Rochon Capital Partners Reaffirms Plan On Second Tranche Shares
DALLAS, Nov. 30, 2014 /PRNewswire/ -- John Rochon Jr., Vice Chairman of CVSL Inc. [OTCQX: CVSL] reaffirmed today that Rochon Capital Partners will continue with its plan to restrict its right to receive its Second Tranche Shares in CVSL, thereby eliminating any overhang as a result of those shares to shareholders and potential investors.
"There is no change from the plan set forth in CVSL's 8-K filing on October 10, 2014 with respect to these shares," Mr. Rochon noted.
Mr. Rochon observed that last week, on November 26, CVSL and Richmont Capital Partners V LP, pursuant to the terms of the Second Amendment dated June 12, 2014 to the Convertible Subordinated Unsecured Promissory Note issued by the Company to RCP V on December 12, 2012, had mutually agreed to provide for the conversion by RCP V of the note in the principal amount of $20 million into 3,200,000 shares of CVSL common stock, effective immediately.
"That conversion is a major positive for shareholders, because it eliminated a large liability classified as long term debt and, with its conversion to common equity, strengthens the balance sheet of the company.
"Furthermore, the conversion will help us fulfill the shareholder equity listing requirements for our anticipated uplisting on a national securities exchange," Mr. Rochon said.
About CVSL (www.cvsl.us.com)
CVSL is 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 42-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; Project Home, a direct seller of Tomboy Tools, a line 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; Paperly, which offers a line of custom stationery and other personalized products; My Secret Kitchen, a U.K.-based seller of gourmet food products; and Uppercase Living, which offers an extensive line of customizable vinyl expressions for display on walls in the home. In addition, CVSL and Golden Girls, a purchaser of gold and tradable jewelry, have signed a definitive purchase agreement, which is subject to customary closing conditions.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. All statements other than statements of historical fact contained in this press release are forward-looking statements. We have attempted to identify forward-looking statements by terminology including "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," or "will" or the negative of these terms or other comparable terminology. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy. Such statements include statements regarding our continued growth, whether the uplisting will occur as anticipated, and the benefits of the various steps taken. These statements are only expectations and involve known and unknown risks, uncertainties, and other factors including the risk that our expected uplisting will not occur in the time period expected and the risks outlined under "Risk Factors" in our Annual Report on Form 10-K for our fiscal year ended December 31, 2013, our Quarterly Reports on Form 10-Q, including the Quarterly Report filed with the Securities and Exchange Commission for the quarter ended September 30, 2014, and those risks discussed in other documents we file with the Securities and Exchange Commission, which may cause our actual results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements to differ materially from expectations. Except as required by law, we undertake no obligation to update or revise publicly any of the forward-looking statements after the date of this press release to conform our statements to actual results or changed expectations.
Contact: Russell Mack ([email protected])
Investor Relations: ([email protected])
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SOURCE CVSL Inc.
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