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AVP AND SHAMROCK TERMINATE MERGER AGREEMENT
LOS
ANGELES, CA (September 6, 2007) — AVP, Inc. (OTC
Bulletin Board: AVPI) (“AVP”) and AVP Holdings,
Inc. (the “Shamrock Affiliate”), an affiliate of
Shamrock Capital Growth Fund II, L.P.
(“Shamrock”), announced today that because of
strong opposition from many of the stockholders of AVP they
are mutually terminating their agreement under which the
Shamrock Affiliate would acquire all of the outstanding stock
of AVP and take AVP private.
“While
we are disappointed that we were unable to conclude this
transaction, we are very optimistic about the future of the
AVP and the tremendous opportunities available to enhance AVP
shareholder value,” said Leonard Armato, CEO of AVP.
“Many shareholders let us know that they felt the price
to be received by the shareholders did not accurately reflect
what they saw as the true potential of AVP, and we listened.
With our tremendous fan support and viewership, as well as
strong sponsor support, our new winter tour, and a number of
other exciting new projects, we will continue to increase the
value and reach of AVP as the preeminent volleyball
organization and a top lifestyle brand, and do so as a public
company.”
“We
have had a strong start to the year with substantial revenue
growth for the first six months. We have increased the number
of Tour events and sponsorship relationships and invested in
the infrastructure necessary to support our growth
opportunities. We believe these results highlight the growth
opportunities that exist for AVP and we look forward to
growing the company in the future,” concluded
Armato.
On
April 5, 2007, AVP entered into an Agreement and Plan of
Merger (the "Merger Agreement") with the Shamrock Affiliate
and AVP Acquisition Corp. (another affiliate of Shamrock).
Under the terms of the Merger Agreement, AVP Acquisition Corp.
was to be merged with and into AVP, with AVP
continui
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