(TheStreet.com) - While Sears has been making payments on time, CIT hasn't received some financial projections it requested from the department store operator, said Jack Hendler, president... (Link)
(CHICAGO SUN-TIMES) - Another expert, Jack Hendler, president of Net Worth Solutions, said he believes "it will be necessary" for Sears to sell its most valuable brands...(Link)
(TheStreet.com) - "I think 2012 might be the year Sears considers reshuffling the deck chairs," says Jack Hendler, president... (Link)
(WWD) - John Henderson, a director at NetWorth Solutions Inc., noted Johnson was starting out in his comfort zone, but that he is going to have to address the apparel offering. "The first move certainly wasn't a way to move the needle on fashion," Henderson said... (Link)
Atlanta, Georgia – December 1, 2011: eVestment Alliance (eVestment), a global provider of institutional investment data intelligence and analytic solutions, announces the acquisition of ASAP Advisor Services, providers of investment marketing services and database management solutions for institutional money managers, hedge fund managers and other financial advisors. With this acquisition, eVestment will now offer multiple technology and service-based solutions to enable updates to industry leading third-party and consultant-maintained databases.The company will phase in a new brand name, eVestment Omni, to cover its full suite of database population offerings, with three versions to match the spectrum of solutions available from the combined organization:
Omni Source– Automated, rules-based technology solution that allows managers to maintain control over database updates (formerly eVestment Exchange)
Omni Select– Leverages Omni Source technology, while giving managers flexibility to outsource the actual database updates
Omni Complete– Fully outsourced solution that enables managers to completely handoff the database update process (formerly ASAP ManagerQuest)
All three options serve to improve upon managers' distribution methods to industry databases, which continue to be one of the most important marketing channels for investment managers. Additionally, these solutions help improve the accuracy of client data, reduce the risk of funds being excluded in consultant and sponsor searches, limit data discrepancies and enable clients to spend more time on their main focus, managing assets.
Collectively, the eVestment Omni offerings will automate and manage data population for over 300 clients representing over $24.5 trillion in assets under management and over 4,600 unique investment strategies. With its full spectrum of unique products, the eVestment Omni platform will continue to appeal to clients ranging from small, emerging managers to large, global firms. The combined company will retain the eVestment Alliance name.
"This acquisition furthers our efforts to improve the overall client experience, optimizing accuracy and efficiency," said Matt Crisp, Co- Founder of eVestment. "The ASAP team has built a strong foundation with their innovative and intelligent services and we are excited to have them join eVestment."
"We are very pleased to join eVestment's leading data team," said Lauren Cola, Founder and CEO of ASAP Advisor Services. "Our information updating capabilities bring added value to eVestment's clients as they seek the fastest, most-accurate and cost-effective solutions to database updates."
With the ASAP acquisition, eVestment continues its evolution of providing its clients the best data solutions in the world. On September 19, 2011, eVestment announced the acquisition of HedgeFund.net (HFN), a leading source for hedge fund data, research and news. The new partnership has provided a single, global database serving institutional investment professionals who focus on either alternative or traditional investments, as well as "hybrid" investors who seek solutions to help them select and manage investments across both investment categories.
eVestment has developed its reputation as a global leader in investment manager data through the detail and coverage of its institutional database, being named the "Most Influential Database" by FundFire and ranked first in the top 10 list of "Must Be In" databases by Money Management Letter and iisearches. The company was founded in 2000 and headquartered in Atlanta, Georgia, from which it has expanded to include offices in New York, London, Sydney, Hong Kong and regional sales offices in Boston, Seattle, Chicago, and Raleigh.
Avalon Group Ltd. represented ASAP Advisor Services.
(Crain's New York Business) - "Syms gets the leftovers," said Jack Hendler, president of Net Worth Solutions Inc., an investment advisory firm... (Link)
HOLLYWOOD, Calif. - Frederick's of Hollywood Group Inc. (NYSE Amex:FOH) ("Company") today announced that Don Jones has joined the Company as President and Chief Operating Officer.
Mr. Jones comes to Frederick's with more than 35 years of experience in the fashion and consumer product retail industry. Throughout his career, he has held executive and managerial positions with leading retail organizations, including Gap Inc., Target Corporation, IKEA, Filene's and Macy's.
Prior to joining the Company, Mr. Jones was the CEO of POGAN Retail, LLC, which he founded in 2003. In that role, he provided strategic counsel to several retail companies, including Liz Claiborne Inc., which he advised on the migration of its outlet division to a specialty store strategy. This migration helped Liz Claiborne significantly increase its corporate store performance.
Prior to founding POGAN, Mr. Jones served as Senior Vice President of Stores and Operations for Gap Inc., where he was responsible for Gap, Gap Kids and Gap Body retail stores. During Mr. Jones' tenure, he was instrumental in growing retail store sales. Additionally, Mr. Jones led the rollout of Gap Body and was a member of the Planning and Distribution Strategy committees.
Mr. Jones is also a frequent lecturer and speaker on the subject of small business, retail and consumer products, and is a contributor to CNBC.com.
"This is truly an exciting time to be a part of Fredrick's of Hollywood, as we look to continue the positive momentum we have built and expand that progress into our retail stores." stated Thomas Lynch, the Company's Chairman and Chief Executive Officer. "The addition of Don Jones to our executive management team is another critical step toward returning Fredrick's of Hollywood to profitability." "With his extensive experience in driving innovation and impressive track record for creating outstanding results, Mr. Jones is a valuable addition to our team as we revitalize our brand on an international scale. Most importantly, his in-depth knowledge of the intimate apparel and related products industry, including developing these divisions of major department stores as well as the rollout of Gap Body, will bring fresh perspective we believe is essential to our future success," concluded Mr. Lynch.
"Frederick's of Hollywood is a historic brand that pioneered lot of exciting and innovative merchandise. Over the past two years, the Company has significantly strengthened its financial position and streamlined its operations. I believe the Company is now properly positioned to focus on aggressively regaining market share," commented Mr. Jones. "Having followed Frederick's of Hollywood brand for many years, I am excited to be in a position to offer my knowledge and experiences in order to help the Company effectively capitalize on the growth opportunities that exist both domestically and abroad."
A description of the terms of Mr. Jones' employment agreement with the Company will be contained in a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission.
Frederick's of Hollywood Group has announced the completion of the sale of its wholesale division, Movie Star, to Dolce Vita Intimates.
The US lingerie retailer claimed the step, which bolsters its cash position, will enable it to expand into new products and markets.
Frederick's of Hollywood chairman and chief executive Thomas Lynch said: "The divestiture of the wholesale division is another major step forward in our strategy to streamline operations and grow our retail business. We are focused on transforming Frederick's of Hollywood into a complete sexy lifestyle brand through domestic and international licensing agreements to support our entrance into new product categories and markets."
Frederick's of Hollywood Group Inc. sells women's intimate apparel, swimwear and related products through 126 specialty retail stores, a catalogue and its online site. The company previously announced plans to explore strategic alternatives for its wholesale business in September 2010.
Dolce Vita Intimates president Jack Thekkekara added: "The acquisition will further our ability to service existing customers through broadening our product line and sourcing capabilities while enhancing Movie Star's tradition of service."
US women's intimate apparel retailer Frederick's of Hollywood Group (AMEX:FOH) said yesterday it has finalized the divestment of its wholesale unit Movie Star to local sector player Dolce Vita Intimates without providing financial details.
The move is part of Frederick's of Hollywood's strategy to streamline its activities and expand its retail unit, CEO Thomas Lynch said in a statement. The proceeds from the transaction will also enable the company to back up its continuing business and carry out its strategy to grow, the CEO added.
Frederick's of Hollywood was consulted by Avalon Group Ltd on the deal, while Dolce Vita received advisory from CoView Capital Inc.
Avalon Group, Ltd. to Identify Appropriate Buyers for Wholesale Division
New York, New York – September 16, 2010 — Frederick's of Hollywood Group Inc. (NYSE Amex: FOH) ("Company") today announced that it is in the process of identifying strategic alternatives for its wholesale division, Movie Star, in order to increase shareholder value. Investment banking firm, Avalon Group, Ltd., based in New York, will be assisting the Company in identifying available strategic alternatives.
"Movie Star has a long history of supplying many well-known retailers with a wide variety of quality lingerie and undergarments. However, we have chosen to seek alternatives for the Movie Star wholesale business as we concentrate on building Frederick's of Hollywood into a global lifestyle brand. By selling the wholesale division, we can focus more of our resources on strengthening our retail division and expanding into new product categories through strategic domestic and international licensing agreements for the Frederick's of Hollywood brand," stated Thomas Lynch, the Company's Chairman and Chief Executive Officer. "Considering Movie Star's history, broad product lines and extensive customer list of retailers, we are confident in our ability to identify an appropriate buyer for the business."
The Movie Star wholesale division designs, manufactures, sources, distributes and sells women's intimate apparel to mass merchandisers, specialty and department stores, discount retailers, national and regional chains, and direct mail catalog marketers throughout the United States and Canada. Movie Star products include pajamas, nightgowns, baby dolls, nightshirts, dusters, shifts, caftans, sundresses, rompers, short sets, beachwear, peignoir ensembles, robes, leisurewear and daywear consisting of bodysuits, soft bras, panties, slips, half-slips, teddies, camisoles and cami tap sets.
