OREM, Utah, December 19, 2008 - iMergent, Inc., (AMEX: IIG) a leading provider of eCommerce software for small businesses and entrepreneurs, announced its board of directors has declared an adjusted quarterly dividend of $0.02 per share on the company’s common stock. The dividend is payable on January 20, 2009 to stockholders of record at the close of business on January 5, 2009.
“In light of the current volatility in the financial markets, we felt it was important to review our strategic use of cash,” stated Steven G. Mihaylo, chief executive officer of iMergent. “At this time, we believe the most effective use of cash in the current economic environment is to continue our share repurchase program, which was commenced in August 2006. Accordingly, we adjusted the quarterly dividend from $0.11 per share to $0.02.
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services, which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, iMergent offers website development, web hosting and marketing products. iMergent typically reaches its target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs as well as offers StoresOnline Express for sale. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and sell upgrades to StoresOnline Pro and StoresOnline Platinum. iMergent, Inc. and StoresOnline are trademarks of iMergent, Inc.
Safe Harbor Statement
This press release contains forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such forward-looking statements. The words, "believe," "expect," "anticipate," "estimate," "will" and other similar statements of expectation identify forward-looking statements. Specific forward looking statements in this press release include the likely benefits of a more efficient use of the company’s cash and the possibility of common stock repurchases by the Company. You are cautioned not to place undue reliance on our forward-looking statements. We do not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after this press release, or to reflect the occurrence of unanticipated events.
Company Contact:
Steven G. Mihaylo,
CEO iMergent, Inc.
801.431.4695
Stevemihaylo@imergentinc.com
Investor Relations Contact:
Kirsten Chapman
Lippert/Heilshorn & Associates
415.433.3777
kchapman@lhai.com
Friday, December 19, 2008
Thursday, December 11, 2008
iMergent Announces Board and Management Changes
OREM, Utah, December 11, 2008 - iMergent, Inc., (AMEX: IIG) a leading provider of eCommerce software for small businesses and entrepreneurs, announced Brandon Lewis resigned as the company’s president and chief operating officer, effective March 9, 2009. Lewis also resigned as a director effective immediately, and the board will consist of six members.
“I am very appreciative of Brandon’s years of dedicated service to iMergent,” stated Steven G. Mihaylo, CEO of iMergent. “His commitment and vision were instrumental in iMergent’s development and growth over the past several years. I wish him all the best in his future endeavors.”
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services, which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, iMergent offers website development, web hosting and marketing products. iMergent typically reaches its target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs as well as offers StoresOnline Express for sale. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and sell upgrades to StoresOnline Pro and StoresOnline Platinum. iMergent, Inc. and StoresOnline are trademarks of iMergent, Inc.
Company Contact:
Steven G. Mihaylo, CEO
iMergent, Inc.
801.431.4695
Stevemihaylo@imergentinc.com
Investor Relations Contact:
Kirsten Chapman
Lippert/Heilshorn & Associates
415.433.3777
kchapman@lhai.com
“I am very appreciative of Brandon’s years of dedicated service to iMergent,” stated Steven G. Mihaylo, CEO of iMergent. “His commitment and vision were instrumental in iMergent’s development and growth over the past several years. I wish him all the best in his future endeavors.”
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services, which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, iMergent offers website development, web hosting and marketing products. iMergent typically reaches its target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs as well as offers StoresOnline Express for sale. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and sell upgrades to StoresOnline Pro and StoresOnline Platinum. iMergent, Inc. and StoresOnline are trademarks of iMergent, Inc.
Company Contact:
Steven G. Mihaylo, CEO
iMergent, Inc.
801.431.4695
Stevemihaylo@imergentinc.com
Investor Relations Contact:
Kirsten Chapman
Lippert/Heilshorn & Associates
415.433.3777
kchapman@lhai.com
Thursday, November 20, 2008
iMergent Clarifies Results of Annual Meeting of Shareholders
iMergent Clarifies Results of Annual Meeting of Shareholders
OREM, Utah, November 20, 2008 - iMergent, Inc., (AMEX: IIG) a leading provider of eCommerce software for small businesses and entrepreneurs, conducted its 2008 annual shareholder meeting on Wednesday, November 19, 2008.
The company’s shareholders ratified the following:
- The election of two Class I directors for terms of two years, expiring at the annual meeting of stockholders to be held for the fiscal year ending June 30, 2010 or until each of their respective successors has been duly elected and qualified. The directors re-elected to the board were Todd Georgen and David Williams. Notably the company added Steve Mihaylo and Dr. Anil Puri to its board of directors in November.
- The appointment of Tanner LC as the company’s independent registered public accounting firm for the fiscal year ending June 30, 2009.
A policy stating independent directors shall serve on the Board for no more than ten years was not ratified by the company’s shareholders.
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services, which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, iMergent offers website development, web hosting and marketing products. iMergent typically reaches its target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs as well as offers StoresOnline Express for sale. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and sell upgrades to StoresOnline Pro and StoresOnline Platinum. iMergent, Inc. and StoresOnline are trademarks of iMergent, Inc.
Company Contact:
Steven G. Mihaylo, CEO
iMergent, Inc.
801.431.4695
Stevemihaylo@imergentinc.com
Investor Relations Contact:
Becky Herrick
Lippert/Heilshorn & Associates
415.433.3777
bherrick@lhai.com
Wednesday, November 19, 2008
iMergent Appoints Business and Economics Expert to its Board of Directors
iMergent Appoints Business and Economics Expert to its Board of Directors
Dr. Anil Puri, California State University - Fullerton Business School Dean Joins Board
OREM, Utah, November 19, 2008 – iMergent, Inc. (AMEX: IIG) a leading provider of eCommerce software for small businesses and entrepreneurs, announced Dr. Anil Puri, 59, has been appointed to the board of directors, bringing the total board count to seven members.
Steven G. Mihaylo, iMergent chief executive officer, said, “We are excited Anil has accepted a position on our board. He joins us as an independent advisor and a respected economist. Anil’s expertise will be of tremendous value as we work to continue executing on our strategy of long-term growth and increasing shareholder value.”
Dr. Anil Puri is the Dean of the College of Business and Economics at California State University – Fullerton and co-director of its Institute for Economic and Environmental Studies. Prior to becoming dean in 1998, Puri was department chair and professor of economics at Cal State Fullerton. He is a noted economist and scholar who serves as the executive director of the Western Economic Association International, the second largest professional association of economists in the nation. He is a member of the American Economic Association, the National Association of Business Economists, and the Association of University Bureaus of Economic Research.
Dr. Puri received his doctorate and master’s degrees in economics from the University of Minnesota and his B.A. and M.A. in economics from Panjab University in India. His research has been published in leading academic journals such as the National Tax Journal, Policy Studies Journal, Journal of Conflict Resolution and the International Journal of Forecasting. His annual Economic Forecast Conference, now in its fourteenth year, is held each October in partnership with the Orange County Business Council.
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services, which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, iMergent offers website development, web hosting and marketing products. iMergent typically reaches its target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs as well as offers StoresOnline Express for sale. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and sells upgrades to StoresOnline Pro and StoresOnline Platinum. iMergent, Inc. and StoresOnline are trademarks of iMergent, Inc.
Company Contact:
Robert Lewis, CFO
iMergent, Inc.
801.431.4695
investor_relations@imergentinc.com
Investor Relations Contact:
Kirsten Chapman
Lippert/Heilshorn & Associates
415.433.3777
kchapman@lhai.com
Dr. Anil Puri, California State University - Fullerton Business School Dean Joins Board
OREM, Utah, November 19, 2008 – iMergent, Inc. (AMEX: IIG) a leading provider of eCommerce software for small businesses and entrepreneurs, announced Dr. Anil Puri, 59, has been appointed to the board of directors, bringing the total board count to seven members.
Steven G. Mihaylo, iMergent chief executive officer, said, “We are excited Anil has accepted a position on our board. He joins us as an independent advisor and a respected economist. Anil’s expertise will be of tremendous value as we work to continue executing on our strategy of long-term growth and increasing shareholder value.”
Dr. Anil Puri is the Dean of the College of Business and Economics at California State University – Fullerton and co-director of its Institute for Economic and Environmental Studies. Prior to becoming dean in 1998, Puri was department chair and professor of economics at Cal State Fullerton. He is a noted economist and scholar who serves as the executive director of the Western Economic Association International, the second largest professional association of economists in the nation. He is a member of the American Economic Association, the National Association of Business Economists, and the Association of University Bureaus of Economic Research.
Dr. Puri received his doctorate and master’s degrees in economics from the University of Minnesota and his B.A. and M.A. in economics from Panjab University in India. His research has been published in leading academic journals such as the National Tax Journal, Policy Studies Journal, Journal of Conflict Resolution and the International Journal of Forecasting. His annual Economic Forecast Conference, now in its fourteenth year, is held each October in partnership with the Orange County Business Council.
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services, which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, iMergent offers website development, web hosting and marketing products. iMergent typically reaches its target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs as well as offers StoresOnline Express for sale. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and sells upgrades to StoresOnline Pro and StoresOnline Platinum. iMergent, Inc. and StoresOnline are trademarks of iMergent, Inc.
Company Contact:
Robert Lewis, CFO
iMergent, Inc.
