Attached files
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8-K - FORM 8-K - iMedia Brands, Inc. | c61490e8vk.htm |
EX-10.1 - EX-10.1 - iMedia Brands, Inc. | c61490exv10w1.htm |
EX-10.2 - EX-10.2 - iMedia Brands, Inc. | c61490exv10w2.htm |
Exhibit 99.1
PROPRIETARY & CONFIDENTIAL
For
Immediate Release
ShopNBC Expands Working Capital Availability Via $25 Million Term Loan
MINNEAPOLIS, MN November 17, 2010 ShopNBC (NASDAQ: VVTV), the premium lifestyle brand in
multi-media retailing, today announced that it has entered into $25 million term loan with a
lending group led by Crystal Financial LLC.
The loan has a 5-year maturity, bears a variable interest rate, which will initially be set at 11%,
and will be used to finance general working capital needs. The loan replaces a previous $20 million
revolving credit facility, and is secured primarily by the companys inventory and accounts
receivable. The PrinceRidge Group served as financial advisors to the company.
About ShopNBC
ShopNBC is a multi-media retailer operating with a premium lifestyle brand. Over 1 million
customers benefit from ShopNBC as an authority and destination in the categories of home,
electronics, beauty, health, fitness, fashion, jewelry and watches. As part of the companys
ShopNBC Anywhere initiative, customers can interact and shop via cable and satellite TV in 76
million homes (DISH Network channels 134 and 228; DIRECTV channel 316); mobile devices including
iPhone, BlackBerry and Droid; online at www.ShopNBC.com; live streaming at www.ShopNBC.TV; and
social networking sites Facebook, Twitter and YouTube. ShopNBC is owned and operated by ValueVision
Media (NASDAQ: VVTV). For more information, please visit www.ShopNBC.com/IR.
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 managements 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 spending and debt levels; interest rates;
competitive pressures on sales, pricing and gross profit margins; the level of cable and satellite
distribution for the companys programming and the fees associated therewith; the success of the
companys e-commerce and new sales initiatives; the success of its strategic alliances and
relationships; the ability of the company to manage its operating expenses successfully; the
ability of the Company to establish and maintain acceptable commercial terms with third party
vendors and other third parties with whom the Company has contractual relationships; changes in
governmental or regulatory requirements; litigation or governmental proceedings affecting the
companys 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 companys filings with
the Securities and Exchange Commission, including the companys 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 Information: |
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Investor/Media Relations
|
Investor Relations | |
Anthony Giombetti
|
Norberto Aja & David Collins | |
agiombetti@shopnbc.com
|
vvtv@jcir.com | |
612-308-1190
|
212-835-8500 |
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