The Company has not set a definitive timetable for completing a transaction involving the Movie Star wholesale division and there can be no assurances that the process described above will result in the completion of any transaction. The Company does not intend to disclose developments regarding this process unless and until its Board of Directors has approved a specific transaction and the Company has entered into a binding agreement related thereto.
Forward Looking Statement
Certain of the matters set forth in this press release are forward-looking and involve a number of risks and uncertainties. These statements are based on management's current expectations or beliefs. Actual results may vary materially from those expressed or implied by the statements herein. Among the factors that could cause actual results to differ materially are the following: the Company's ability to enter into or consummate a transaction as a result of any evaluation of strategic alternatives for the Movie Star wholesale division as described above or the Company's ability to enhance shareholder value through this process or any potential transaction; competition; business conditions and industry growth; rapidly changing consumer preferences and trends; general economic conditions; large variations in sales volume with significant customers; addition or loss of significant customers; continued compliance with government regulations; loss of key personnel; labor practices; product development; management of growth, increases in costs of operations or inability to meet efficiency or cost reduction objectives; timing of orders and deliveries of products; foreign government regulations and risks of doing business abroad; and the other risks that are described from time to time in Frederick's of Hollywood Group Inc.'s SEC reports. Frederick's of Hollywood Group Inc. is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
About Frederick's of Hollywood Group Inc.
Frederick's of Hollywood Group Inc. conducts its business through its multi-channel retail division and wholesale division. Through its multi-channel retail division, Frederick's primarily sell women's intimate apparel, swimwear and related products under its proprietary Frederick's of Hollywood® brand through 126 specialty retail stores nationwide, a world-famous catalog and an online shop at www.fredericks.com. With its exclusive product offerings including Seduction by Frederick's of Hollywood, the Hollywood Extreme Cleavage® bra and Hollywood Sizzle Pool. Party. Swim.™, Frederick's of Hollywood is the Original Sex Symbol®. Frederick's also sells an array of licensed apparel and accessories globally. Through its wholesale division, Frederick's designs, manufactures, sources, distributes and sells women's intimate apparel throughout the United States and Canada.
TAG Files Audited Financials and Form 10 with SEC
Listing Upgrade Process Now Formally Underway
New York, New York – September 2, 2010 – Total Apparel Group, Inc. (“TAG” or the “Company”) (OTC Pink: TLAG), a master distributor and licensee of market-leading international trademarks in the branded apparel, footwear and accessories sectors, announced today it has completed its audit process and filed with the SEC audited financial statements for the years ended December 31, 2008 and December 31, 2009, and the six months ended June 30, 2010.
Concurrent with this action, the Company filed its Form 10 with the SEC; this is the initial general form for the registration of securities, and is the first step towards upgrading the Company’s stock listing to the Over-the-Counter Bulletin Board.
In the coming days TAG will provide its shareholders with a comprehensive update on operations to date, and on the future outlook of the Company.
About Total Apparel Group, Inc.
Total Apparel Group, Inc. (OTC Pink: TLAG) aims to become the leading product licensing, brand management and retail development partner for pre-eminent sports, entertainment and lifestyle brands in the U.S. TAG recently leapt to global prominence with its selection as the official U.S. Master Distributor of FIFATM and FIFA World CupTM Licensed Product. For the first time in its 104-year history, FIFATM – governing body of soccer, the world’s most popular sport – is launching an official collection of merchandise.
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FORWARD-LOOKING STATEMENTS
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.
NEW YORK, July 12, 2010 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq:LOAN - News) ("Manhattan Bridge Capital" or the "Company"), today announces that it has engaged Avalon Group, Ltd., a New York City based investment banking firm, as a financial advisor to explore strategic initiatives including capital formation, business development and growth aimed at enhancing shareholder value.
Assaf Ran, CEO of Manhattan Bridge Capital, said, "We are excited to explore multiple initiatives with our financial advisor, Avalon Group, that will maximize shareholder value." The strategic initiatives may include operating partnerships and other collaborative arrangements. The exploration of strategic alternatives may not result in any agreement or transaction and, if completed, any agreement or transaction may not be successful or on attractive terms. Manhattan Bridge Capital does not intend to disclose developments with respect to this process unless and until evaluation of strategic alternatives has been completed or it enters into definite agreements for a specific, material transaction.
Ariel Imas, Avalon Group's Co-President of Capital Markets, said, "Manhattan Bridge Capital is currently trading at a 40% discount to cash and cash equivalents and we look forward to working with management to unlock shareholder value."
Manhattan Bridge Capital, Inc. provides short term, secured, non-banking, commercial loans to small businesses.
