Evine Live Inc. Agrees to Sell Its Boston Television Station for $13.5 Million

MINNEAPOLIS, Minn., Aug. 30, 2017 (GLOBE NEWSWIRE) -- Evine Live Inc. 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. 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