Sale Of Longaberger Golf Club Is Successfully Completed, Proceeds Allow Company To Further Reduce Debt

DALLAS, Dec. 30, 2013 /PRNewswire/ -- CVSL Inc. [stock symbol: CVSL] announced today the successful completion of its sale of the Longaberger Golf Club in Nashport, OH. 

The Longaberger Company, based in Newark, Ohio, is part of CVSL. The Longaberger Company has owned the highly-rated public golf club since 1999.

"We are very pleased that this sale has been completed, because it is another important step in our strategy of concentrating on Longaberger's core business of selling the world's finest hand-made baskets and supporting the Longaberger independent sales field," said CVSL's Chief Financial Officer Kelly Kittrell.   

"This step also allows us to continue significantly reducing The Longaberger Company's bank debt.  Our team has made tremendous progress in that effort in recent months," he noted. 

"Two years ago, Longaberger's bank debt was nearly $30 million.  Today, as a result of our team's fine work, total debt has been reduced to less than $9 million. This debt represents the only remaining bank debt throughout all the companies of CVSL," noted Mr. Kittrell.

"In fact, during the past nine months alone, we have reduced the debt by 40%.  Clearly, our team's efforts have dramatically strengthened the financial foundation of The Longaberger Company," said Mr. Kittrell.

"We are excited about the company's future.  We deeply appreciate the fine work being done at Longaberger by the sales leadership and the employee team," Mr. Kittrell added.   

Under the terms of the sale, the purchaser has the right to continue using the name "Longaberger Golf Club" for a period of time.  The Longaberger Company retained about 200 acres of land just southwest of the golf course.

About CVSL

CVSL is a publicly-traded company that owns and operates a growing group of micro-enterprise companies that connect social media networks into an ever-expanding virtual "community" of social commerce. CVSL companies currently include The Longaberger Company, a 40-year old maker of hand-crafted baskets and other home decor items; Your Inspiration At Home, an award-winning maker of hand-crafted spices and other gourmet food items from around the world; Tomboy Tools, a direct seller of tools designed for women as well as home security systems; Agel Enterprises, a global seller of nutritional products in gel form as well as a skin care line sold under the Ageless™ brand, operating in 40 countries; and My Secret Kitchen, a U.K.-based seller of gourmet foods.    CVSL also has signed letters of intent with Golden Girls, which purchases gold and tradable jewelry. 

Cautionary Note Regarding Forward-Looking Statements:

This press release contains forward-looking statements that involve risks and uncertainties. All statements other than statements of historical fact contained in this press release are forward-looking statements. We have attempted to identify forward-looking statements by terminology including "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," or "will" or the negative of these terms or other comparable terminology. Such statements include statements regarding our anticipated revenues, and our growth.  Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy. These statements are only expectations and involve known and unknown risks, uncertainties, and other factors; our growth may not continue as anticipated and our revenue may not be as expected and  the risks outlined under "Risk Factors" in our Annual Report on Form 10-K for our fiscal year ended December 31, 2012, our Forms 10-Q, including the one issued  for the period ending September 30, 2013 and those discussed in other documents we file with the Securities and Exchange Commission, which may cause our actual results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements to differ materially from expectations.  Except as required by law, we undertake no obligation to update or revise publicly any of the forward-looking statements after the date of this press release to conform our statements to actual results or changed expectations.

CVSL Media Contact:  Russell Mack ([email protected]) 
CVSL Investor Relations Contact:  Scott Pumper ([email protected])

SOURCE CVSL Inc.

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