Avalon Group, Ltd. is a leading, boutique investment bank and strategic advisory firm which provides clients the quality and technical expertise of a major investment bank while maintaining the confidential personal service and efficiency of a boutique firm. Avalon's services include arranging private investments, registered direct offerings, and PIPEs; as well as providing fairness opinions, mergers and acquisitions, restructuring, and strategic advisory services. Since 1992, Avalon has worked with high caliber, committed corporate leaders to expand their businesses, re capitalize or re-organize firms, sell or purchase divisions, and arrange liquidity events. Our clients have ranged from mid-market, private companies and Fortune 500 companies to multi-national entities and early stage ventures. For more information on Avalon Group and Avalon Securities, its affiliated FINRA, SIPC and SEC registered broker-dealer.
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, the risks with marketing of its new on-line software solution, the continued acceptance of the Company's new and existing products, increased levels of competition, new products introduced by competitors, changes in the rates of subscriber acquisition and retention, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.
Lynda Davey, CEO of Avalon Group, Ltd., is proud to announce that Karen Sterling, Ph.D., CFA, Avalon’s Managing Director of Health Care Investment Banking, has been elected to the Board of Directors of the New York Society of Security Analysts (NYSSA).
Founded in 1937 by financial industry pioneers including Benjamin Graham, NYSSA is a non-profit organization of financial professionals dedicated to continued excellence in finance education, and promoting the highest standards of ethical conduct and professional practices in the field. NYSSA currently has nearly 10,000 members, and is the largest and most active of over 140 local societies worldwide that comprise the CFA Institute, issuer of the Chartered Financial Analyst designation. The CFA Institute has over 90,000 members.
Commenting on the election of Dr. Sterling and other new members of NYSSA’s board, Society president Nancy Morris, CFA, said, "Their experience and proven business leadership will undoubtedly serve our Society well." Avalon Group’s CEO, Lynda Davey, said Karen’s experience as both a true scientist and a successful investment banker brings a unique skill set to assist the development of the NYSSA. This expertise allows her to understand our clients and translate their expertise in the capital markets.
At Avalon Group, Dr. Sterling offers investment banking services including strategic advice, private and public placement to companies in the biotechnology, pharmaceutical, medical devices, healthcare services, and healthcare IT sectors. Prior to founding the health care investment banking division at Avalon in 2009, she was vice president and senior analyst at Fridson Investment Advisors, an investment management firm specializing in corporate credit opportunities and previously was quantitative and fundamental analyst at Martin Fridson’s FridsonVision. Additionally, until 2009, she published equity research reports and financial analysis of life sciences companies through Karen Sterling Bio-Pharma Insight. Dr. Sterling is widely published in peer-reviewed journals of both finance and science.
In addition to being awarded the CFA designation in 2006, Dr. Sterling earned two Master’s degrees and a Ph.D. in biochemistry and molecular biophysics from Columbia University. In 2005, while deployed to Antarctica as a research scuba diver on an NSF-funded project, she became the only financial analyst in history to update her equity research coverage via satellite from a remote field camp on the Antarctic continent.
Avalon Group, Ltd. Is a leading, boutique investment bank and strategic advisory firm, Avalon Group, Ltd. provides clients the quality and technical expertise of a major investment bank while maintaining the confidential personal service and efficiency of a boutique firm. Avalon’s services include arranging private investments, registered direct offerings, and PIPEs; as well as providing fairness opinions, mergers and acquisitions, restructuring, and strategic advisory services. Since 1992, Avalon has worked with high caliber, committed corporate leaders to expand their businesses, re-capitalize or re-organize firms, sell or purchase divisions, and arrange liquidity events. Our clients have ranged from mid-market, private companies and Fortune 500 companies to multi-national entities and early stage ventures.
NEW YORK -- Frederick's of Hollywood Group Inc. (NYSE Amex: FOH) ("Company") today announced that it has closed a private placement with accredited investors to purchase 2,907,051 shares of its common stock at $1.05 per share for gross proceeds of approximately $3,050,000. The Company intends to use the net proceeds from the offering for working capital and general corporate purposes. Avalon Group Ltd. acted as placement agent in the transaction.
Under the terms of the offering, the investors also received two-and-a-half year Series A warrants to purchase up to an aggregate of 1,162,820 shares of common stock at an exercise price of $1.25, and five-year Series B warrants to purchase up to an aggregate of 1,162,820 shares of common stock at an exercise price of $1.55. Both warrants become exercisable on the six-month anniversary of the closing date. The Company has agreed to register for resale under the Securities Act of 1933, as amended, the shares of common stock and the shares underlying the warrants issued to the investors.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein. The securities offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration under the Securities Act of 1933, as amended, and applicable state securities laws.
Forward Looking Statement
Certain of the matters set forth in this press release are forward-looking and involve a number of risks and uncertainties. These statements are based on management's current expectations or beliefs. Actual results may vary materially from those expressed or implied by the statements herein. Among the factors that could cause actual results to differ materially are the following: competition; business conditions and industry growth; rapidly changing consumer preferences and trends; general economic conditions; large variations in sales volume with significant customers; addition or loss of significant customers; continued compliance with government regulations; loss of key personnel; labor practices; product development; management of growth, increases in costs of operations or inability to meet efficiency or cost reduction objectives; timing of orders and deliveries of products; foreign government regulations and risks of doing business abroad; and the other risks that are described from time to time in Frederick's of Hollywood Group Inc.'s SEC reports. Frederick's of Hollywood Group Inc. is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
About Frederick's of Hollywood Group Inc.
Frederick's of Hollywood Group Inc. conducts its business through its multi-channel retail division and wholesale division. Through our multi-channel retail division, we primarily sell women's intimate apparel and related products under our proprietary Frederick's of Hollywood® brand through 132 specialty retail stores nationwide, our world-famous catalog and an online shop at www.fredericks.com. With its exclusive product offerings including Seduction by Frederick's of Hollywood and the Hollywood Extreme Cleavage® bra, Frederick's of Hollywood is the Original Sex Symbol®. Through our wholesale division, we design, manufacture, source, distribute and sell women's intimate apparel throughout the United States and Canada.
Both Ariel Imas and Braden Ferrari, Avalon’s Co-Presidents of Capital Markets, will be each be speaking at the “PIPEs and Registered Directs Markets Forum”, hosted by the World Research Group on March 24th and 25th.
World Research Group’s PIPEs and Registered Directs Markets Forum will explore the radical changes in the 2009 market landscape that have redefined the norm in PIPEs transactions and stakeholders have adapted their approach towards raising capital with innovative deal structures that focus on liquidity. As new entrants change the way companies look at capital raising and liquidity requirements change the way investors evaluate transactions, the evolution of the PIPEs market in 2010 can spell fortune for those positioned properly and disaster for those that fail to adapt.
The PIPEs & Registered Directs Market Forum delivers a 360 degree view of the small cap equities market, examining the newest trends in PIPEs and hybrid deal structures. The Forum brings together issuing companies, placement agents and investors to improve the way that public companies can raise capital through innovative financing structures and it is the only forum of its kind that brings together all stakeholders to get deals done in 2010.
Ariel will be speaking on the panel “Identifying the Best Financing Structures for Different Industries” and focusing on the best deal structures for industries such as healthcare, technology, energy and biotech and an analysis of industry specific trends and how different investor groups are influencing deal terms.
Braden will be speaking on the panel “The Impact of Private Equity Entering the PIPEs Market and Venture Capital Style PIPEs” and focusing on the impact on due diligence and risk assessment standards across the industry and how this effects timing and the issuing company's business objectives and an analysis of the deal terms and transaction structures typically required by private equity or venture capitalists
NEW YORK - (PRNewswire) - Frederick's of Hollywood Group Inc. (NYSE Amex: FOH) ("Company") today announced that it has entered into an agreement to exchange, at a 50% discount, approximately $22.6 million of outstanding debt and preferred stock for approximately $11.3 million in common stock. The agreement was made with certain accounts and funds managed by and/or affiliated with Fursa Alternative Strategies LLC ("Fursa"), who are the holders of the Company's outstanding Tranche C Debt and Series A Preferred Stock, as well as one of the Company's largest common shareholders. The balance sheet effect of the transaction will increase shareholders' equity by approximately $22.6 million.
Fursa has agreed to exchange the Tranche C Debt, with an aggregate principal amount and accrued interest of approximately $14 million, and to convert approximately $8.6 million of Series A Preferred Stock and accrued dividends, into an aggregate of approximately $11.3 million in common stock. The effective conversion price per share will be calculated based on the volume weighted average price of the Company's common stock for ten trading days, including the five days prior to and the five days including and after today's announcement. Upon the closing of the transaction, the Company will also issue to Fursa three, five and seven-year warrants, each to purchase 500,000 shares of common stock at exercise prices of 150%, 175% and 200% of the conversion price, respectively, but not less than the closing sale price of the common stock on the closing date. All of the shares of common stock owned by Fursa upon completion of the transaction will be subject to a 12 month lock up agreement, subject to early release for a certain number of shares.
