EVINE Live Secures $17 Million Bank Term Loan
March 10 2016 - 4:05PM
EVINE Live Inc. (NASDAQ:EVLV), a digital commerce company, today
announced that it has secured a 5-year bank term loan with GACP
Finance Co., LLC for $17 million.
EVINE Live expects to use the borrowings for
general corporate purposes as well as to strengthen the overall
liquidity position of the company. The term loan bears interest at
Libor plus 11.00%, and matures in March of 2021.
“For 2016, our primary focus is to improve our
execution on the fundamentals of our business, both from a
profitability perspective as well as from a balance sheet
perspective,” said Bob Rosenblatt, Chairman and Interim CEO. “This
incremental liquidity is part of our integrated plan to ensure we
have the flexibility to be opportunistic with our business
operations in order to drive improving profitability and value for
all of our stakeholders. In addition, we are reiterating our
preliminary fourth quarter results.”
The Company will release its fourth quarter and
fiscal 2015 results on Wednesday, March 23, 2016 before the market
opens and will hold a conference call at 8:30am EDT to review these
results.
About EVINE Live Inc.
EVINE Live Inc. (NASDAQ:EVLV) is a digital
commerce company that offers a compelling mix of proprietary,
exclusive, and name brands directly to consumers in an engaging and
informative shopping experience via television, online and on
mobile. EVINE Live reaches approximately 88 million cable and
satellite television homes 24 hours a day with entertaining content
that invites its community of customers to shop, share and smile 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 release may contain 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;
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 brands;
our ability to manage our operating expenses successfully and our
working capital levels; our ability to remain compliant with our
long-term credit facility covenants; our ability to successfully
transition our brand name and corporate name; customer acceptance
of our new 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; 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
customer viewing habits or 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 the Company’s 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:
Jason Iannazzo
EVINE Live Inc.
jiannazzo@evine.com
(952) 943-6126
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