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CVSL Announces $20 Million Sale Of 4% Convertible Notes To Richmont Capital Partners V LP

DALLAS, Dec. 11, 2012 /PRNewswire/ -- Computer Vision Systems Laboratories, Corp. (stock symbol: CVSL) announced today the sale of $20 million of 4% convertible notes to Richmont Capital Partners V LP ("RCP V").

CVSL intends to use the net proceeds from the offering to execute its strategy of making acquisitions in the direct selling sector and for other purposes. CVSL's chairman, John P. Rochon, recently announced the company's intention to acquire direct selling companies in multiple categories such as home, health and wellness and beauty. 

The notes bear interest at 4% and are convertible into shares of CVSL common stock at $.33 per share. The initial principal balance, plus any accrued interest, would be converted into a minimum of 60 million shares of CVSL common stock. Rochon Capital Partners, Ltd., CVSL's largest shareholder, intends to surrender the approximately 60 million shares necessary, to allow CVSL to issue the shares upon conversion of the notes. The total number of shares of CVSL common stock outstanding will therefore remain unchanged upon conversion. 

About CVSL

CVSL is a public company based in Dallas, Texas.  The company has outlined a broad strategy to become a platform for acquiring multiple direct selling companies. CVSL's chairman, Mr. Rochon, has owned, invested in and managed dozens of businesses in a wide variety of global industries over his nearly 40-year career.  Among these, he served as Chairman and CEO of Mary Kay, Inc., one of the world's largest direct selling companies and as general partner of Richmont Capital Partners I, L.P., which at one time was one of the largest shareholders of Avon Products, Inc. 

About Richmont Capital Partners V

RCP V LP  is a private investment partnership formed to raise capital for investments primarily in the direct selling industry. John Rochon Jr., a director of CVSL and the son of John P. Rochon, controls the sole general partner of RCP V. Michael Bishop, a current CVSL director, is a limited partner in RCP V. 

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, including statements regarding future events, our future financial performance, business strategy, and acquisitions strategy, and our plans and objectives for future operations, 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. 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, including the risks outlined under "Risk Factors" in our Annual Report on Form 10-K for our fiscal year ended December 31, 2011 and in our Form 8-K filed on October 1, 2012 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.

SOURCE Computer Vision Systems Laboratories Corp.

About PR Newswire
Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

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