"Clearing our balance sheet of the Tranche C Debt and Series A Preferred Stock is a game changer for Frederick's of Hollywood. I want to thank Fursa, one of our largest, longstanding shareholders for their continued support of the Company and the confidence this agreement shows they have in our turnaround strategy," stated Thomas Lynch, the Company's Chairman and Chief Executive Officer. "Through this transaction, we are effectively repurchasing our outstanding long-term debt and preferred stock at a 50% discount. As a result, we will have significantly strengthened our balance sheet by increasing shareholders' equity by $22.6 million, eliminated further interest and dividend accruals and positioned our company to fully capitalize on our anticipated growth opportunities in the coming year."
"We believe that the iconic Frederick's of Hollywood brand and the new management team's turnaround strategy are a winning combination," stated William Harley, Fursa's Chief Investment Officer. "The progress that Tom Lynch and his team have made in just under a year is impressive. By removing the added pressures that the debt and preferred stock place on the company, Frederick's of Hollywood will be able to concentrate more of its resources on its business and provide a stronger foundation for long-term growth."
The transaction is subject to shareholder approval and other customary closing conditions. The Company anticipates holding an annual meeting of its shareholders during the third fiscal quarter ending April 24, 2010, at which shareholders will be asked to approve the transaction. The Company expects to consummate the transaction as soon as practicable once shareholder approval is obtained. Fursa has agreed to "sterilize" their vote by committing to vote their shares of the Company's common stock and preferred stock at the shareholder meeting on this matter in accordance with the vote of a majority of votes cast at the meeting, excluding the shares held by Fursa.
Forward Looking Statement
Certain of the matters set forth in this press release are forward-looking and involve a number of risks and uncertainties. These statements are based on management's current expectations or beliefs. Actual results may vary materially from those expressed or implied by the statements herein. Among the factors that could cause actual results to differ materially are the following: competition; business conditions and industry growth; rapidly changing consumer preferences and trends; general economic conditions; large variations in sales volume with significant customers; addition or loss of significant customers; continued compliance with government regulations; loss of key personnel; labor practices; product development; management of growth, increases in costs of operations or inability to meet efficiency or cost reduction objectives; timing of orders and deliveries of products; foreign government regulations and risks of doing business abroad; and the other risks that are described from time to time in Frederick's of Hollywood Group Inc.'s SEC reports. Frederick's of Hollywood Group Inc. is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
About Frederick's of Hollywood Group Inc.
Frederick's of Hollywood Group Inc. conducts its business through its multi-channel retail division and wholesale division. Through our multi-channel retail division, we primarily sell women's intimate apparel and related products under our proprietary Frederick's of Hollywood® brand through 132 specialty retail stores nationwide, our world-famous catalog and an online shop at www.fredericks.com. With its exclusive product offerings including Seduction by Frederick's of Hollywood and the Hollywood Extreme Cleavage® bra, Frederick's of Hollywood is the Original Sex Symbol®. Through our wholesale division, we design, manufacture, source, distribute and sell women's intimate apparel throughout the United States and Canada.
Cubic Energy, Inc. (NYSE Amex:QBC) ("Cubic" or the "Company") announces the Company has received an extension of time until October 1, 2009 from Wells Fargo Energy Capital, Inc. (the "Lender") to comply with the terms of that letter dated June 30, 2009. That June 30, 2009 letter previously informed the Company that the Lender made a borrowing base redetermination and waived any failure of the Company to comply with its obligations under the Credit Agreement as a result of such redetermination until September 1, 2009.
In addition, the Company announces the closing of an equity offering in which certain investors (the "Investors") paid aggregate consideration of approximately $1,788,400 to the Company for 2,104,001 shares of the Company's common stock [$0.85 per share] and received warrants exercisable into 1,052,000 shares of common stock. The warrants are exercisable through July 31, 2014, at an exercise price of $0.85 per share.
Calvin Wallen III, President and CEO of the Company, explains, "It is believed that these positive developments are the first steps in moving the Company to the next level."
This press release includes statements, which may constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "expect", or similar expressions. These statements are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, future trends in mineral prices, the availability of capital, the availability of capital for development of mineral projects and other projects, dependency on pipelines in which to sell the Company's natural gas it produces, reliance on third party contractors to aid in developing the production infrastructure and in the performance of well completion work, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revision or changes after the date of this release. There can be no assurance that any future activities and/or transactions mentioned in this press release will occur as planned. Cubic can not guarantee any level of production from its wells
Cubic Energy, Inc.
Cubic Energy, Inc. is an independent company engaged in the development and production of, and exploration for, crude oil and natural gas. The Company's oil and gas assets and activity are concentrated primarily in the Haynesville Shale Play located in Northwest Louisiana.
