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8-K - FORM 8-K - GSI COMMERCE INC | c13856e8vk.htm |
EX-10.1 - EXHIBIT 10.1 - GSI COMMERCE INC | c13856exv10w1.htm |
Exhibit 99.1
News Release
Contact:
Steve Somers, CFA
Sr. Director, Corporate Development,
Investor Relations & Treasury
GSI Commerce, Inc.
e-mail: ir@gsicommerce.com
phone: 610-491-7068
GSI Commerce Closes Acquisition of Fanatics, Inc.
KING OF PRUSSIA, Pa., Mar. 15, 2011 – GSI Commerce Inc. (Nasdaq: GSIC), today announced it has closed its acquisition of Fanatics, Inc., a Jacksonville, Florida-based company that operates more than 250 e-commerce websites, including www.footballfanatics.com, and over 60 e-commerce stores for collegiate and professional sports partners and media organizations.
GSI also announced it has closed its new $400 million credit agreement. The new five-year agreement, which replaces the company’s existing $150 million revolving credit facility, includes a $285 million revolving line of credit and a $115 million term loan.
GSI previously announced that its Board of Directors has authorized a stock repurchase program contingent upon the closing of the Fanatics acquisition. Under the program, GSI is authorized to repurchase up to $50 million of its outstanding shares of common stock from time to time through March 14, 2013 at prevailing prices in the open market, including pursuant to Rule 10b5-1 trading plans.
About GSI Commerce
GSI
Commerce® enables e-commerce, multichannel retailing and digital marketing
for global enterprises in the U.S. and internationally. GSI’s e-commerce
services which include technology, order management, payment processing,
fulfillment and customer care, are available on a modular basis or as part of
an integrated solution. GSI’s Global Marketing Services division provides
innovative digital marketing products and services comprised of database
management and segmentation, marketing distribution channels, a global digital
agency to drive strategic and creative direction and an advanced advertising
analytics and attribution management platform. Additionally, GSI provides
brands and retailers platforms to engage directly with consumers through
RueLaLa.com, an online private sale shopping destination, and ShopRunner.com, a
members-only shopping service that offers unlimited free two-day shipping and
free shipping on returns for a $79 annual subscription.
GSI Commerce Closes Acquisition of Fanatics, Inc. | Page 2 | March 15, 2010 |
Forward-Looking Statements
This news release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. All statements made in
this release, other than statements of historical fact, are forward-looking
statements. The words “anticipate,” “believe,”
“estimate,” “expect,” “intend,”
“may,” “plan,” “will,” “would,”
“should,” “guidance,” “potential,”
“opportunity,” “continue,” “project,”
“forecast,” “confident,” “prospects,”
“schedule” and similar expressions typically are used to identify
forward-looking statements. Forward-looking statements are based on the
then-current expectations, beliefs, assumptions, estimates and forecasts about
the business of GSI Commerce. These statements are not guarantees of future
performance and involve risks, uncertainties and assumptions which are
difficult to predict. Therefore, actual outcomes and results may differ
materially from what is expressed or implied by these forward-looking
statements. Factors which may affect GSI Commerce’s business, financial
condition and operating results include: the effects of changes in the economy,
consumer spending, the financial markets and the industries in which GSI
Commerce and its clients operate; changes affecting the Internet and
e-commerce, the ability of GSI Commerce to develop and maintain relationships
with strategic partners and suppliers and the timing of its establishment,
extension or termination of its relationships with clients; the ability of GSI
Commerce to timely and successfully develop, maintain and protect its
technology, confidential and proprietary information, and to timely and
successfully enhance, develop and maintain its product and service offerings,
and to execute operationally; the ability of GSI Commerce to attract and retain
qualified personnel; and the ability of GSI Commerce to successfully integrate
acquisitions of other businesses; and the performance of acquired businesses.
More information about potential factors that could affect GSI Commerce can be
found in its most recent Form 10-K, Form 10-Q and other reports and statements
filed by GSI Commerce with the SEC. GSI Commerce expressly disclaims any intent
or obligation to update these forward-looking statements.
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