LOS ANGELES, August 4, 2022 /PRNewswire/ — Live One (Nasdaq: LVO), an award-winning, creator-driven music, entertainment and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events, announced today that Eastern West Bank extended LiveOne $7 million revolving credit facility secured up to June 2024 year. The facility bears interest at prime rate plus 0.5%.
CEO and President of LiveOne, Robert Ellinsaid, “We value our relationship with Eastern West Bank and their confidence in extending the term of the credit facility, which increases our financial flexibility and liquidity. In addition, the low interest rate reflects the improvement in our financial situation and solvency.”
About LiveOne, Inc.
Based at Los Angeles, California, LiveOne, Inc. (NASDAQ: LVO) (the “Company”) is an award-winning, creator-driven music, entertainment and technology platform focused on delivering premium experiences and content in the worldwide through live and virtual memberships and events. The Company was awarded Best Live Moment by Digiday for its “Social Gloves” PPV event, and was a finalist for 8 other awards, including Best Live Event, Best Virtual Event, Best Overall Social Media Excellence, and Best Original Programming of Cynopsia and Digiday. From June 26, 2022, the company has accumulated a paid and free membership base of over 2.35 million**, has listened to over 2,900 artists, has a library of 30 million songs, 600 curated radio stations, over 300 podcasts/vodcasts, hundreds of pay-per-views, custom merchandise, released music-related NFTs, and created a valuable connection between fans, brands, and bands. The Company’s wholly-owned subsidiaries include lazy radio, React present, Gramophone Media, Palm Beach RecordsCustom Personalization Solutions, LiveXLive, PPVOne and Podcast One, which generates more than 2.48 billion downloads per year and more than 300 episodes distributed per week on its stable of top-rated podcasts. LiveOne is available on iOS, Android, Roku, Apple TV, Amazon Fire and via OTT, STIRR and XUMO. For more information, visit www.liveone.com and follow us on Facebook, instagram, ICT Tacand Twitter at @liveone.
All statements other than statements of historical fact contained in this press release are “forward-looking statements”, which can often, but not always, be identified by the use of words such as “may”, “could”, ” will”, “probably result”, “will result”, “should”, “estimate”, “plan”, “project”, “expect”, “intend”, “expect”, “anticipate” , “believe”, “seek”, “continue”, “target” or the negative form of these 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 dependence to a key customer for a substantial percentage of its turnover; the Company’s ability to complete 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 any condition to closing will not be satisfied within the expected time frame or at all, or that the closing of any proposed financing, acquisition, spin-off, distribution or transaction will not occur or that such event will increase in value for shareholders; PodcastOne’s ability to list on a national stock 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 paying members; the Company identifying, acquiring, securing and developing content; the Company’s intention to repurchase Common Shares from time to time under its announced share 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 is successfully implementing its growth strategy, including with respect to its technology platforms and applications; management’s relationships with industry stakeholders; the effects of the global Covid-19 pandemic; uncertain and adverse results in legal proceedings; changes in economic conditions; competition; the risks and uncertainties applicable to the activities 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, 2022filed with the United States 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 obligation to update these statements, except as 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.
** Certain members in contractual dispute are included in the total number of paying members for the periods reported. LiveOne currently does not track revenue related to these members.
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