Evine Live Inc. Announces Completion of Strategic Alternative Process
26 June 2019 - 10:03PM
Evine Live Inc. (NASDAQ: EVLV) announced today the completion of
its previously announced review of strategic alternatives.
After careful consideration of a broad range of strategic
alternatives in consultation with its financial and legal advisors,
the board of directors has determined the interests of the
Company’s shareholders are best served by focusing on the execution
of the Company’s new interactive media growth strategy that was
previously announced on May 29, 2019.
Landel Hobbs, Chairman of the Board of Evine,
said “The appointment of Tim Peterman as CEO along with the recent
strategic investment from The Invicta Watch Group have strongly
positioned Evine to capture the opportunities we see in the future
of video commerce and interactive media. Looking ahead, we
have a focused plan and team in place that we believe will drive
meaningful short-term and long-term growth.”
Tim Peterman, CEO of Evine added, “We’ve
accomplished a lot in a short time by taking the necessary steps,
both strategic and tactical, to improve our financial performance.
We are in motion on a clear path to maximize shareholder
value. I’m pleased with our progress and optimistic about our
future.”
About Evine Live Inc.
Evine Live Inc. (NASDAQ:EVLV) operates Evine, a
multiplatform interactive digital 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 television
homes with entertaining content in a comprehensive digital shopping
experience offered 24 hours a day.
Please visit www.evine.com/ir for more investor
information.
Contacts Media: Elizabeth Buhn
press@evine.com (952) 943-6646
Investors: Michael Porter mporter@evine.com (952)
943-6517
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. Any statements contained
herein that are not statements of historical fact, including
statements regarding expected advantages from our business plan and
any potential outcome from that plan or future results of
operations or financial position are forward-looking. The Company
often use words such as anticipates, believes, estimates, expects,
intends, seeks, predicts, hopes, should, plans, will and similar
expressions to identify 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): variability in consumer
preferences, shopping behaviors, 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 and sales
promotions; pricing and gross sales margins; the level of cable and
satellite distribution for the Company’s programming and the
associated fees or estimated cost savings from contract
renegotiations; the Company’s ability to establish and maintain
acceptable commercial terms with third-party vendors and other
third parties with whom the Company has contractual relationships,
and to successfully manage key vendor and shipping relationships
and develop key partnerships and proprietary and exclusive brands;
the ability to manage operating expenses successfully and the
Company’s working capital levels; the ability to remain compliant
with the Company’s credit facilities covenants; customer acceptance
of the Company’s branding strategy and its repositioning as a video
commerce company; the ability to respond to changes in consumer
shopping patterns and preferences, and changes in technology and
consumer viewing patterns; changes to the Company’s management and
information systems infrastructure; challenges to the Company’s
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 the Company’s
operations; significant events (including disasters, weather events
or events attracting significant television coverage) that either
cause an interruption of television coverage or that divert
viewership from its programming; disruptions in the Company’s
distribution of its network broadcast to customers; the Company’s
ability to protect its intellectual property rights; our ability to
obtain and retain key executives and employees; the Company’s
ability to attract new customers and retain existing customers;
changes in shipping costs; expenses related to the actions of
activist or hostile shareholders; the Company’s ability to offer
new or innovative products and customer acceptance of the same;
changes in customer viewing habits of television programming; and
the risks identified under Item 1A(Risk Factors) in the Company’s
most recently filed Form 10-K and any additional risk factors
identified in its periodic reports since the date of such Form
10-K. More detailed information about those factors is set forth in
the Company’s filings with the Securities and Exchange Commission,
including its annual report on Form 10-K, quarterly reports on Form
10-Q, and current reports on Form 8-K. Investors are cautioned not
to place undue reliance on forward-looking statements, which speak
only as of the date of this announcement. the Company’s is under no
obligation (and expressly disclaim any such obligation) to update
or alter its forward-looking statements whether as a result of new
information, future events or otherwise.
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