Computer Vision Systems Laboratories Corp. signed a letter of intent to acquire 31.34%stake in The Longaberger Company from Tami Longaberger, President and Chief Executive Officer of The Longaberger Company and other shareholders.
January 11, 2013 at 04:00 am
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Computer Vision Systems Laboratories Corp. (OTCPK:CVSL) signed a letter of intent to acquire 31.34% stake in The Longaberger Company from Tami Longaberger, President and Chief Executive Officer of The Longaberger Company on January 11, 2013. Post acquisition, Longaberger will change its name to CVSL Inc. and it will become an umbrella company under which more direct-selling companies are expected to join. Under the terms of the letter of intent, Tami Longaberger has begun the process to convert her shares of The Longaberger Company stock into shares of CVSL stock, pursuant to a definitive agreement yet to be negotiated. Also, Tami Longaberger has also joined CVSL's Board of Directors on December 3, 2012, along with John P. Rochon, Chairman of Computer Vision and Russell Mack. Longaberger will remain unchanged in its operations, including retaining Tami Longaberger as President and Chief Executive Officer. The transaction is subject to lender, shareholder, and regulatory approvals, due diligence review, resignations of officers, Board of Directors and Managers of The Longaberger Company, election of new Officers for The Longaberger Company,
Computer Vision signed a definitive agreement to acquire majority stake in The Longaberger Company from Tami Longaberger on for $6.5 million in promissory note March 15, 2013. The transaction has been unanimously approved by board of directors of both Computer Vision and Longaberger Company. Robert Beam of Gottlieb, Johnston, Beam & Dal Ponte, PLL acted as legal advisor to Tami Longaberger and Jane C. Taber of Estes Okon Thorne & Carr PLLC acted as legal advisor to The Longaberger Company. Douglas D. Haloftis of Gardere Wynne Sewell LLP acted as legal advisor to Computer Vision Systems Laboratories.
JRjr33, Inc. (JRJR), formerly CVSL Inc., offers a platform of direct-to-consumer brands. The Company operates through the segments, which include Gourmet Food, Nutritional and Wellness, Home Decor, Publishing and Printing, and Other. The Gourmet Food Products segment consists of operations related to the production and sale of hand-crafted spices, oils and other food products from around the world. The Home Decor segment consists of operations related to the production and sale of premium hand-crafted baskets, and the selling of products for the home, including pottery, cleaning, health, beauty, home, outdoor and customizable vinyl expressions for display. The Nutritionals and Wellness segment consists of operations related to the selling of nutritional supplements and skin care products. The Publishing and Printing Segment consists of the operations of Happenings Communications Group, Inc. and Paperly, Inc. The Other Segment consists of the operations of Tomboy Tools, Inc.
Computer Vision Systems Laboratories Corp. signed a letter of intent to acquire 31.34%stake in The Longaberger Company from Tami Longaberger, President and Chief Executive Officer of The Longaberger Company and other shareholders.