LAS VEGAS, June 16, 2016 /PRNewswire/ - Live Ventures Incorporated (NASDAQ: LIVE) ("Live Ventures" or the "Company"), a diversified holding company, today announced the closing of a $10M deal. The transaction involves a mixture of a sale leaseback of land owned by Marquis Industries Inc., a subsidiary of Live Ventures, and a loan secured by the improvements on such land. The deal was closed with STORE Capital Corporation, a publicly traded net-lease real estate investment trust (REIT) that invests in Single Tenant Operational Real Estate.
Approximately 70 percent of the proceeds of the transaction will be used by the Company to pay down debt. The transaction will also enable Live Ventures, the parent company, to freely utilize cash flows generated from Marquis, including to pay dividends to Live Ventures.
"This transaction is truly a win for all parties involved. It enables us to recapitalize our balance sheet and continue to grow the business," said Jon Isaac, CEO of Live Ventures Incorporated. "We are grateful to find such a high-quality partner in STORE Capital, and look forward to maintaining a strong and fruitful relationship."
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, 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.
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 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 Incorporated may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on Forms 10-K, 10-Q and 8-K, in its annual report to shareholders, 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, 2015, its 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.
Contact: Live Ventures Incorporated
Tim Matula, investor relations
SOURCE Live Ventures Incorporated