Cytomedix, Inc. (NYSE Amex:GTF) Registered Direct Offering
ROCKVILLE, Md., Aug. 27, 2009 (GLOBE NEWSWIRE) -- Cytomedix, Inc. (NYSE Amex:GTF) ("the Company"), a leading developer of biologically active regenerative therapies for wound care, inflammation and angiogenesis, today announced it entered into securities purchase agreements with investors to raise gross proceeds of approximately $420,000, before placement agent's fees and other offering expenses, in a registered direct offering. This represents the second and final tranche to the financing previously announced on August 12, 2009, which raised an initial approximate $1,050,000. The offering is expected to close on or about August 31, 2009. Proceeds will be used for general corporate purposes. Avalon Securities Ltd. acted as exclusive placement agent, on a "best efforts" basis, for this transaction.
Cytomedix develops, sells and licenses regenerative biological therapies including the AutoloGel (tm) System, a device for the production of Platelet Rich Plasma gel derived from the patient's own blood. The AutoloGel (tm) System is cleared by the U.S. Food and Drug Administration for use on a variety of exuding wounds. The Company is pursuing a multifaceted strategy to penetrate the chronic wound market with its AutoloGel (tm) System and is moving forward with the development of other product candidates in its pipeline. Most notably is its CT-112 product, an anti-inflammatory peptide that has shown promise in preclinical testing.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in this offering, nor will there be any sale of these securities in any jurisdiction in which such offer solicitation or sale are unlawful prior to registration or qualification under securities laws of any such jurisdiction.
Cubic Energy Inc. (NYSE Amex:QBC)Unregistered Sale of Equity Securities
On August 18 and August 26, 2009, Cubic Energy, Inc. (the "Company") entered into Subscription and Registration Rights Agreements (the "Subscription Agreements") with certain investors (the "Investors"). Pursuant to the Subscription Agreements, the Company issued 804,000 shares of common stock on August 18, 2009, and 1,300,001 shares of common stock on August 26, 2009, for an aggregate of 2,104,001 shares. Avalon Securities Ltd. acted as exclusive placement agent, on a "best efforts" basis, for this transaction.
Pursuant to the Subscription Agreements, the Investors paid aggregate consideration of approximately $1,788,400 to the Company for 2,104,001 shares of the Company's common stock and warrants exercisable into 1,052,000 shares of common stock. The warrants are exercisable through July 31, 2014, at $0.85 per share. The shares and warrants were issued by the Company in reliance upon an exemption from registration set forth in Regulation D and/or Section 4(2) of the Securities Act of 1933, as amended. On September 1, 2009, the Company issued a press release with respect to this item.
About Avalon Group, Ltd.
Avalon Group, Ltd. provides clients access to the quality and technical expertise of a major investment bank while maintaining the confidential personal service and efficiency of a boutique firm. Our services include arranging private investments, registered direct offerings, and PIPEs, and providing fairness opinions, mergers and acquisitions, restructuring, and strategic advisory services. Since 1992, Avalon has worked with high caliber, committed corporate leaders to expand their business, re-capitalize or re-organize firms, sell or purchase divisions, and arrange liquidity events. Our clients have ranged from mid-market private companies to Fortune 500 companies to international entities and early stage firms. Avalon Group and Avalon Securities, its affiliated FINRA, SIPC and SEC registered broker-dealer, are located in mid-town Manhattan.
Avalon’s Capital Markets team offers capital raising and advisory services to public companies. As part of this process, we analyze our client’s operations to create solutions that are tailored to each client’s needs. We provide our clients with strategic introductions and access to institutional money managers, family offices, and high net worth individuals.
ROCKVILLE, Md. - (Press Releaase) - Cytomedix, Inc. (NYSE Amex:GTF) ("the Company"), a leading developer of biologically active regenerative therapies for wound care, inflammation and angiogenesis, today announced it entered into securities purchase agreements with investors to raise gross proceeds of approximately $420,000, before placement agent's fees and other offering expenses, in a registered direct offering. This represents the second and final tranche to the financing previously announced on August 12, 2009, which raised an initial approximate $1,050,000. The terms of the financing are identical to the terms described in the original August 12, 2009 announcement. The closing of the offering is expected to take place on or about August 31, 2009 subject to the satisfaction of customary closing conditions. Proceeds from the transaction will be used for general corporate purposes.
Avalon Securities Ltd. acted as exclusive placement agent, on a "best efforts" basis, for this transaction.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in this offering, nor will there be any sale of these securities in any jurisdiction in which such offer solicitation or sale are unlawful prior to registration or qualification under securities laws of any such jurisdiction.
