LOS ANGELES and NEW YORK, March 26, 2012 /PRNewswire/ -- LuxeYard, Inc. (OTC BB: LUXR), a members-only flash sale site for luxury home furnishings, decor and fashion, today said it has acquired the assets of privately held eOpulence LLC, based in Brooklyn, New York. Terms were not disclosed. The stock transaction formally secures LuxeYard's presence in New York and serves to further support the imminent introduction of LuxeStyle, scheduled for March 27, 2012.
"The launch of LuxeYard in January has exceeded our expectations and we are excited to soon unveil LuxeStyle as a new destination for apparel and accessories. LuxeStyle will be the perfect complement to the company's Home category, leveraging the same unique concierge buying and group buying functions to save on today's latest fashions," said Braden Richter, president and CEO of LuxeYard. "By acquiring eOpulence, we have established an important foothold in one of the world's fashion capitals, as well as unique expertise and technical functionality that will support an exceptional online experience at LuxeStyle."
As part of the transaction, Christian A. Vega, previously CEO of eOpulence, has been named Chief of Business Development of LuxeYard.
Founded in 2011, eOpulence is a premier online luxury fashion and lifestyle retailer offering highly coveted products, exclusive experiences and styling tips, at insider prices. Each day, eOpulence offers to its on-line members a new, curated selection of merchandise, including apparel, accessories and lifestyle products for women, men and children.
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. With a veteran retail, ecommerce and digital marketing management team, LuxeYard partners with celebrity Trendsetters and design and fashion industry insiders to deliver a curated buying experience and a point of view to its members. To join the LuxeYard community, visit www.LuxeYard.com.
This press release contains forward-looking statements about our acquisition of eOpulence and the imminent launch of LuxeStyle, 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" in the company's Form 8-K, filed with the Securities and Exchange Commission on November 8, 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.