberger Golf Club Is Successfully Completed, Proceeds Allow Company To Further Reduce Debt
DALLAS, Dec. 30, 2013 /PRNewswire/ -- CVSL Inc. [stock symbol: CVSL] announced today the successful completion of its sale of the Longaberger Golf Club in Nashport, OH.
The Longaberger Company, based in Newark, Ohio, is part of CVSL. The Longaberger Company has owned the highly-rated public golf club since 1999.
"We are very pleased that this sale has been completed, because it is another important step in our strategy of concentrating on Longaberger's core business of selling the world's finest hand-made baskets and supporting the Longaberger independent sales field," said CVSL's Chief Financial Officer Kelly Kittrell.
"This step also allows us to continue significantly reducing The Longaberger Company's bank debt. Our team has made tremendous progress in that effort in recent months," he noted.
"Two years ago, Longaberger's bank debt was nearly $30 million. Today, as a result of our team's fine work, total debt has been reduced to less than $9 million. This debt represents the only remaining bank debt throughout all the companies of CVSL," noted Mr. Kittrell.
"In fact, during the past nine months alone, we have reduced the debt by 40%. Clearly, our team's efforts have dramatically strengthened the financial foundation of The Longaberger Company," said Mr. Kittrell.
"We are excited about the company's future. We deeply appreciate the fine work being done at Longaberger by the sales leadership and the employee team," Mr. Kittrell added.
Under the terms of the sale, the purchaser has the right to continue using the name "Longaberger Golf Club" for a period of time. The Longaberger Company retained about 200 acres of land just southwest of the golf course.
CVSL is a publicly-traded company that owns and operates a growing group of micro-enterprise companies that connect social media networks into an ever-expanding virtual "community" of social commerce. CVSL companies currently include The Longaberger Company, a 40-year old maker of hand-crafted baskets and other home decor items; Your Inspiration At Home, an award-winning maker of hand-crafted spices and other gourmet food items from around the world; Tomboy Tools, a direct seller of tools designed for women as well as home security systems; Agel Enterprises, a global seller of nutritional products in gel form as well as a skin care line sold under the Ageless™ brand, operating in 40 countries; and My Secret Kitchen, a U.K.-based seller of gourmet foods. CVSL also has signed letters of intent with Golden Girls, which purchases gold and tradable jewelry.
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SOURCE CVSL Inc.