Forward-Looking Information
Statements contained in this press release not relating to historical facts are forward-looking statements that are intended to fall within the safe harbor rule for such statements under the Private Securities Litigation Reform Act of 1995. The information contained in the forward-looking statements is inherently uncertain, and Cytomedix's actual results may differ materially due to a number of factors, many of which are beyond Cytomedix's ability to predict or control, including among others, the outcome of development or regulatory review of CT-112 or of the Company's premarket notification, commercial success or acceptance by the medical community, the Company's ability to market and capitalize on the AutoloGel opportunities in orthopedics, competitive responses and the Company's ability to execute in a timely fashion or at all upon the plan of compliance approved by the NYSE Amex. There is also no assurance that the Company's current capitalization will be sufficient to attain its goals, that future funding will be available to the Company on acceptable terms, or that the Company will ever be able to sustain itself from ongoing operations. These forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual events to differ from the forward-looking statements. More information about some of these risks and uncertainties may be found in the reports filed with the Securities and Exchange Commission by Cytomedix, Inc. Cytomedix operates in a highly competitive and rapidly changing business and regulatory environment, thus new or unforeseen risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. Except as is expressly required by the federal securities laws, Cytomedix undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.
Cytomedix, Inc.
Cytomedix develops, sells and licenses regenerative biological therapies including the AutoloGel(tm) System, a device for the production of Platelet Rich Plasma ("PRP") gel derived from the patient's own blood. The AutoloGel(tm) System is cleared by the U.S. Food and Drug Administration ("FDA") for use on a variety of exuding wounds. The Company is pursuing a multi-faceted strategy to penetrate the chronic wound market with its AutoloGel(tm) System. The Company is also moving forward with the development of other product candidates in its pipeline. Most notably is its CT-112 product, an anti-inflammatory peptide that has shown promise in preclinical testing. Additional information regarding Cytomedix is available at www.cytomedix.com.
ROCKVILLE, Md. - (GLOBE NEWSWIRE) - Cytomedix, Inc. (NYSE Amex:GTF) ("the Company"), a leading developer of biologically active regenerative therapies for wound care, inflammation and angiogenesis, announced today that, on August 10, 2009, it entered into securities purchase agreements with investors to raise gross proceeds of approximately $1,050,000, before placement agent's fees and other offering expenses, in a registered direct offering.
Under the terms of the financing, Cytomedix will issue to the investors 2,292,859 shares of its common stock and warrants to purchase 1,146,432 shares of common stock. The purchase price paid by non-affiliate investors was $0.44 for each unit and $0.57 per unit for affiliate investors. The warrants expire after five years and are exercisable at $0.65 per share on or after February 14, 2010.
This initial closing of the offering is expected to take place on or about August 14, 2009 subject to the satisfaction of customary closing conditions. Proceeds from the transaction will be used for general corporate purposes.
Avalon Securities Ltd. acted as exclusive placement agent, on a "best efforts" basis, for this transaction.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in this offering, nor will there be any sale of these securities in any jurisdiction in which such offer solicitation or sale are unlawful prior to registration or qualification under securities laws of any such jurisdiction.
About Cytomedix
Cytomedix develops, sells and licenses regenerative biological therapies including the AutoloGel(tm) System, a device for the production of Platelet Rich Plasma ("PRP") gel derived from the patient's own blood. The AutoloGel(tm) System is cleared by the U.S. Food and Drug Administration ("FDA") for use on a variety of exuding wounds. The Company is pursuing a multi-faceted strategy to penetrate the chronic wound market with its AutoloGel(tm) System. The Company is also moving forward with the development of other product candidates in its pipeline. Most notable is its CT-112 product, an anti-inflammatory peptide that has shown promise in preclinical testing. Additional information regarding Cytomedix is available at www.cytomedix.com.
Forward-Looking Information
Statements contained in this press release not relating to historical facts are forward-looking statements that are intended to fall within the safe harbor rule for such statements under the Private Securities Litigation Reform Act of 1995. The information contained in the forward-looking statements is inherently uncertain, and Cytomedix's actual results may differ materially due to a number of factors, many of which are beyond Cytomedix's ability to predict or control, including among others, the outcome of development or regulatory review of CT-112 or of the Company's premarket notification, commercial success or acceptance by the medical community, the Company's ability to market and capitalize on the AutoloGel opportunities in orthopedics, competitive responses and the Company's ability to execute in a timely fashion or at all upon the plan of compliance approved by the NYSE Amex. There is also no assurance that the Company's current capitalization will be sufficient to attain its goals, that future funding will be available to the Company on acceptable terms, or that the Company will ever be able to sustain itself from ongoing operations. These forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual events to differ from the forward-looking statements. More information about some of these risks and uncertainties may be found in the reports filed with the Securities and Exchange Commission by Cytomedix, Inc. Cytomedix operates in a highly competitive and rapidly changing business and regulatory environment, thus new or unforeseen risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. Except as is expressly required by the federal securities laws, Cytomedix undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason