This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

CVSL And The Longaberger Company Sign Letter Of Intent For Longaberger To Join CVSL

DALLAS and NEWARK, Ohio, Jan. 11, 2013 /PRNewswire/ -- Ohio-based The Longaberger Company and Computer Vision Systems Laboratories Corp. ( stock symbol: CVSL) have signed a letter of intent (LOI) for CVSL to acquire a controlling voting interest in Longaberger.  According to the LOI, Longaberger would become part of CVSL's strategy of growing in the direct selling channel.  Longaberger's revenues last year exceeded $100 million

"This is great news for the Longaberger Company as we celebrate its 40 th anniversary in 2013," said Tami Longaberger, President and CEO of The Longaberger Company. "From the day my father founded our company, it was a dream of his that someday we could give our sales force and employees and customers the opportunity to become owners in our company.  That wasn't possible for us as a private company, but now that dream can come true," said Ms. Longaberger.

"This opportunity also will help us continue The Longaberger Company's momentum by giving us the prospect of access to more capital for growth, additional resources and access to new markets," she noted.  "We've always been leaders in direct selling.  I'm thrilled that now, yet again, our company is leading the way where others will follow.  I know that Dad would be beaming with pride."

As previously announced, Ms. Longaberger joined CVSL's board of directors on December 3.   Under the terms of the LOI announced today, Ms. 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.  This conversion would give CVSL a controlling voting interest in Longaberger and is subject to lender, shareholder, and regulatory approvals.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 16,472.37 +200.36 1.23%
S&P 500 1,951.36 +27.54 1.43%
NASDAQ 4,707.7750 +80.6910 1.74%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs