Concepts Direct, Inc. Announces $15,000,000 Financing.Business Editors LONGMONT, Colo.--(BUSINESS WIRE)--Nov. 7, 2000 Concepts Direct, Inc. (Nasdaq:CDIR CDIR Cumulative Damage Index Right Engine CDIR Chemical Demilitarization and Installation Restoration CDIR Channel Distribution Information at the Receiver ) announced today its completion of a sale/leaseback transaction and the planned sale of approximately 100 acres of excess land. The amount of capital raised by these transactions is approximately $15,000,000. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from both transactions will be used to retire outstanding debt, fund continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the , and support planned growth. Last week, the Company completed the refinancing of its corporate headquarters and fulfillment center in Longmont, Colo., through the sale of the facility to a real estate investment partnership. The Company will continue to occupy the facility under the terms of a twenty-year lease and will retain a 25% ownership interest in the building as a limited partner in the partnership. Also last week, the Company entered into a contract to sell approximately 100 acres of undeveloped land adjacent to its facility to a local non-profit organization A non-profit organization (abbreviated "NPO", also "non-profit" or "not-for-profit") is a legally constituted organization whose primary objective is to support or to actively engage in activities of public or private interest without any commercial or monetary profit purposes. . The Company will retain ownership of approximately 20 acres of undeveloped land for future expansion or sale. This transaction is scheduled to close prior to the end of the year. Since purchasing the land in 1997, the Company has planned on disposing of portions of the property at the appropriate time. J. Michael Wolfe Michael Wolfe (Born 3 April, 1945, United States) is a poet, author, and the President and Executive Producer of Unity Productions Foundation. He is also a frequent lecturer on Islamic issues at universities across the United States including Harvard, Georgetown, Stanford, SUNY , Concepts Direct's President and Chief Executive Officer, commented: "We are very pleased to complete a sale/leaseback on our building and to enter into an agreement to sell approximately 100 acres of undeveloped land held by the Company. When fully completed, I anticipate that the cash generated from these transactions will result in our possessing a strong balance sheet and our having sufficient cash to not only fund ongoing operations but to also fund planned growth initiatives." About Concepts Direct, Inc. Concepts Direct is a direct marketing company focused on building and managing customer relationships through its catalogs and Internet retailing initiatives. The Company sells primarily personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. paper products and a diverse line of merchandise, including gift items, home decorative items, collectibles and apparel. Concepts Direct sells its merchandise primarily via the Colorful Images, Linda Anderson, Snoopy Snoopy world’s most famous beagle. [Comics: “Peanuts” in Horn, 542] See : Dogs Snoopy imaginative dog. [Comics: “Peanuts” in Horn, 542–543] See : Illusion (TM) etc., Linda Anderson's Collectibles and the Music Stand catalogs. In addition, the Company owns and operates numerous web sites, including www.ColorfulImages.com, www.LindaAnderson.com, www.SnoopyStore.com, www.theMusicStand.com and www.NewBargains.com. Concepts Direct designs and manufactures many of its own products and also purchases a variety of merchandise from outside vendors and suppliers. The Company operates on a policy of guaranteed customer satisfaction and is committed to providing excellent customer service. Headquartered in Longmont, Colo., the Company houses all of its direct marketing operations in Longmont and sells its products primarily in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Cautionary Statement This press release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as such term is defined in 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. Company statements that are not historical facts, including statements about the Company's expectations, beliefs, plans and objectives, are forward-looking statements and involve various risks and uncertainties, including the risks associated with starting new businesses. Additional discussion of factors that could cause actual results to differ materially from management's expectations, beliefs, plans and objectives is contained in the Company's SEC filings. |
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