Live Deal, Inc (LIVE)

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Live Ventures Provides Update on Acquisition of ApplianceSmart

Live Ventures Incorporated (Nasdaq:LIVE), a diversified holding company, today provides investors with an update on its acquisition of ApplianceSmart.


As previously announced, on December 30, 2017, the company acquired the retailer of major household appliances for $6.5 million. Live Ventures paid approximately $2.5 million of the purchase price in cash. The remaining approximately $4.0 million was paid by a promissory note bearing interest at five percent per annum and maturing on April 1, 2021. The acquisition is expected to bring Live Ventures’ total annualized revenues to in excess of $200 million. The company has filed a Current Report on Form 8-K with further details and can be accessed via the Securities and Exchange Commission’s website at www.sec.gov.

“ApplianceSmart easily fits into our portfolio as a company with a proven track record of sales, with the added bonus of providing consumers with environmentally friendly appliances at an affordable cost. Further, we believe that synergies exist between ApplianceSmart and current subsidiary, Vintage Stock,” said Jon Isaac, Live Ventures’ president and CEO. “We look forward to combining the company’s successes with those of our current portfolio companies, and providing our shareholders with additional value.”

ApplianceSmart is a 17-store chain specializing in sales and service of new and out-of-the-box appliances with annualized revenues of approximately $65 million. The retailer maintains stores in Minnesota, Ohio, Texas and Georgia.