Blyth Subsidiary, ViSalus, Withdraws Initial Public Offering Due to Uncertain Market Conditions
ViSalus, a subsidiary of Blyth, (NYSE: BTH), today withdrew its initial public offering due to uncertain market conditions. ViSalus has achieved Net Sales growth in excess of 450% in the first half of 2012; however, management believes that current market conditions are not conducive to recognizing this level of achievement. As such, Blyth management supports fully this decision.
Commenting on the ViSalus decision, Robert B. Goergen, Chairman & CEO of Blyth noted, "we are extremely confident in the long-term growth prospects of ViSalus. Over the past year, Ryan Blair, ViSalus' CEO, has worked with ViSalus' other Founders to put in place a first class management team and the processes and programs necessary to bring ViSalus to the next level of achievement. We look forward to working with the ViSalus team to continue to build long-term value for Blyth's shareholders."
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