Evine Live Inc. Agrees to Sell Its Boston Television Station for $13.5 Million
August 30 2017 - 8:00AM
Evine Live Inc. (NASDAQ:EVLV), a multiplatform video commerce
company (evine.com), announced today that it agreed to sell its
television station, WWDP, serving the Boston market, for an
aggregate of $13.5 million in a series of two transactions.
“This deal further strengthens our balance sheet and gives us
additional flexibility to grow our digital commerce company,” said
CEO Bob Rosenblatt. “After reducing our high-interest debt by
$9.5 million in the first half of the year, this sale of a
non-strategic asset allows us to retire the remaining $6.2 million
of high-interest debt and deploy the remaining cash for initiatives
we choose with the highest expected shareholder return.”
The transaction includes two agreements with unrelated parties
and is expected to close in the fourth quarter of fiscal 2017 or
first quarter of fiscal 2018 following satisfaction of customary
closing conditions, including FCC approval. The financial impact of
this transaction is expected to cross multiple quarters and is
contingent on the timing of the close and completion of certain
transaction related contingencies.
A Form 8-K with further details about this transaction was filed
with the SEC.
About Evine Evine Live Inc. (NASDAQ:EVLV)
operates Evine, a multiplatform video commerce company that offers
a mix of proprietary, exclusive and name brands directly to
consumers in an engaging and informative shopping experience via
television, online and mobile. Evine reaches more than 87 million
cable and satellite television homes with entertaining content in a
comprehensive digital shopping experience 24 hours a day.
Please visit www.evine.com/ir for more investor information.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995
This document may contain certain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995, including guidance regarding the closing of potential
transactions and the anticipated timing of those closings, the
Company’s anticipated cash proceeds from the transactions and the
use of those proceeds. 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 video 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 Federal Trade 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
press@evine.com
(952) 943-6043
Investors
Michael Porter
mporter@evine.com
(952) 943-6517
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