PR Newswire
LOS ANGELES
,
Aug. 4, 2022
/PRNewswire/ —
LiveOne
(Nasdaq: LVO), an award-winning, creator-first, music, entertainment and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events, announced today that
East West Bank
has extended LiveOne’s
$7 million
secured revolving credit facility until
June 2024
year. The facility bears interest at the Prime Rate plus 0.5%.
LiveOne’s CEO and Chairman,
Robert Ellin
, stated, “We appreciate our relationship with
East West Bank
and the confidence they are showing by extending the term of the credit facility, which increases our financial flexibility and liquidity. Additionally, the low interest rate is a testament to our improving financial position and creditworthiness.”
About LiveOne, Inc.
Headquartered in
Los Angeles, California
,
LiveOne, Inc.
(NASDAQ: LVO) (the “Company”) is an award-winning, creator-first, music, entertainment and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events. The Company was awarded
Best Live Moment
by
Digiday
for its “Social Gloves” PPV Event, and has been a finalist for 8 more awards, including
Best Live Event, Best Virtual Event, Best Overall Social Media Excellence,
and
Best Original Programming
from
Cynopsis
and
Digiday
. As of
June 26, 2022
, the Company has accrued a paid and free membership base of over 2.35 million**, streamed over 2,900 artists, has a library of 30 million songs, 600 curated radio stations, over 300 podcasts/vodcasts, hundreds of pay-per-views, personalized merchandise, released music-related NFTs, and created a valuable connection between fans, brands, and bands. The Company’s wholly-owned subsidiaries include
Slacker Radio
,
React Presents
,
Gramophone Media
,
Palm Beach Records
, Custom Personalization Solutions, LiveXLive, PPVOne and
PodcastOne
, which generates more than 2.48 billion downloads per year and 300+ episodes distributed per week across its stable of top-rated podcasts. LiveOne is available on iOS, Android, Roku, Apple TV, Amazon Fire, and through OTT, STIRR, and XUMO. For more information, visit
www.liveone.com
and follow us on
Facebook
,
Instagram
,
TikTok
, and Twitter at
@liveone
.
Forward-Looking Statements
All statements other than statements of historical facts contained in this press release are “forward-looking statements,” which may often, but not always, be identified by the use of such words as “may,” “might,” “will,” “will likely result,” “would,” “should,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “continue,” “target” or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including: the Company’s reliance on one key customer for a substantial percentage of its revenue; the Company’s ability to consummate any proposed financing, acquisition, spin-out, distribution or transaction, including the proposed spin-out of PodcastOne or its pay-per-view business, the timing of the closing of such proposed event, including the risks that a condition to closing would not be satisfied within the expected timeframe or at all, or that the closing of any proposed financing, acquisition, spin-out, distribution or transaction will not occur or whether any such event will enhance shareholder value; PodcastOne’s ability to list on a national exchange; the Company’s ability to continue as a going concern; the Company’s ability to attract, maintain and increase the number of its users and paid members; the Company identifying, acquiring, securing and developing content; the Company’s intent to repurchase shares of its common stock from time to time under its announced stock repurchase program and the timing, price, and quantity of repurchases, if any, under the program; the Company’s ability to maintain compliance with certain financial and other covenants; the Company successfully implementing its growth strategy, including relating to its technology platforms and applications; management’s relationships with industry stakeholders; the effects of the global Covid-19 pandemic; uncertain and unfavorable outcomes in legal proceedings; changes in economic conditions; competition; risks and uncertainties applicable to the businesses of the Company’s subsidiaries; and other risks, uncertainties and factors including, but not limited to, those described in the Company’s Annual Report on Form 10-K for the fiscal year ended
March 31, 2022
, filed with the U.S. Securities and Exchange Commission (the “SEC”) on
June 29, 2022
, and in the Company’s other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof, and the Company disclaims any obligations to update these statements, except as may be required by law. The Company intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.
** Included in the total number of paid members for the reported periods are certain members which are the subject of a contractual dispute. LiveOne is currently not recognizing revenue related to these members..
LiveOne IR Contact:
(310) 601-2505
Press Contact:
LiveOne
917.842.9653
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SOURCE LiveOne, Inc.
