ShopNBC Initiates Process to Review Strategic Alternatives
11 September 2008 - 10:30PM
Marketwired
ShopNBC (NASDAQ: VVTV) today announced that its Board of Directors
has appointed a Special Committee of independent directors to
review strategic alternatives to maximize stockholder value. The
Committee will consist of two current independent directors, George
A. Vandeman, who will serve as its Chairman, and Robert J.
Korkowski. A third independent director is expected to be appointed
to the Board and will serve on the Special Committee. The Special
Committee has retained Piper Jaffray & Co. as its financial
advisor to assist in this process.
The Company said there can be no assurance that the review
process will result in the announcement or consummation of any sale
or other transaction. ShopNBC does not intend to comment publicly
with respect to any potential strategic alternatives it may choose
to pursue unless or until a specific alternative is approved by its
Board of Directors.
About ShopNBC
ShopNBC is a direct-to-consumer, multimedia shopping destination
for little luxuries and fashion must-haves. The shopping network
reaches 70 million homes in the United States via cable affiliates
and satellite: DISH Network channel 228 and DIRECTV channel 316.
ShopNBC.com is recognized as a top e-commerce site. ShopNBC is
owned and operated by ValueVision Media (NASDAQ: VVTV). For more
information, please visit www.ShopNBC.com.
Forward-Looking Information
This release contains certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements are based on management's current
expectations and are accordingly 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 spending and debt levels;
interest rates; competitive pressures on sales, pricing and gross
profit margins; the level of cable distribution for the Company's
programming and the fees associated therewith; the success of the
Company's e-commerce and rebranding initiatives; the performance of
its equity investments; the success of its strategic alliances and
relationships; the ability of the Company to manage its operating
expenses successfully; risks associated with acquisitions; changes
in governmental or regulatory requirements; litigation or
governmental proceedings affecting the Company's operations; and
the ability of the Company to obtain and retain key executives and
employees. More detailed information about those factors is set
forth in the Company's filings with the Securities and Exchange
Commission, including the Company's annual report on Form 10-K,
quarterly reports on Form 10-Q, and current reports on Form 8-K.
The Company is under no obligation (and expressly disclaims any
such obligation) to update or alter its forward-looking statements
whether as a result of new information, future events or
otherwise.
CONTACT: Frank Elsenbast Chief Financial Officer
952-943-6262
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