Live Ventures is expanding in the financial services sector with

Agreement to acquire a broker, an investment bank proposes a possible roll-up strategy for long-term profitable growth potential

When acquiring the remaining outstanding units, consolidated revenue is expected to increase by approximately 10% and provide an immediate increase in profits

LAS VEGAS, June 17, 2021 (GLOBE NEWSWIRE) – Live Ventures Incorporated (Nasdaq: LIVE), a diversified holding company with subsidiaries in manufacturing and retail, today announced that it has entered into an agreement to acquire Salomon Whitney LLC, a brokerage dealer operating under the name of SW Financial.

Live Ventures has agreed to acquire 100% of the interests in Salomon Whitney LLC in an all-cash transaction. At the initial closing of June 14, 2021, Live Ventures acquired 24.9% of SW Financial. The acquisition of the remaining stake in SW Financial is subject to the approval of the Financial Industry Regulatory Authority (FINRA) and other customary closing conditions.

The acquisition broadens and further diversifies the Company’s portfolio of operating subsidiaries in the financial services industry. The Company expects that as a result of this transaction and the completion of the acquisition of the remaining interests, its consolidated revenues will increase by approximately ten percent.

“This acquisition will add a successful financial services provider to our business portfolio and provide a similarly located broker-dealer ‘bundle’ strategy for Live Ventures,” said Jon Isaac, President and CEO of Live Ventures. “SW Financial has established a successful roadmap which we believe is complementary to our other service offerings. By working closely with the management team, including the two directors of Salomon Whitney LLC, Thomas Diamante and Lawrence Zelin, it is evident that our goals are closely aligned, and we believe the business will continue to thrive under them. direction. This business will allow us to focus on sustainable and profitable growth while delivering value to our shareholders. “

“We are delighted to join Live Ventures and their management team as partners of Salomon Whitney LLC,” commented Thomas Diamante, CEO of SW Financial. “We believe this collaboration will strengthen our operations and our offerings for our customers. Our companies share complementary core values, and we believe that together we are better positioned and better capitalized to seize this tremendous growth opportunity that we believe exists in the market. “

Lawrence Zelin, CFO of SW Financial, added: “We look forward to expanding our capabilities and driving innovation that will deliver end-to-end solutions to our customers and fuel the growth of our business. “

Founded by Thomas Diamante in 2007, Salomon Whitney LLC is a licensed brokerage and investment bank that provides clients with a wide range of products and services, including the retail sale of equity and corporate debt securities, private placement of securities, corporate finance advice on mergers. and acquisitions, brokerage of variable life insurance or annuities, and retail sale by brokerage of US government and municipal securities. It currently has around 70 registered representatives and is licensed to operate in all 50 states. SW Financial is registered with the United States Securities and Exchange Commission (“SEC”) and the Financial Industry Regulatory Authority, Inc. (“FINRA”).

LIVE has contracted the Compliance Exchange Group (“CXG”) to manage the regulatory demand and FINRA approval process for the acquisition of Salomon Whitney LLC. www.cxgllc.com.

About Live Ventures

Originally incorporated in 1968, Live Ventures Incorporated is a diversified holding company with several wholly owned subsidiaries and a strategic focus on acquiring profitable companies that have demonstrated strong earning power. Through its subsidiary Marquis Industries, the company manufactures and sells residential and commercial rugs primarily in North America. Marquis Industries also designs, sources and sells hard surface flooring. Through its subsidiary Precision Marshall, the company manufactures and sells steel in four product categories: luxury alloy sheet, luxury tool steel sheet, precision ground flat stock, and drill rod. . Through its subsidiary Vintage Stock, an award-winning entertainment retailer, the company sells new and used movies, classic and current generation video games and systems, CD and LP music, comics collection, books, toys, etc. Vintage Stock, through its stores and website, ships products worldwide right to the customer’s doorstep. Through its subsidiary Precision Industries, the company sells high-end tool steels and special alloys. Through its subsidiary ApplianceSmart, the company sells new major home appliances in the United States through a company-owned retail store in Columbus, Ohio, operating under the name ApplianceSmart®. All of Live Ventures businesses are rooted in their local communities where they contribute to the local economy and serve as responsible corporate neighbors.

Forward-looking statements and cautions

Use of the word “company” or “Company” refers to Live Ventures Incorporated and its wholly owned subsidiaries. This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In accordance with the safe harbor provisions of that law, statements contained herein that are forward-looking and include anything other than historical information, involves risks and uncertainties that could affect the actual results of the company, including statements relating to a potential roll-up strategy and to increases in the consolidated revenues of the company. These forward-looking statements may be identified by words such as “will”, “expects”, “anticipates”, “the future”, “intends”, “plans”, “believes”, “believes” and similar statements. Live Ventures may also make written or oral forward-looking statements in its periodic reports to the United States Securities and Exchange Commission (the “SEC”) on Forms 10-K and 10-Q, Current Reports on Form 8-K, in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors or employees to third parties. There can be no assurance that such statements will prove to be accurate and there are a number of important factors that could cause actual results to differ materially from those expressed in forward-looking statements made by the company, including, but not limited to , management plans and objectives for future operations or products, market acceptance or future success of our products, and our future financial performance. The Company cautions that these forward-looking statements are further qualified by other factors, including, but not limited to, those set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30. 2020 (available at http: / /www.sec.gov). Live Ventures assumes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise.

Contact:
Direct Incorporated Businesses
Tim Matula, Investor Relations
(425) 836-9035
[email protected]
http://liveventures.com
Source: Live Ventures Incorporated

About William W.

Check Also

Cubans wonder what’s next after anti-government protests | Chicago News

HAVANA (AP) – Less than a week after a rare series of anti-government protests were …