Evine Live Inc. Agrees to Complete Block Repurchase from NBCUniversal
January 31 2017 - 7:00AM
Evine Live Inc. (“Evine”) (NASDAQ:EVLV), a multiplatform
video commerce company (evine.com), today announced that
on Monday, January 30, 2017, it agreed to purchase a block of
4,400,000 shares of its common stock, representing approximately
6.9% of shares outstanding, for approximately $4.9 million or $1.12
per share in a private transaction with NBCUniversal Media, LLC, a
subsidiary of Comcast Corporation (“Comcast”)(NASDAQ:CMCSA).
The Company will use cash on hand to buy back the shares and
the transaction is expected to settle within two business days.
Executive Commentary
Bob Rosenblatt, Chief Executive Officer at Evine, stated,
"Comcast and NBCUniversal have and continue to be great business
partners, as our network is distributed on Comcast’s cable
television systems. We were happy to work with them to
efficiently reduce this non-core investment that Comcast inherited
in their acquisition of NBCUniversal in 2011. We look
forward to continuing to partner with Comcast to build a strong
future for Evine.”
Other Information
Craig-Hallum Capital Group LLC served as financial advisor to
Evine.
No further share repurchases by Evine are contemplated at this
time. The Company does not currently have a share buyback
plan in place.
The Company filed a Form 8-K with the SEC today with further
details about this transaction.
About Evine Live Inc. Evine Live
Inc. (NASDAQ:EVLV) operates Evine, a digital commerce company
that offers a compelling mix of proprietary and name brands
directly to consumers in an engaging and informative shopping
experience via television, online and on mobile. Evine reaches
approximately 87 million cable and satellite television homes 24
hours a day with entertaining content in a comprehensive digital
shopping experience.
Please visit www.evine.com/ir for more investor information.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995
This document contains certain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such statements may be identified by words such as
anticipate, believe, estimate, expect, intend, predict, hope,
should, plan, will or similar expressions. Any statements contained
herein that are not statements of historical fact may be deemed
forward-looking statements. These statements are based on
management's current expectations and accordingly are subject to
uncertainty and changes in circumstances. Actual results may vary
materially from the expectations contained herein due to various
important factors, including (but not limited to): consumer
preferences, spending and debt levels; the general economic and
credit environment; interest rates; seasonal variations in consumer
purchasing activities; the ability to achieve the most effective
product category mixes to maximize sales and margin objectives;
competitive pressures on sales; pricing and gross sales margins;
the level of cable and satellite distribution for our programming
and the associated fees or estimated cost savings from contract
renegotiations; our ability to establish and maintain acceptable
commercial terms with third-party vendors and other third parties
with whom we have contractual relationships, and to successfully
manage key vendor relationships and develop key partnerships and
proprietary and exclusive brands; our ability to manage our
operating expenses successfully and our working capital levels; our
ability to remain compliant with our credit facilities covenants;
customer acceptance of our branding strategy and our repositioning
as a digital commerce company; the market demand for television
station sales; changes to our management and information systems
infrastructure; challenges to our data and information security;
changes in governmental or regulatory requirements; including
without limitation, regulations of the Federal Communications
Commission, and adverse outcomes from regulatory proceedings;
litigation or governmental proceedings affecting our operations;
significant public events that are difficult to predict, or other
significant television-covering events causing an interruption of
television coverage or that directly compete with the viewership of
our programming; our ability to obtain and retain key executives
and employees; our ability to attract new customers and retain
existing customers; changes in shipping costs; our ability to offer
new or innovative products and customer acceptance of the same;
changes in customers viewing habits of television programming; and
the risks identified under “Risk Factors” in our recently filed
Form 10-K and any additional risk factors identified in our
periodic reports since the date of such Form 10-K. More detailed
information about those factors is set forth in our filings with
the Securities and Exchange Commission, including our annual
report on Form 10-K, quarterly reports on Form 10-Q, and current
reports on Form 8-K. You are cautioned not to place undue reliance
on forward-looking statements, which speak only as of the date of
this announcement. We are under no obligation (and expressly
disclaim any such obligation) to update or alter our
forward-looking statements whether as a result of new information,
future events or otherwise.
Contacts:
Media:
Dawn Zaremba
Evine Live Inc.
press@evine.com
(952) 943-6043
Investors:
Michael Porter
Evine Live Inc.
mporter@evine.com
(952) 943-6517
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