LAS VEGAS, May 16, 2019 /PRNewswire/ -- Remark Holdings,
Inc. (NASDAQ: MARK), a diversified global technology company with
leading artificial intelligence (AI) solutions and digital media
properties, today announced that it has completed the
previously-announced sale of Vegas.com, LLC to VDC-MGG Holdings
LLC, an affiliate of Remark's senior lenders, for an enterprise
value of $45 million. The
$30 million of cash proceeds from the
transaction will be used to pay amounts due to Remark's senior
lenders, leaving only approximately $10
million of remaining debt owed to the senior lenders. The
transaction was approved by Remark stockholders at a special
meeting of stockholders convened on May 14,
2019.
"The completion of this transaction marks our transition into a
pure-play AI company," said Kai-Shing
Tao, Chairman and Chief Executive Officer of Remark.
"In addition to significantly reducing our debt and streamlining
our cost structure, we will now benefit from increased flexibility
in expanding our AI portfolio, further developing our proprietary
technologies and securing strategic and financial partnerships with
key players across multiple sectors. We are demonstrating the
effectiveness of our AI technology in the retail space, while
progressing in the roll out of our AI solutions across construction
sites, campuses, restaurants, and traffic monitoring and
enforcement. As we move forward in deploying our products and
scaling our business, we are focused on building a stream of
recurring revenues, supported by modest recurring capital
costs."
About Remark Holdings, Inc.
Remark Holdings, Inc.
(NASDAQ: MARK) delivers an integrated suite of AI solutions that
enable businesses and organizations to solve problems, reduce risk
and deliver positive outcomes. The company's easy-to-install AI
products are being rolled out in a wide range of applications
within the retail, financial, public safety and workplace arenas.
The company also owns and operates digital media properties that
deliver relevant, dynamic content and ecommerce solutions. The
company is headquartered in Las Vegas,
Nevada, with additional operations in Los Angeles, California and in Beijing, Shanghai, Chengdu and Hangzhou, China. For more information, please
visit the company's website at www.remarkholdings.com.
Forward-Looking Statements
This press release may
contain forward-looking statements, including information relating
to future events, future financial performance, strategies,
expectations, competitive environment and regulation. Words such as
"may," "should," "could," "would," "predicts," "potential,"
"continue," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," and similar expressions, as well as
statements in future tense, identify forward-looking statements.
These statements involve known and unknown risks, uncertainties and
other factors, including those discussed in Part I, Item 1A. Risk
Factors in Remark Holdings' Annual Report on Form 10-K and Remark
Holdings' other filings with the SEC. Any forward-looking
statements reflect Remark Holdings' current views with respect to
future events, are based on assumptions and are subject to risks
and uncertainties. Given such uncertainties, you should not place
undue reliance on any forward-looking statements, which represent
Remark Holdings' estimates and assumptions only as of the date
hereof. Except as required by law, Remark Holdings undertakes no
obligation to update or revise publicly any forward-looking
statements after the date hereof, whether as a result of new
information, future events or otherwise.
Company Contact:
Alison
Davidson
Remark Holdings, Inc.
adavidson@remarkholdings.com
702-701-9514
Investor Relations Contact:
Brad Edwards
The Plunkett Group, Inc.
Brad@ThePlunkettGroup.com
914-582-4187
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SOURCE Remark Holdings, Inc.