DALLAS, May 6, 2016 /PRNewswire/ -- The United Kingdom government agency which reviews merger and acquisition transactions announced today that it has cleared the acquisition by JRJR 33, Inc., doing business as JRJR Networks (NYSE MKT: JRJR) (formerly CVSL Inc.) of Betterware Ltd.
The UK Competition and Markets Authority (CMA) notified JRJR Networks of its clearance decision and has posted the clearance decision on its web site. The CMA said that the full text of its decision will be available shortly.
"We are very pleased to receive word that the CMA has given its approval to our acquisition of Betterware. This company is proving to be a valuable and important addition to our JRJR Networks family of companies and we feel very good about our position in the UK and Ireland," said John Rochon Jr., founder of JRJR Networks.
JRJR Networks acquired 100% of Betterware, a UK-based direct-to-consumer company, on October 15, 2015. The CMA subsequently reviewed the transaction under the merger provisions of the UK law, to determine whether it had resulted, or might result, in a substantial lessening of competition within any market or markets in the United Kingdom.
About JRJR Networks (www.jrjrnetworks.com)
JRJR Networks is a growing platform of direct-to-consumer brands. Within JRJR Networks, each company retains its separate identity, sales force, product line and compensation plan, while JRJR Networks seeks synergies and efficiencies in operational areas. JRJR Networks 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; Tomboy Tools, a direct seller of tools designed for women; Agel Enterprises, a global seller of nutritional products in gel form as well as a skin care line, 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; Uppercase Living, which offers a line of customizable vinyl expressions for display on walls in the home; Kleeneze, a 95-year old UK-based catalog seller of cleaning, health, beauty, home, outdoor and a variety of other products, and Betterware, a UK-based home catalog seller. JRJR Networks also includes Happenings, a lifestyle publication and marketing company.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release are forward-looking statements. In some cases forward-looking statements can be identified by terminology such as "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. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and include statements regarding our position in the UK and our growing platform. The forward looking statements are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include our ability to continue to integrate Betterware into our company and risks outlined under "Risk Factors" in our Annual Report on Form 10-K/A for its fiscal year ended December 31, 2014 and its other filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
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SOURCE JRJR Networks