11% Senior Note Holders Agree to Waiver and Amendments; Shop At Home Free To Redeem Series B Preferred Stock.Business Editors NASHVILLE, Tenn.--(BUSINESS WIRE)--March 29, 2001 Shop At Home, Inc. (Nasdaq:SATH SATH Society for Accessible Travel & Hospitality SATH Shop At Home (stock symbol) SATH Sage Thrasher (bird species Oreoscoptes montanus) SATH Society for the Advancement of Travel for the Handicapped ), an electronic commerce leader in both the broadcast and Internet channels, has received consent from the majority of its 11% Senior Secured Note holders to waive and amend certain provisions of the indenture and related pledge agreements governing the notes, which will permit the Company to use the proceeds from the sale of its Houston television station to redeem its Series B Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". . The consent was received today after the Company had formally solicited the bondholders on March 16, 2001 to amend the provisions of the indenture and pledge agreement to allow certain asset sales and restricted payments. The Senior Note holders who delivered consents prior to the March 29, 2001 5:00 p.m. EST expiration time Expiration time The time of day by which all exercise notices must be received on the expiration date. Technically, the expiration time is currently 11:59AM on the expiration date, but public holders of option contracts must indicate their desire to exercise no later than 5:30PM on , will receive $25 in cash for each $1,000 principal amount of Notes to which such consents related. The consent was received from holders of $74.9 million of the $75 million of notes outstanding. About Shop At Home Shop At Home, Inc., a leader in converged technology, is a premier retailer of specialty consumer products through the use of interactive electronic media including broadcast, cable and satellite television and the Company's Internet site, www.collectibles.com. Shop At Home Network reaches over 61 million unique cable and satellite households and owns full power television stations in San Francisco, Boston, Cleveland, Raleigh and Bridgeport, which is licensed to cover a portion of the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of market. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement Under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 - This release contains forward-looking statements within the meaning of Section 27A of Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results may differ materially from those identified for a number of reasons as are discussed from time to time in Shop At Home's SEC reports, including but not limited to the registration statement on Form S-3 as amended on July 1, 1999, the report on Form 10-K for the year ended June 30, 2000(Business and Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations), the Form 10-Q filed for the Quarters ending September 30, 2000, December 31, 2000 and any recent Forms 8-K. |
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