801.431.4695
investor_relations@imergentinc.com
Investor Relations Contact:
Kirsten Chapman
Lippert/Heilshorn & Associates
415.433.3777
kchapman@lhai.com
Thursday, November 6, 2008
iMergent Announces Board and Management Changes
SME Business Communication and Software Veteran
Steven G. Mihaylo Joins as CEO and Director
Donald Danks Resigns as CEO and Continues to Advise
Steven G. Mihaylo Joins as CEO and Director
Donald Danks Resigns as CEO and Continues to Advise
OREM, Utah, November 6, 2008 – iMergent, Inc. (AMEX: IIG) a leading provider of eCommerce software for small businesses and entrepreneurs, announced changes to its management and board. Donald L. Danks resigned as CEO and as a director; he will become a consultant to the company. Steven G. Mihaylo assumed the role of CEO and has been appointed to the board of directors. The total board count remains six members.
Todd A. Goergen, Chairman of iMergent, stated, “The board is committed to driving iMergent’s long-term growth and shareholder value. We are excited to welcome Steve who will be leading our company and exploring additional revenue opportunities in small-to-medium enterprise (SME) initiatives.”
“In addition, we thank Don for his valued contribution as iMergent grew from less than $50 million in 2003 annual sales to exceed $125 million in fiscal 2008 under his leadership. Don will continue to assist management as a consultant in the area of investor relations,” concluded Goergen.
Mihaylo, 64, is a retired chairman and chief executive officer of Inter-Tel, Incorporated, which he founded in 1969. He led the Inter-Tel evolution from providing business telephone systems to offering complete managed services and software that help businesses facilitate communication and increase customer service and productivity. Before selling Inter-Tel to Mitel for $720 million in 2007, Mihaylo grew the business to nearly $500 million in annual sales.
Mihaylo earned an honorary PhD from California State University - Fullerton and received a Bachelor of Arts in Business Administration in Accounting & Finance from the university in 1969. He has served on boards of numerous community organizations including the Arizona Heart Foundation, Junior Achievement of Arizona, Arizona Museum of Science and Technology and the Arizona State University College of Business Dean’s Council of 100. Committed to education, Mihaylo is involved with the Karl Eller College of Management at the University of Arizona and has served on the advisory board of Junior Achievement of Central Arizona for over 25 years, as a member of the board of directors of the Big Bear High School Education Foundation and on the Dean’s Advisory Board of CSU-Fullerton.
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services, which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, iMergent offers website development, web hosting and marketing products. iMergent typically reaches its target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs as well as offers StoresOnline Express for sale. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and sells upgrades to StoresOnline Pro and StoresOnline Platinum.
Company Contact:
Robert Lewis, CFO
iMergent, Inc.
801.431.4695
investor_relations@imergentinc.com
Investor Relations Contact:
Becky Herrick
Lippert/Heilshorn & Associates
415.433.3777
bherrick@lhai.com
Wednesday, November 5, 2008
iMergent Reports First Quarter Fiscal 2009 Financial Results
OREM, Utah, November 5, 2008 - iMergent, Inc., (AMEX: IIG) a leading provider of eCommerce software for small businesses and entrepreneurs, reported financial results for its fiscal first quarter ended September 30, 2008.
“While we were not satisfied with our fiscal first quarter results, we are encouraged that our marketing improvements and cost reductions are beginning to have an impact,” stated Don Danks, chief executive officer of iMergent. “In December 2007, we reduced our Workshop teams by 33%. Consequently, first quarter of fiscal 2009 revenue of $27.3 million was in line with our expectations when compared to revenue of $32.5 million for the first quarter of fiscal 2008. Operating loss improved to $3.3 million, compared to $3.4 million for the same period last year. In addition, operating metrics are improving. For example, approximately 32% of buying units made a purchase at the Workshops during the quarter, compared to 26% in the prior year quarter and the average selling price during the quarter was $5,400, compared to $5,100 in the prior year quarter. We are also excited about the improvements in our advertising and our recurring and other commission revenues. In addition, we reduced costs at our Preview Seminars and Workshops on a per attendee basis and reduced travel costs on a per employee basis during the quarter, even during these tough economic conditions.”
“As discussed last quarter, we have dramatically improved our advertising campaigns. Our responses were better than expected and attendance at our Preview Seminars was much higher than anticipated. Consequently, the sheer volume of attendees at our Preview Seminars negatively impacted our July and August conversion rates from the Preview Seminars to Workshops, resulting in lower attendance at our Workshops and higher selling and marketing costs as a percentage of Net Dollar Volume of Contracts Written. However, we were able to make the necessary adjustments to our business model and return to profitability in the month of September. Because of the momentum we have gained from the response to our advertising and the operating adjustments made in September, we plan to launch our seventh Workshop team in late November 2008, sooner than anticipated.”
IRS Audit
In October 2008, the company received notice from the Internal Revenue Service (IRS) contesting the company’s deduction of 50% of the cost of meals provided to attendees at the company’s Preview Seminars and Workshops. The company contends that these meals are excluded from the deduction limitations of IRS Code Section 274. The IRS also challenged the company’s ability to utilize more than $460,000 of its Net Operating Losses per year. The company contends the limitations are significantly higher than $460,000 per year under IRS Code Section 382. While the company believes it will be able to defend its positions, based on the analyses performed in accordance with FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement 109 (FIN 48), the company has established a reserve of $6.6 million as of September 30, 2008 for the potential tax, penalties and interest costs.
First Quarter: 2009 Compared to 2008
During the three months ended September 30, 2008, the company held 208 Workshops, including 8 internationally, compared to 291 Workshops, including 13 internationally, in the same quarter of last year.
Revenues for the first quarter of fiscal 2009 were $27.3 million, compared to $32.5 million for the first quarter of fiscal 2008, reflecting the lower number of Workshops. Revenue was negatively impacted by an additional accrual of $630,000 for customer refunds pursuant to various legal matters. Net Dollar Volume of Contracts Written was $28.7 million for the first quarter of fiscal 2009, compared to $35.6 million for the first quarter last year. Total operating expenses were lower at $30.6 million for the first quarter of fiscal 2009, compared to $35.9 million for the first quarter last year. Other income was $1.6 million for the first quarter of fiscal 2009, which included $1.9 million in interest income, compared to $2.4 million of other income for the first quarter last year, which included $2.3 million in interest income.
For the first quarter of fiscal 2009, our loss from operations was $3.3 million, compared to a loss from operations of $3.4 million in the same quarter last year. As a result of the income tax reserve described above, the provision for income taxes for the first quarter of fiscal 2009 was $5.9 million, compared to an income tax benefit of $238,000 in the same quarter last year. Net loss for the first quarter of fiscal 2009 was $7.5 million, or $0.66 per common share, compared to a net loss of $800,000, or $0.07 per common share in the same quarter last year.
The company believes the recent economic downturn has impacted how our customers buy, lowering the percent of cash purchases at the Workshops to 40% in the first quarter of fiscal 2009 from 50% in the prior year quarter. Because the company records revenue as cash is received and not at the time of sale, the decrease in percent of cash purchases at the Workshops negatively impacted revenue, operating income, and cash flows from operating activities during the first quarter of fiscal 2009.
Cash used in operating activities was $513,000 for the first quarter of fiscal 2009, compared to cash provided by operating activities of $426,000 for the same period in fiscal 2008. As of September 30, 2008, cash and cash equivalents were $25.3 million, working capital was $19.2 million, and working capital excluding deferred revenue was $51.1 million. Total current and long-term net trade receivables were $39.8 million as of September 30, 2008.
Outlook
“Due to the momentum we have gained from the response to our advertising and the planned launch of our seventh Workshop team in late November 2008, we are increasing our guidance in the second quarter of fiscal 2009. We previously believed that revenue and Net Dollar Volume of Contracts Written would decrease 15% to 20% from to the same period of fiscal 2008. We now expect revenue and Net Dollar Volume of Contracts Written will be flat to a 15% decrease from the second quarter of fiscal 2008. We continue to expect revenue and Net Dollar Volume of Contracts Written will grow up to 10% during the second half of fiscal 2009 compared to the same period of fiscal 2008. As a reminder, in late December 2007 we reduced our Workshop teams by 33% and introduced our new business model. As such, during the first half of fiscal 2009 we will have fewer Workshops teams compared to the same period last year and, therefore, we believe we will have a more comparable business model in the second half of fiscal 2009,” concluded Danks.
Conference Call
The company is hosting a conference call today at 1:30 p.m. PT (4:30 p.m. ET). The conference call will be broadcast live over the Internet at www.imergentinc.com. If you do not have Internet access, the telephone dial-in number is 800-639-0297 for domestic participants and 706-634-7417 for international participants. Please dial in five to ten minutes prior to the beginning of the call at 1:30 p.m. PT (4:30 p.m. ET). A telephone replay will be available three hours after the call through November 10, 2008 by dialing 800-642-1687 for domestic callers or 706-645-9291 for international callers and entering access code 68331707.
Safe Harbor Statement
The statements made in this press release regarding iMergent's (1) being encouraged by marketing improvements and costs reductions, which are beginning to have an impact, (2) revenue being in line with our expectations in light of the 33% reduction in Workshop teams in December 2007, (3) operating metrics improving, (4) improvements in advertising and recurring and other commission revenues, (5) reduced costs at Preview Seminars and Workshops on a per attendee basis and reduced travel costs on a per employee basis during the quarter, (6) dramatic improvements to advertising campaigns, (7) responses being better than expected and attendance at Preview Seminars being much higher than anticipated, (8) sheer volume of attendees at Preview Seminars negatively impacting July and August conversion rates from the Preview Seminars to Workshops, resulting in lower attendance at our Workshops and higher selling and marketing costs as a percentage of Net Dollar Volume of Contracts Written, (9) being able to make the necessary adjustments to its business model and return to profitability in the month of September, (10) plan to launch its seventh Workshop team in late November 2008, sooner than anticipated, (11) contention that meals it serves at its seminars are excluded from the deduction limitations of IRS Code Section 274, (12) contention that limitations to utilize our Net Operating Losses are significantly higher than $460,000 per year under IRS Code Section 382, (13) belief that it will be able to defend its positions, which are contrary to the IRS, (14) belief the recent economic downturn has impacted how our customers buy, lowering the percent of cash purchases at Workshops, (15) expectation that revenue and Net Dollar Volume of Contracts Written will be flat to a 15% decrease from the second quarter of fiscal 2008 and (16) belief that revenue and Net Dollar Volume of Contracts Written will grow up to10% during the second half of fiscal 2009 compared to the same period of fiscal 2008.
Such statements are based on the current expectations and beliefs of the management of iMergent and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include, without limitation, the Company's ability to execute on its plans and expectations; the Company properly estimating customer returns and cash collections on financed contracts; the Company's ability to continue to evaluate and find ancillary products; the Company's ability to offer best solutions to its customers; the Company's ability to maintain a very solid customer base; the Company's ability to have profitable long-term relationships with its customers; that the market for the Company's products will grow; whether regulatory authorities will bring future actions against the Company; the success of StoresOnline Express™; the ability to upgrade customers from Express, the viability of the StoresOnline Express model; the ability to increase the number of Workshops; the ability to properly market the products; the ability to expand operating margins; the fluctuations in the Company's operating results because of negative publicity, seasonality, competition, economic conditions and other factors; the adverse impact of international or domestic regulatory developments affecting the internet or the Company's business; the effect of competitive and economic factors and the Company's reaction to them; possible disruption in commercial activities caused by terrorist activity and armed conflicts; changes in logistics and security arrangements; reduced purchases relative to security expectations; possible disruption in commercial activity as a result of natural disasters or major health concerns including epidemics; continued competitive pressures in the marketplace; the ability of the Company to successfully evolve its products; costs of and developments in the Company's pending litigation and investigations; the Company's ability to generate revenue and profits from current strategic partnerships; the Company's ability to generate positive cash flows from operating activities; the ability to sell receivables; the continued ability of the Company to repurchase its common shares and what effect those transactions may have on cash and liquidity; the Company's ability to expand current markets and develop new markets and establish profitable strategic partnerships; the Company's ability to continue to finance extended payment term arrangement customer contracts; whether there is continual demand for the Company's products and services in its target market of small businesses and entrepreneurs for assistance in establishing websites; that the Company can successfully adjust its product financing policy, and that such adjustments to the policy will not negatively impact business or revenues; that the Company is able to leverage its business; that the Company does improve margins and can continue to improve margins; that new products and initiatives in the pipeline will be implemented; that new products and initiatives, if implemented, will improve the customer base and margins of the Company; that the Company can broaden its training and education programs as well as offer new products and solutions; that if the Company is able to broaden its training and education programs as well as offer new products and solutions that such actions will have a positive impact on the Company, its customers, its customer relationships, its margins or revenues; and, that the growth strategy undertaken by the Company will be successful. For a more detailed discussion of risk factors that may affect iMergent's operations, please refer to the Company's Form 10-K for the year ended June 30, 2008, and Form 10-Q for the quarter ended September 30, 2008. These forward-looking statements speak only as of the date on which such statements are made, and the Company undertakes no obligation to update such forward-looking statements, except as required by law.
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services, which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, iMergent offers website development, web hosting and marketing products. iMergent typically reaches its target audience through a concentrated direct marketing effort to fill Preview Seminars, in which a StoresOnline expert reviews the product opportunities and costs as well as offers StoresOnline Express for sale. These Seminars lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and sell upgrades to StoresOnline Pro and StoresOnline Platinum. iMergent, Inc. and StoresOnline are trademarks of iMergent, Inc.
Company Contact:
Robert Lewis, CFO
iMergent, Inc.
801.431.4695
investor_relations@imergentinc.com
Investor Relations Contact:
Becky Herrick
Lippert/Heilshorn & Associates
415.433.3777
bherrick@lhai.com
“While we were not satisfied with our fiscal first quarter results, we are encouraged that our marketing improvements and cost reductions are beginning to have an impact,” stated Don Danks, chief executive officer of iMergent. “In December 2007, we reduced our Workshop teams by 33%. Consequently, first quarter of fiscal 2009 revenue of $27.3 million was in line with our expectations when compared to revenue of $32.5 million for the first quarter of fiscal 2008. Operating loss improved to $3.3 million, compared to $3.4 million for the same period last year. In addition, operating metrics are improving. For example, approximately 32% of buying units made a purchase at the Workshops during the quarter, compared to 26% in the prior year quarter and the average selling price during the quarter was $5,400, compared to $5,100 in the prior year quarter. We are also excited about the improvements in our advertising and our recurring and other commission revenues. In addition, we reduced costs at our Preview Seminars and Workshops on a per attendee basis and reduced travel costs on a per employee basis during the quarter, even during these tough economic conditions.”
“As discussed last quarter, we have dramatically improved our advertising campaigns. Our responses were better than expected and attendance at our Preview Seminars was much higher than anticipated. Consequently, the sheer volume of attendees at our Preview Seminars negatively impacted our July and August conversion rates from the Preview Seminars to Workshops, resulting in lower attendance at our Workshops and higher selling and marketing costs as a percentage of Net Dollar Volume of Contracts Written. However, we were able to make the necessary adjustments to our business model and return to profitability in the month of September. Because of the momentum we have gained from the response to our advertising and the operating adjustments made in September, we plan to launch our seventh Workshop team in late November 2008, sooner than anticipated.”
IRS Audit
In October 2008, the company received notice from the Internal Revenue Service (IRS) contesting the company’s deduction of 50% of the cost of meals provided to attendees at the company’s Preview Seminars and Workshops. The company contends that these meals are excluded from the deduction limitations of IRS Code Section 274. The IRS also challenged the company’s ability to utilize more than $460,000 of its Net Operating Losses per year. The company contends the limitations are significantly higher than $460,000 per year under IRS Code Section 382. While the company believes it will be able to defend its positions, based on the analyses performed in accordance with FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement 109 (FIN 48), the company has established a reserve of $6.6 million as of September 30, 2008 for the potential tax, penalties and interest costs.
First Quarter: 2009 Compared to 2008
During the three months ended September 30, 2008, the company held 208 Workshops, including 8 internationally, compared to 291 Workshops, including 13 internationally, in the same quarter of last year.
Revenues for the first quarter of fiscal 2009 were $27.3 million, compared to $32.5 million for the first quarter of fiscal 2008, reflecting the lower number of Workshops. Revenue was negatively impacted by an additional accrual of $630,000 for customer refunds pursuant to various legal matters. Net Dollar Volume of Contracts Written was $28.7 million for the first quarter of fiscal 2009, compared to $35.6 million for the first quarter last year. Total operating expenses were lower at $30.6 million for the first quarter of fiscal 2009, compared to $35.9 million for the first quarter last year. Other income was $1.6 million for the first quarter of fiscal 2009, which included $1.9 million in interest income, compared to $2.4 million of other income for the first quarter last year, which included $2.3 million in interest income.
For the first quarter of fiscal 2009, our loss from operations was $3.3 million, compared to a loss from operations of $3.4 million in the same quarter last year. As a result of the income tax reserve described above, the provision for income taxes for the first quarter of fiscal 2009 was $5.9 million, compared to an income tax benefit of $238,000 in the same quarter last year. Net loss for the first quarter of fiscal 2009 was $7.5 million, or $0.66 per common share, compared to a net loss of $800,000, or $0.07 per common share in the same quarter last year.
The company believes the recent economic downturn has impacted how our customers buy, lowering the percent of cash purchases at the Workshops to 40% in the first quarter of fiscal 2009 from 50% in the prior year quarter. Because the company records revenue as cash is received and not at the time of sale, the decrease in percent of cash purchases at the Workshops negatively impacted revenue, operating income, and cash flows from operating activities during the first quarter of fiscal 2009.
Cash used in operating activities was $513,000 for the first quarter of fiscal 2009, compared to cash provided by operating activities of $426,000 for the same period in fiscal 2008. As of September 30, 2008, cash and cash equivalents were $25.3 million, working capital was $19.2 million, and working capital excluding deferred revenue was $51.1 million. Total current and long-term net trade receivables were $39.8 million as of September 30, 2008.
Outlook
“Due to the momentum we have gained from the response to our advertising and the planned launch of our seventh Workshop team in late November 2008, we are increasing our guidance in the second quarter of fiscal 2009. We previously believed that revenue and Net Dollar Volume of Contracts Written would decrease 15% to 20% from to the same period of fiscal 2008. We now expect revenue and Net Dollar Volume of Contracts Written will be flat to a 15% decrease from the second quarter of fiscal 2008. We continue to expect revenue and Net Dollar Volume of Contracts Written will grow up to 10% during the second half of fiscal 2009 compared to the same period of fiscal 2008. As a reminder, in late December 2007 we reduced our Workshop teams by 33% and introduced our new business model. As such, during the first half of fiscal 2009 we will have fewer Workshops teams compared to the same period last year and, therefore, we believe we will have a more comparable business model in the second half of fiscal 2009,” concluded Danks.
Conference Call
The company is hosting a conference call today at 1:30 p.m. PT (4:30 p.m. ET). The conference call will be broadcast live over the Internet at www.imergentinc.com. If you do not have Internet access, the telephone dial-in number is 800-639-0297 for domestic participants and 706-634-7417 for international participants. Please dial in five to ten minutes prior to the beginning of the call at 1:30 p.m. PT (4:30 p.m. ET). A telephone replay will be available three hours after the call through November 10, 2008 by dialing 800-642-1687 for domestic callers or 706-645-9291 for international callers and entering access code 68331707.
Safe Harbor Statement
The statements made in this press release regarding iMergent's (1) being encouraged by marketing improvements and costs reductions, which are beginning to have an impact, (2) revenue being in line with our expectations in light of the 33% reduction in Workshop teams in December 2007, (3) operating metrics improving, (4) improvements in advertising and recurring and other commission revenues, (5) reduced costs at Preview Seminars and Workshops on a per attendee basis and reduced travel costs on a per employee basis during the quarter, (6) dramatic improvements to advertising campaigns, (7) responses being better than expected and attendance at Preview Seminars being much higher than anticipated, (8) sheer volume of attendees at Preview Seminars negatively impacting July and August conversion rates from the Preview Seminars to Workshops, resulting in lower attendance at our Workshops and higher selling and marketing costs as a percentage of Net Dollar Volume of Contracts Written, (9) being able to make the necessary adjustments to its business model and return to profitability in the month of September, (10) plan to launch its seventh Workshop team in late November 2008, sooner than anticipated, (11) contention that meals it serves at its seminars are excluded from the deduction limitations of IRS Code Section 274, (12) contention that limitations to utilize our Net Operating Losses are significantly higher than $460,000 per year under IRS Code Section 382, (13) belief that it will be able to defend its positions, which are contrary to the IRS, (14) belief the recent economic downturn has impacted how our customers buy, lowering the percent of cash purchases at Workshops, (15) expectation that revenue and Net Dollar Volume of Contracts Written will be flat to a 15% decrease from the second quarter of fiscal 2008 and (16) belief that revenue and Net Dollar Volume of Contracts Written will grow up to10% during the second half of fiscal 2009 compared to the same period of fiscal 2008.
Such statements are based on the current expectations and beliefs of the management of iMergent and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include, without limitation, the Company's ability to execute on its plans and expectations; the Company properly estimating customer returns and cash collections on financed contracts; the Company's ability to continue to evaluate and find ancillary products; the Company's ability to offer best solutions to its customers; the Company's ability to maintain a very solid customer base; the Company's ability to have profitable long-term relationships with its customers; that the market for the Company's products will grow; whether regulatory authorities will bring future actions against the Company; the success of StoresOnline Express™; the ability to upgrade customers from Express, the viability of the StoresOnline Express model; the ability to increase the number of Workshops; the ability to properly market the products; the ability to expand operating margins; the fluctuations in the Company's operating results because of negative publicity, seasonality, competition, economic conditions and other factors; the adverse impact of international or domestic regulatory developments affecting the internet or the Company's business; the effect of competitive and economic factors and the Company's reaction to them; possible disruption in commercial activities caused by terrorist activity and armed conflicts; changes in logistics and security arrangements; reduced purchases relative to security expectations; possible disruption in commercial activity as a result of natural disasters or major health concerns including epidemics; continued competitive pressures in the marketplace; the ability of the Company to successfully evolve its products; costs of and developments in the Company's pending litigation and investigations; the Company's ability to generate revenue and profits from current strategic partnerships; the Company's ability to generate positive cash flows from operating activities; the ability to sell receivables; the continued ability of the Company to repurchase its common shares and what effect those transactions may have on cash and liquidity; the Company's ability to expand current markets and develop new markets and establish profitable strategic partnerships; the Company's ability to continue to finance extended payment term arrangement customer contracts; whether there is continual demand for the Company's products and services in its target market of small businesses and entrepreneurs for assistance in establishing websites; that the Company can successfully adjust its product financing policy, and that such adjustments to the policy will not negatively impact business or revenues; that the Company is able to leverage its business; that the Company does improve margins and can continue to improve margins; that new products and initiatives in the pipeline will be implemented; that new products and initiatives, if implemented, will improve the customer base and margins of the Company; that the Company can broaden its training and education programs as well as offer new products and solutions; that if the Company is able to broaden its training and education programs as well as offer new products and solutions that such actions will have a positive impact on the Company, its customers, its customer relationships, its margins or revenues; and, that the growth strategy undertaken by the Company will be successful. For a more detailed discussion of risk factors that may affect iMergent's operations, please refer to the Company's Form 10-K for the year ended June 30, 2008, and Form 10-Q for the quarter ended September 30, 2008. These forward-looking statements speak only as of the date on which such statements are made, and the Company undertakes no obligation to update such forward-looking statements, except as required by law.
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services, which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, iMergent offers website development, web hosting and marketing products. iMergent typically reaches its target audience through a concentrated direct marketing effort to fill Preview Seminars, in which a StoresOnline expert reviews the product opportunities and costs as well as offers StoresOnline Express for sale. These Seminars lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and sell upgrades to StoresOnline Pro and StoresOnline Platinum. iMergent, Inc. and StoresOnline are trademarks of iMergent, Inc.
Company Contact:
Robert Lewis, CFO
iMergent, Inc.
801.431.4695
investor_relations@imergentinc.com
Investor Relations Contact:
Becky Herrick
Lippert/Heilshorn & Associates
415.433.3777
bherrick@lhai.com
Friday, October 10, 2008
iMergent to Hold Fiscal First Quarter 2009 Financial Results
OREM, Utah, October 9, 2008 – iMergent, Inc. (AMEX: IIG) announced it will hold its fiscal first quarter 2009 financial results conference call on Wednesday, November 5, 2008 at 1:30 p.m. Pacific Time, 4:30 p.m. Eastern Time. Donald Danks, chief executive officer, Brandon Lewis, president and chief operating officer, Robert Lewis, chief financial officer, and Jeff Korn, general counsel, will deliver prepared remarks and conduct a question and answer session.
The conference call will be broadcast live over the Internet at file:///C:/Documents%20and%20Settings/brendan/Local%20Settings/Temporary%20Internet%20Files/www.imergentinc.com. If you do not have Internet access, the telephone dial-in number is 800-639-0297 for domestic participants and 706-634-7417 for international participants. Please dial in five to ten minutes prior to the beginning of the call at 1:30 p.m. PT (4:30 p.m. ET). A telephone replay will be available three hours after the call through November 10, 2008 by dialing 800-642-1687 for domestic callers or 706-645-9291 for international callers and entering access code 68331707.
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services, which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, iMergent offers website development, web hosting and marketing products. iMergent typically reaches its target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs as well as offers StoresOnline Express for sale. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and sells upgrades to StoresOnline Pro and StoresOnline Platinum. iMergent, Inc. and StoresOnline are trademarks of iMergent, Inc.
Company Contact:
Robert Lewis, CFO
iMergent, Inc.
801.431.4695
investor_relations@imergentinc.com
Investor Relations Contact:
Becky Herrick
Lippert/Heilshorn & Associates
415.433.3777
bherrick@lhai.com
The conference call will be broadcast live over the Internet at file:///C:/Documents%20and%20Settings/brendan/Local%20Settings/Temporary%20Internet%20Files/www.imergentinc.com. If you do not have Internet access, the telephone dial-in number is 800-639-0297 for domestic participants and 706-634-7417 for international participants. Please dial in five to ten minutes prior to the beginning of the call at 1:30 p.m. PT (4:30 p.m. ET). A telephone replay will be available three hours after the call through November 10, 2008 by dialing 800-642-1687 for domestic callers or 706-645-9291 for international callers and entering access code 68331707.
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services, which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, iMergent offers website development, web hosting and marketing products. iMergent typically reaches its target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs as well as offers StoresOnline Express for sale. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and sells upgrades to StoresOnline Pro and StoresOnline Platinum. iMergent, Inc. and StoresOnline are trademarks of iMergent, Inc.
Company Contact:
Robert Lewis, CFO
iMergent, Inc.
801.431.4695
investor_relations@imergentinc.com
Investor Relations Contact:
Becky Herrick
Lippert/Heilshorn & Associates
415.433.3777
bherrick@lhai.com
iMergent to Hold Fiscal 2008 Annual Meeting of Shareholders in November 2008
OREM, Utah, October 8, 2008 - iMergent, Inc., (AMEX: IIG) a leading provider of eCommerce software for small businesses and entrepreneurs, will hold its fiscal 2008 annual shareholder meeting on Wednesday, November 19, 2008 at 12:00 p.m. Mountain Time at 299 South Main, Suite 1400, Salt Lake City, Utah. The company also clarified results from the fiscal 2007 annual meeting of shareholders.
The proposals being presented for shareholder approval at the fiscal 2008 annual shareholders meeting follow and will be fully described in the company’s Proxy Statement to be mailed today, October 8th.
To elect three Class I directors for terms of two years, expiring at our annual meeting of stockholders to be held for our fiscal year ending June 30, 2010 or until each of their respective successors has been duly elected and qualified;
To consider and act upon a proposal to ratify the appointment of Tanner LC as our independent registered public accounting firm for our fiscal year ending June 30, 2009;
To consider and act upon a proposal to adopt a policy that independent directors shall serve on the Board for no more than ten (10) years; and,
To transact such other business as may properly come before the meeting, or any adjournment or postponement of the meeting.
Only stockholders of record at the close of business on September 26, 2008 may vote at the meeting or any adjournment or postponement of the meeting.
Regarding the fiscal 2007 annual meeting, on November 15, 2007, on the recommendation of the company’s board of directors, shareholders approved the amendment of the 2003 Equity Incentive Plan to increase the number of shares available for grant from one million to two million shares. On November 19, 2007 the company accurately reported the vote total received for the amendment to the plan, but erroneously reported the number of votes was insufficient to ratify the amendment and the plan had not been ratified. Although the amendment had been ratified and the shares have been available for grant, the compensation committee of the board of directors to date has not granted any of the increased available shares.
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services, which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, iMergent offers website development, web hosting and marketing products. iMergent typically reaches its target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs as well as offers StoresOnline Express for sale. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and sells upgrades to StoresOnline Pro and StoresOnline Platinum. iMergent, Inc. and StoresOnline are trademarks of iMergent, Inc.
Company Contact:
Robert Lewis, CFO
iMergent, Inc.
801.431.4695
investor_relations@imergentinc.com
Investor Relations Contact:
Becky Herrick
Lippert/Heilshorn & Associates
415.433.3777
bherrick@lhai.com
The proposals being presented for shareholder approval at the fiscal 2008 annual shareholders meeting follow and will be fully described in the company’s Proxy Statement to be mailed today, October 8th.
To elect three Class I directors for terms of two years, expiring at our annual meeting of stockholders to be held for our fiscal year ending June 30, 2010 or until each of their respective successors has been duly elected and qualified;
To consider and act upon a proposal to ratify the appointment of Tanner LC as our independent registered public accounting firm for our fiscal year ending June 30, 2009;
To consider and act upon a proposal to adopt a policy that independent directors shall serve on the Board for no more than ten (10) years; and,
To transact such other business as may properly come before the meeting, or any adjournment or postponement of the meeting.
Only stockholders of record at the close of business on September 26, 2008 may vote at the meeting or any adjournment or postponement of the meeting.
Regarding the fiscal 2007 annual meeting, on November 15, 2007, on the recommendation of the company’s board of directors, shareholders approved the amendment of the 2003 Equity Incentive Plan to increase the number of shares available for grant from one million to two million shares. On November 19, 2007 the company accurately reported the vote total received for the amendment to the plan, but erroneously reported the number of votes was insufficient to ratify the amendment and the plan had not been ratified. Although the amendment had been ratified and the shares have been available for grant, the compensation committee of the board of directors to date has not granted any of the increased available shares.
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services, which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, iMergent offers website development, web hosting and marketing products. iMergent typically reaches its target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs as well as offers StoresOnline Express for sale. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and sells upgrades to StoresOnline Pro and StoresOnline Platinum. iMergent, Inc. and StoresOnline are trademarks of iMergent, Inc.
Company Contact:
Robert Lewis, CFO
iMergent, Inc.
801.431.4695
investor_relations@imergentinc.com
Investor Relations Contact:
Becky Herrick
Lippert/Heilshorn & Associates
415.433.3777
bherrick@lhai.com
Friday, September 5, 2008
iMergent Reports Fourth Quarter and Year-end Fiscal 2008 Financial Results
- Company posts sequential increases in revenue and NDVCW -
- Repurchased $1.6 million in common stock for the quarter
and $26.3 million from the plan’s inception to date-
-Company provides fiscal 2009 guidance-
OREM, Utah, September 4, 2008 - iMergent, Inc., (AMEX: IIG) a leading provider of eCommerce software for small businesses and entrepreneurs, reported financial results for its fiscal fourth quarter and fiscal year ended June 30, 2008.
Don Danks, chief executive officer of iMergent, stated, “Fourth quarter results are in line with our expectations and improved sequentially. Compared to the third quarter, fourth quarter revenue grew 6% and Net Dollar Volume of Contracts Written increased 7%. In addition, close rates grew from 29% in the third quarter to 31% in the fourth quarter and average selling price rose from $5,000 in the third quarter to $5,500 in the fourth quarter. Our StoresOnline™ Express rollout continues to perform well and complements StoresOnline Pro. We are encouraged by the positive impact of our adjusted business model.”
“During the past six months, we have worked diligently to refine our new business model and resolve outstanding legal concerns. We have entered agreements in six states including Florida. We continue to work on resolving the remaining legal issues. As a consequence of settlements we have entered or expect to enter with these states, we have recognized $1.1 million of legal expenses and settlement fees. Also, revenue was negatively impacted by $724,000 for historical and estimated refunds to customers associated with all resolved and outstanding legal matters during the fourth quarter of fiscal 2008. We do not expect this level of legal and settlement expenses to continue in fiscal 2009.”
Fiscal Fourth Quarter: 2008 Compared to 2007
During the three months ended June 30, 2008, the company held 222 workshops, including 65 internationally, compared to 333 workshops, including 70 internationally, in the same quarter of last year.
• Revenues for the fourth quarter of fiscal 2008 were $29.1 million net of customer refunds of $724,000 associated with legal settlements, compared to $44.3 million net of customer refunds of $270,000 associated with legal settlements for the fourth quarter of fiscal 2007, reflecting the lower number of workshops.
• Net Dollar Volume of Contracts Written was $28.4 million for the fourth quarter of fiscal 2008, compared to $46.2 million for the fourth quarter last year.
• Total operating expenses were $29.6 million for the fourth quarter of fiscal 2008 including $1.1 million in legal expenses, compared to $38.2 million for the fourth quarter last year, including $332,000 in legal expenses.
• Other income was $2.2 million for the fourth quarter of fiscal 2008, which included $2.0 million in interest income, compared to $2.5 million of other income for the fourth quarter last year, which included $2.2 million in interest income.
• For the fourth quarter of fiscal 2008, net income was $554,000, or $0.05 per diluted common share. This compares to net income of $5.3 million, or $0.41 per diluted common share in the same quarter last year.
• Cash provided by operating activities was $3.4 million for the fourth quarter of fiscal 2008, compared to $8.5 million for the same period in 2007.
Full Year Ended June 30: 2008 Compared to 2007
During the year ended June 30, 2008, the company held 1,028 workshops, including 184 internationally, compared to 1,193 workshops, including 264 internationally, during the year ended June 30, 2007. Revenues for the year ended June 30, 2008 were $128.0 million net of customer refunds associated with legal settlements totaling $1.0 million, compared to $151.6 million for the year ended June 30, 2007, reflecting the lower number of workshops. Net Dollar Volume of Contracts Written was $128.8 million for fiscal year 2008, compared to $165.3 million for the previous year. For the year ended June 30, 2008, legal expenses were $2.7 million and net income was $3.1 million, or $0.26 per diluted common share. For the year ended June 30, 2007, legal expenses were $1.8 million and net income was $24.0 million, or $1.87 per diluted common share.
As of June 30, 2008, cash and cash equivalents were $26.2 million, net trade receivables were $38.6 million, working capital was $20.6 million, and working capital excluding deferred revenue was $53.4 million.
“We continue to be committed to increasing value for our stockholders. During the quarter and year ended June 30, 2008, we repurchased 128,837 and 948,297 shares of our common stock for $1.6 million and $12.6 million, respectively. Since the repurchase program’s commencement in August 2006, over 1,603,000 shares were purchased for $26.3 million. In addition, during the year we paid $5.1 million in dividends,” Danks added.
Outlook“Looking ahead, we enter fiscal 2009 with increased clarity of our business practices and a stronger business model with leaner and more effective sales teams and improved marketing. Our marketing programs begin months in advance of our previews and workshops, and to date in the first quarter of fiscal 2009, preview demand increased due to our marketing and advertising efforts. We are adjusting our infrastructure to more effectively accommodate more potential customers, and we anticipate adding a sales team in the third fiscal quarter. We expect the impact of these initiatives to grow revenue in the second half of the year. Also we believe we will begin to once again reap the benefits of our operating leverage and increase our profitability in fiscal 2009,” concluded Danks.
The company reduced workshop teams by 33% and introduced its new business model in late December 2007. As such, during the first half of fiscal 2009 the company will have two-thirds of the workshops teams compared to the same period last year, and management expects revenue and Net Dollar Volume of Contracts Written in the first half of fiscal 2009 to decrease 15% to 20% compared to the same period of fiscal 2008. However, during the second half of fiscal 2009, the company believes it will have a comparable business model to the second half of fiscal 2008, and management expects revenue and Net Dollar Volume of Contracts Written for the second half of fiscal 2009 will grow up to 10% compared to the same period of fiscal 2008.
Conference Call
The company is hosting a conference call today at 1:30 p.m. PT (4:30 p.m. ET). The conference call will be broadcast live over the Internet at www.imergentinc.com. If you do not have Internet access, the telephone dial-in number is 800-639-0297 for domestic participants and 706-634-7417 for international participants. Please dial in five to ten minutes prior to the beginning of the call at 1:30 p.m. PT (4:30 p.m. ET). A telephone replay will be available three hours after the call through September 8, 2008 by dialing 800-642-1687 for domestic callers or 706-645-9291 for international callers and entering access code 60268194.
Safe Harbor Statement
The statements made in this press release regarding iMergent's (1) fourth quarter results being in line with expectations and improving sequentially, (2) close rates growing in the fourth quarter and average selling price rising in the fourth quarter, (3) StoresOnline™ Express rollout continuing to perform well and complementing StoresOnline Pro, (4) expectation of continuing to have positive impact of Express and Pro on the business model, (5) continuing to work diligently to refine its new business model and resolving legal concerns, (6) successfully resolving remaining legal issues, (7) accruing $1.1 million of legal expenses and settlement fees for settlements we have or expect to enter, (8) revenue being negatively impacted by $724,000 for historical and estimated refunds to customers, and the expectation that this level of legal related expenses will not continue in fiscal 2009, (9) continuing to be committed to increasing value for stockholders, (10) entering fiscal 2009 with increased clarity of business practices and a stronger business model with leaner and more effective sales teams and improved marketing, (11) preview demand increasing due to marketing and advertising efforts, (12) adjusting its infrastructure to more effectively accommodate more people, (13) anticipation of adding a sales team in the fiscal third quarter, (14) having the impact of its initiatives grow revenue in the second half of fiscal 2009, (15) reaping the benefits of operating leverage and increasing profitability in fiscal 2009, (16) expectation that revenue in the first half of fiscal 2009 will be lower compared to the same period of fiscal 2008, (17) expectation that revenue for the second half of fiscal 2009 will be higher compared to the same period of fiscal 2008, (18) expectation that full year fiscal 2009 revenue and Net Dollar Volume of Contracts Written to decrease between 10% and 15% from the full year fiscal 2008 results of $128.0 million and $128.8 million, respectively and other statements that are not historical in nature constitute forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.
Such statements are based on the current expectations and beliefs of the management of iMergent and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include, without limitation, the Company's ability to execute on its plans and expectations; the Company properly estimating customer returns and cash collections on financed contracts; the Company's ability to continue to evaluate and find ancillary products; the Company's ability to offer best solutions to its customers; the Company's ability to maintain a very solid customer base; the Company's ability to have profitable long-term relationships with its customers; that the market for the Company's products will continue to grow; whether regulatory authorities will bring future actions against the Company; the success of StoresOnline Express ™; the ability to upgrade customers from Express, the viability of the StoresOnline Express model; the ability to increase the number of workshops; the ability to properly market the products; the ability to expand operating margins; the fluctuations in the Company's operating results because of negative publicity, seasonality, competition, economic conditions and other factors; the adverse impact of international or domestic regulatory developments affecting the internet or the Company's business; the effect of competitive and economic factors and the Company's reaction to them; possible disruption in commercial activities caused by terrorist activity and armed conflicts; changes in logistics and security arrangements; reduced purchases relative to security expectations; possible disruption in commercial activity as a result of natural disasters or major health concerns including epidemics; continued competitive pressures in the marketplace; the ability of the Company to successfully evolve its products; costs of and developments in the Company's pending litigation and investigations; the Company's ability to generate revenue and profits from current strategic partnerships; the Company's ability to generate positive cash flows from operating activities; the ability to sell receivables; the continued ability of the Company to repurchase its common shares and what effect those transactions may have on cash and liquidity; the Company's ability to expand current markets and develop new markets and establish profitable strategic partnerships; the Company's ability to continue to finance extended payment term arrangement customer contracts; whether there is continual demand for the Company's products and services in its target market of small businesses and entrepreneurs for assistance in establishing websites; that the Company can successfully adjust its product financing policy, and that such adjustments to the policy will not negatively impact business or revenues; that the Company is able to leverage its business; that the Company does improve margins and can continue to improve margins; that new products and initiatives in the pipeline will be implemented; that new products and initiatives, if implemented, will improve the customer base and margins of the Company; that the Company can broaden its training and education programs as well as offer new products and solutions; that if the Company is able to broaden its training and education programs as well as offer new products and solutions that such actions will have a positive impact on the Company, its customers, its customer relationships, its margins or revenues; and, that the growth strategy undertaken by the Company will be successful. For a more detailed discussion of risk factors that may affect iMergent's operations, please refer to the Company's Form 10-K for the year ended June 30, 2008. These forward-looking statements speak only as of the date on which such statements are made, and the Company undertakes no obligation to update such forward-looking statements, except as required by law.
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services, which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, iMergent offers website development, web hosting and marketing products. iMergent typically reaches its target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs as well as offers StoresOnline Express for sale. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and sells upgrades to StoresOnline Pro and StoresOnline Platinum. iMergent, Inc. and StoresOnline are trademarks of iMergent, Inc.
- Repurchased $1.6 million in common stock for the quarter
and $26.3 million from the plan’s inception to date-
-Company provides fiscal 2009 guidance-
OREM, Utah, September 4, 2008 - iMergent, Inc., (AMEX: IIG) a leading provider of eCommerce software for small businesses and entrepreneurs, reported financial results for its fiscal fourth quarter and fiscal year ended June 30, 2008.
Don Danks, chief executive officer of iMergent, stated, “Fourth quarter results are in line with our expectations and improved sequentially. Compared to the third quarter, fourth quarter revenue grew 6% and Net Dollar Volume of Contracts Written increased 7%. In addition, close rates grew from 29% in the third quarter to 31% in the fourth quarter and average selling price rose from $5,000 in the third quarter to $5,500 in the fourth quarter. Our StoresOnline™ Express rollout continues to perform well and complements StoresOnline Pro. We are encouraged by the positive impact of our adjusted business model.”
“During the past six months, we have worked diligently to refine our new business model and resolve outstanding legal concerns. We have entered agreements in six states including Florida. We continue to work on resolving the remaining legal issues. As a consequence of settlements we have entered or expect to enter with these states, we have recognized $1.1 million of legal expenses and settlement fees. Also, revenue was negatively impacted by $724,000 for historical and estimated refunds to customers associated with all resolved and outstanding legal matters during the fourth quarter of fiscal 2008. We do not expect this level of legal and settlement expenses to continue in fiscal 2009.”
Fiscal Fourth Quarter: 2008 Compared to 2007
During the three months ended June 30, 2008, the company held 222 workshops, including 65 internationally, compared to 333 workshops, including 70 internationally, in the same quarter of last year.
• Revenues for the fourth quarter of fiscal 2008 were $29.1 million net of customer refunds of $724,000 associated with legal settlements, compared to $44.3 million net of customer refunds of $270,000 associated with legal settlements for the fourth quarter of fiscal 2007, reflecting the lower number of workshops.
• Net Dollar Volume of Contracts Written was $28.4 million for the fourth quarter of fiscal 2008, compared to $46.2 million for the fourth quarter last year.
• Total operating expenses were $29.6 million for the fourth quarter of fiscal 2008 including $1.1 million in legal expenses, compared to $38.2 million for the fourth quarter last year, including $332,000 in legal expenses.
• Other income was $2.2 million for the fourth quarter of fiscal 2008, which included $2.0 million in interest income, compared to $2.5 million of other income for the fourth quarter last year, which included $2.2 million in interest income.
• For the fourth quarter of fiscal 2008, net income was $554,000, or $0.05 per diluted common share. This compares to net income of $5.3 million, or $0.41 per diluted common share in the same quarter last year.
• Cash provided by operating activities was $3.4 million for the fourth quarter of fiscal 2008, compared to $8.5 million for the same period in 2007.
Full Year Ended June 30: 2008 Compared to 2007
During the year ended June 30, 2008, the company held 1,028 workshops, including 184 internationally, compared to 1,193 workshops, including 264 internationally, during the year ended June 30, 2007. Revenues for the year ended June 30, 2008 were $128.0 million net of customer refunds associated with legal settlements totaling $1.0 million, compared to $151.6 million for the year ended June 30, 2007, reflecting the lower number of workshops. Net Dollar Volume of Contracts Written was $128.8 million for fiscal year 2008, compared to $165.3 million for the previous year. For the year ended June 30, 2008, legal expenses were $2.7 million and net income was $3.1 million, or $0.26 per diluted common share. For the year ended June 30, 2007, legal expenses were $1.8 million and net income was $24.0 million, or $1.87 per diluted common share.
As of June 30, 2008, cash and cash equivalents were $26.2 million, net trade receivables were $38.6 million, working capital was $20.6 million, and working capital excluding deferred revenue was $53.4 million.
“We continue to be committed to increasing value for our stockholders. During the quarter and year ended June 30, 2008, we repurchased 128,837 and 948,297 shares of our common stock for $1.6 million and $12.6 million, respectively. Since the repurchase program’s commencement in August 2006, over 1,603,000 shares were purchased for $26.3 million. In addition, during the year we paid $5.1 million in dividends,” Danks added.
Outlook“Looking ahead, we enter fiscal 2009 with increased clarity of our business practices and a stronger business model with leaner and more effective sales teams and improved marketing. Our marketing programs begin months in advance of our previews and workshops, and to date in the first quarter of fiscal 2009, preview demand increased due to our marketing and advertising efforts. We are adjusting our infrastructure to more effectively accommodate more potential customers, and we anticipate adding a sales team in the third fiscal quarter. We expect the impact of these initiatives to grow revenue in the second half of the year. Also we believe we will begin to once again reap the benefits of our operating leverage and increase our profitability in fiscal 2009,” concluded Danks.
The company reduced workshop teams by 33% and introduced its new business model in late December 2007. As such, during the first half of fiscal 2009 the company will have two-thirds of the workshops teams compared to the same period last year, and management expects revenue and Net Dollar Volume of Contracts Written in the first half of fiscal 2009 to decrease 15% to 20% compared to the same period of fiscal 2008. However, during the second half of fiscal 2009, the company believes it will have a comparable business model to the second half of fiscal 2008, and management expects revenue and Net Dollar Volume of Contracts Written for the second half of fiscal 2009 will grow up to 10% compared to the same period of fiscal 2008.
Conference Call
The company is hosting a conference call today at 1:30 p.m. PT (4:30 p.m. ET). The conference call will be broadcast live over the Internet at www.imergentinc.com. If you do not have Internet access, the telephone dial-in number is 800-639-0297 for domestic participants and 706-634-7417 for international participants. Please dial in five to ten minutes prior to the beginning of the call at 1:30 p.m. PT (4:30 p.m. ET). A telephone replay will be available three hours after the call through September 8, 2008 by dialing 800-642-1687 for domestic callers or 706-645-9291 for international callers and entering access code 60268194.
Safe Harbor Statement
The statements made in this press release regarding iMergent's (1) fourth quarter results being in line with expectations and improving sequentially, (2) close rates growing in the fourth quarter and average selling price rising in the fourth quarter, (3) StoresOnline™ Express rollout continuing to perform well and complementing StoresOnline Pro, (4) expectation of continuing to have positive impact of Express and Pro on the business model, (5) continuing to work diligently to refine its new business model and resolving legal concerns, (6) successfully resolving remaining legal issues, (7) accruing $1.1 million of legal expenses and settlement fees for settlements we have or expect to enter, (8) revenue being negatively impacted by $724,000 for historical and estimated refunds to customers, and the expectation that this level of legal related expenses will not continue in fiscal 2009, (9) continuing to be committed to increasing value for stockholders, (10) entering fiscal 2009 with increased clarity of business practices and a stronger business model with leaner and more effective sales teams and improved marketing, (11) preview demand increasing due to marketing and advertising efforts, (12) adjusting its infrastructure to more effectively accommodate more people, (13) anticipation of adding a sales team in the fiscal third quarter, (14) having the impact of its initiatives grow revenue in the second half of fiscal 2009, (15) reaping the benefits of operating leverage and increasing profitability in fiscal 2009, (16) expectation that revenue in the first half of fiscal 2009 will be lower compared to the same period of fiscal 2008, (17) expectation that revenue for the second half of fiscal 2009 will be higher compared to the same period of fiscal 2008, (18) expectation that full year fiscal 2009 revenue and Net Dollar Volume of Contracts Written to decrease between 10% and 15% from the full year fiscal 2008 results of $128.0 million and $128.8 million, respectively and other statements that are not historical in nature constitute forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.
Such statements are based on the current expectations and beliefs of the management of iMergent and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include, without limitation, the Company's ability to execute on its plans and expectations; the Company properly estimating customer returns and cash collections on financed contracts; the Company's ability to continue to evaluate and find ancillary products; the Company's ability to offer best solutions to its customers; the Company's ability to maintain a very solid customer base; the Company's ability to have profitable long-term relationships with its customers; that the market for the Company's products will continue to grow; whether regulatory authorities will bring future actions against the Company; the success of StoresOnline Express ™; the ability to upgrade customers from Express, the viability of the StoresOnline Express model; the ability to increase the number of workshops; the ability to properly market the products; the ability to expand operating margins; the fluctuations in the Company's operating results because of negative publicity, seasonality, competition, economic conditions and other factors; the adverse impact of international or domestic regulatory developments affecting the internet or the Company's business; the effect of competitive and economic factors and the Company's reaction to them; possible disruption in commercial activities caused by terrorist activity and armed conflicts; changes in logistics and security arrangements; reduced purchases relative to security expectations; possible disruption in commercial activity as a result of natural disasters or major health concerns including epidemics; continued competitive pressures in the marketplace; the ability of the Company to successfully evolve its products; costs of and developments in the Company's pending litigation and investigations; the Company's ability to generate revenue and profits from current strategic partnerships; the Company's ability to generate positive cash flows from operating activities; the ability to sell receivables; the continued ability of the Company to repurchase its common shares and what effect those transactions may have on cash and liquidity; the Company's ability to expand current markets and develop new markets and establish profitable strategic partnerships; the Company's ability to continue to finance extended payment term arrangement customer contracts; whether there is continual demand for the Company's products and services in its target market of small businesses and entrepreneurs for assistance in establishing websites; that the Company can successfully adjust its product financing policy, and that such adjustments to the policy will not negatively impact business or revenues; that the Company is able to leverage its business; that the Company does improve margins and can continue to improve margins; that new products and initiatives in the pipeline will be implemented; that new products and initiatives, if implemented, will improve the customer base and margins of the Company; that the Company can broaden its training and education programs as well as offer new products and solutions; that if the Company is able to broaden its training and education programs as well as offer new products and solutions that such actions will have a positive impact on the Company, its customers, its customer relationships, its margins or revenues; and, that the growth strategy undertaken by the Company will be successful. For a more detailed discussion of risk factors that may affect iMergent's operations, please refer to the Company's Form 10-K for the year ended June 30, 2008. These forward-looking statements speak only as of the date on which such statements are made, and the Company undertakes no obligation to update such forward-looking statements, except as required by law.
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services, which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, iMergent offers website development, web hosting and marketing products. iMergent typically reaches its target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs as well as offers StoresOnline Express for sale. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and sells upgrades to StoresOnline Pro and StoresOnline Platinum. iMergent, Inc. and StoresOnline are trademarks of iMergent, Inc.
Thursday, September 4, 2008
iMergent, Inc. Announces Quarterly Dividend
OREM, Utah, September 3, 2008 - iMergent, Inc., (AMEX: IIG), announced its board of directors has declared a quarterly dividend of $0.11 per share on the company’s common stock. The dividend is payable on September 29, 2008 to stockholders of record at the close of business on September 19, 2008.
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, iMergent offers site development, web hosting and marketing products. iMergent typically reaches its target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and encourage them to make purchases. iMergent, Inc. and StoresOnline are trademarks of iMergent, Inc.
Company Contact:
Robert Lewis, CFO
iMergent, Inc.
801.431.4695
investor_relations@imergentinc.com
Investor Relations Contact:
Becky Herrick
Lippert/Heilshorn & Associates
415.433.3777
bherrick@lhai.com
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, iMergent offers site development, web hosting and marketing products. iMergent typically reaches its target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and encourage them to make purchases. iMergent, Inc. and StoresOnline are trademarks of iMergent, Inc.
Company Contact:
Robert Lewis, CFO
iMergent, Inc.
801.431.4695
investor_relations@imergentinc.com
Investor Relations Contact:
Becky Herrick
Lippert/Heilshorn & Associates
415.433.3777
bherrick@lhai.com
Tuesday, September 2, 2008
iMergent Reaches Settlement Agreement with the State of Florida
- Agreement does not impair the company’s ability to conduct business in Florida -
OREM, Utah, September 2, 2008 - iMergent, Inc. (AMEX: IIG), a leading provider of eCommerce software for small businesses and entrepreneurs, entered into a settlement agreement with the State of Florida Office of the Attorney General on Friday, August 29, 2008.
The Attorney General of Florida originally filed an action in 2007 and then amended and re-filed the action in 2008, claiming the company sold a business opportunity and otherwise made sales in violation of certain consumer protection statutes.
As a result of the agreement, the company agreed to pay fees totaling $125,000 and agreed that it will refund any customers in the State of Florida who may file claims within 30 days of entry of the judgment. The company also agreed to refund claimants who have previously filed a claim to either the company or the State. iMergent also agreed to refund up to $250,000 in claims made over the next 18 moths from purchasers who can demonstrate with supporting documentation that there has been a misrepresentation made to them and that the customer could not make the product work. In addition, iMergent agreed to certain actions intended to clarify its business practices. There is no finding iMergent is a seller of a business opportunity.
Jeff Korn, iMergent general counsel, said, “The Attorney General of the State of Florida has completed a very long and thorough review of the company’s business practices. The Attorney General made some suggestions including increasing the refund period for seniors to 15 days, which we have already incorporated world wide. We are always willing to work to take any action that makes our sales model more transparent. We have reserved for the refunds expected and do not expect refunds after the thirty days to have a significant impact as we do not believe there have been any misrepresentations made to customers. ”
Don Danks, CEO, stated, “After a two year review, we are pleased to have a resolution to this matter that clarifies the company’s business practices and does not limit our ability to conduct business in Florida. The changes to StoresOnline™ Express have been instrumental in clarifying our business practices and greatly assisted in resolving this matter.”
Before the stock market opened today, the company filed an SEC Form 8-K.
Safe Harbor
Statements made in this press release regarding (1) iMergent transacting business in the State of Florida (2) the settlement resolving outstanding matters with the State of Florida, (3) the settlement not affecting continued operations in the State of Florida, (4) iMergent addressing issues to clarify its business practices, (5) iMergent having reserved for the refunds expected and the expectation that refunds after the thirty days will not have a significant impact, (7) the belief there have not been misrepresentations made to customers (6) iMergent being willing to take any reasonable action that assists in making sales practices transparent to regulators customers, (7) that the StoresOnline™ Express model has been instrumental in clarifying iMergent business practices and greatly assisted in resolving this matter are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For a more detailed discussion of risk factors that affect iMergent's operations, please refer to the company's Form 10-K for the year ended June 30, 2007, and Forms 10-Q for the periods ended September 30, 2007, December 31, 2007, and March 31, 2008.
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, iMergent offers site development, web hosting and marketing products. iMergent typically reaches its target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and encourage them to make purchases. iMergent, Inc. and StoresOnline are trademarks of iMergent, Inc.
Company Contact:
Jeffrey Korn,
General Counsel/Corp. Secretary
iMergent, Inc.
801.431.4695
investor_relations@imergentinc.com
Investor Relations Contact:
Becky Herrick
Lippert/Heilshorn & Associates
415.433.3777
bherrick@lhai.com
OREM, Utah, September 2, 2008 - iMergent, Inc. (AMEX: IIG), a leading provider of eCommerce software for small businesses and entrepreneurs, entered into a settlement agreement with the State of Florida Office of the Attorney General on Friday, August 29, 2008.
The Attorney General of Florida originally filed an action in 2007 and then amended and re-filed the action in 2008, claiming the company sold a business opportunity and otherwise made sales in violation of certain consumer protection statutes.
As a result of the agreement, the company agreed to pay fees totaling $125,000 and agreed that it will refund any customers in the State of Florida who may file claims within 30 days of entry of the judgment. The company also agreed to refund claimants who have previously filed a claim to either the company or the State. iMergent also agreed to refund up to $250,000 in claims made over the next 18 moths from purchasers who can demonstrate with supporting documentation that there has been a misrepresentation made to them and that the customer could not make the product work. In addition, iMergent agreed to certain actions intended to clarify its business practices. There is no finding iMergent is a seller of a business opportunity.
Jeff Korn, iMergent general counsel, said, “The Attorney General of the State of Florida has completed a very long and thorough review of the company’s business practices. The Attorney General made some suggestions including increasing the refund period for seniors to 15 days, which we have already incorporated world wide. We are always willing to work to take any action that makes our sales model more transparent. We have reserved for the refunds expected and do not expect refunds after the thirty days to have a significant impact as we do not believe there have been any misrepresentations made to customers. ”
Don Danks, CEO, stated, “After a two year review, we are pleased to have a resolution to this matter that clarifies the company’s business practices and does not limit our ability to conduct business in Florida. The changes to StoresOnline™ Express have been instrumental in clarifying our business practices and greatly assisted in resolving this matter.”
Before the stock market opened today, the company filed an SEC Form 8-K.
Safe Harbor
Statements made in this press release regarding (1) iMergent transacting business in the State of Florida (2) the settlement resolving outstanding matters with the State of Florida, (3) the settlement not affecting continued operations in the State of Florida, (4) iMergent addressing issues to clarify its business practices, (5) iMergent having reserved for the refunds expected and the expectation that refunds after the thirty days will not have a significant impact, (7) the belief there have not been misrepresentations made to customers (6) iMergent being willing to take any reasonable action that assists in making sales practices transparent to regulators customers, (7) that the StoresOnline™ Express model has been instrumental in clarifying iMergent business practices and greatly assisted in resolving this matter are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For a more detailed discussion of risk factors that affect iMergent's operations, please refer to the company's Form 10-K for the year ended June 30, 2007, and Forms 10-Q for the periods ended September 30, 2007, December 31, 2007, and March 31, 2008.
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, iMergent offers site development, web hosting and marketing products. iMergent typically reaches its target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and encourage them to make purchases. iMergent, Inc. and StoresOnline are trademarks of iMergent, Inc.
Company Contact:
Jeffrey Korn,
General Counsel/Corp. Secretary
iMergent, Inc.
801.431.4695
investor_relations@imergentinc.com
Investor Relations Contact:
Becky Herrick
Lippert/Heilshorn & Associates
415.433.3777
bherrick@lhai.com
Thursday, August 28, 2008
StoresOnline Sponsors Utah Open Airways Program
StoresOnline Sponsors Utah Open Airways Program
StoresOnline announces it has agreed to continue its partnership with The Utah Open Airways for Schools (OAS). StoresOnline previously provided funding for the 2007-2008 school year.
OAS is a powerful program that empowers children with asthma to better understand and manage their condition, as well as provides parents and teachers with support tools for assisting children with Asthma.
The OAS program helps hundreds of children every year become "Asthma Experts", as they learn the necessary techniques and strategies to help them manage their asthma so they can do all the things their peers can do, without feeling embarrassed or afraid. The OAS program is free to schools and to the children who participate, but it is not free to the American Lung Association of Utah (ALAU), which runs the program.
With StoresOnline’s support, OAS taught classes in 41 local area schools, reaching over 350 children – more than OAS has been able to teach in several years. Clint Sanderson, VP of Seminar Sales for StoresOnline and a Board Member of the Utah Lung Association commented, “StoresOnline is thrilled to support and enable such a wonderful cause. The OAS program empowers children with Asthma with the right tools and training to not only survive their Asthma but really thrive!”
Cherissa Wood, Program Manager for OAS said, “Starting out, many of these kids don't want anyone to know they have asthma, because it labels them or makes them feel embarrassed. However, after attending OAS, they see they are not alone and they gain the skills and confidence to fully participate in activities they previously had avoided.”
One parent commented, “This program helps empower the children to take ownership of their asthma, and learn key skills and techniques to help them in everyday situations. They learn about their medications and the importance of taking them when and how they should.”
Another parent shared, "My daughter never complains about taking her "puffer" (inhaler) in public anymore- she knows more about her symptoms, and knows what she needs to do in any possible situation. Before the OAS program, my daughter used to call home every day from school, complaining about her asthma. After the OAS program, she stopped calling home, was no longer scared to take her medications, and she learned strategies to help her relax when she was having a difficult time breathing.”
The OAS program also helps parents better understand and support their child's asthma. Each lesson is designed with a take-home assignment or message the child is to share with their family. They are encouraged to talk about what they learned and practice new techniques.
One volunteer instructor related that a few children from her OAS class helped out a fellow OAS classmate during gym. The child was having a difficult time breathing during an activity, but the teacher didn't know the child had asthma. The other children from the OAS class told the teacher that the child had asthma, and needed to take a break. The child was able to take a break and as a result did not have an asthma attack.
Cherissa Wood shared the future vision for OAS saying, “It is our goal to expand this program in the coming years so more schools and children outside the Wasatch front have the opportunity to benefit from OAS. We look forward to our continued relationship with StoresOnline and encourage other business to get involved in this life changing program.”
Mr. Sanderson concluded, “As a business, StoresOnline is committed to making a difference by providing entrepreneurs and small business owners the tools and training they need to survive and thrive on the internet. Getting behind and supporting an entrepreneurially driven program like OAS is a natural extension of our company values as OAS is also focused on providing the right tools and training so children with asthma can also survive and thrive in school and in life.”
For more information on the OAS program contact:
Cherissa Wood
Program Manager
American Lung Association of Utah
1930 South 1100 East
SLC, UT 84106
Phone: 801-931-6992 ex 492
Fax: 801-484-5461
http://www.lungutah.org/
About StoresOnline
StoresOnline provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, StoresOnline offers site development, web hosting and marketing products. StoresOnline typically reaches its target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and encourage them to make purchases. StoresOnline is a trademark of StoresOnline, Inc.
CONTACT:
StoresOnline, Inc.
Jeff Korn
801-431-4695
jkorn@storesonline.com
StoresOnline announces it has agreed to continue its partnership with The Utah Open Airways for Schools (OAS). StoresOnline previously provided funding for the 2007-2008 school year.
OAS is a powerful program that empowers children with asthma to better understand and manage their condition, as well as provides parents and teachers with support tools for assisting children with Asthma.
The OAS program helps hundreds of children every year become "Asthma Experts", as they learn the necessary techniques and strategies to help them manage their asthma so they can do all the things their peers can do, without feeling embarrassed or afraid. The OAS program is free to schools and to the children who participate, but it is not free to the American Lung Association of Utah (ALAU), which runs the program.
With StoresOnline’s support, OAS taught classes in 41 local area schools, reaching over 350 children – more than OAS has been able to teach in several years. Clint Sanderson, VP of Seminar Sales for StoresOnline and a Board Member of the Utah Lung Association commented, “StoresOnline is thrilled to support and enable such a wonderful cause. The OAS program empowers children with Asthma with the right tools and training to not only survive their Asthma but really thrive!”
Cherissa Wood, Program Manager for OAS said, “Starting out, many of these kids don't want anyone to know they have asthma, because it labels them or makes them feel embarrassed. However, after attending OAS, they see they are not alone and they gain the skills and confidence to fully participate in activities they previously had avoided.”
One parent commented, “This program helps empower the children to take ownership of their asthma, and learn key skills and techniques to help them in everyday situations. They learn about their medications and the importance of taking them when and how they should.”
Another parent shared, "My daughter never complains about taking her "puffer" (inhaler) in public anymore- she knows more about her symptoms, and knows what she needs to do in any possible situation. Before the OAS program, my daughter used to call home every day from school, complaining about her asthma. After the OAS program, she stopped calling home, was no longer scared to take her medications, and she learned strategies to help her relax when she was having a difficult time breathing.”
The OAS program also helps parents better understand and support their child's asthma. Each lesson is designed with a take-home assignment or message the child is to share with their family. They are encouraged to talk about what they learned and practice new techniques.
One volunteer instructor related that a few children from her OAS class helped out a fellow OAS classmate during gym. The child was having a difficult time breathing during an activity, but the teacher didn't know the child had asthma. The other children from the OAS class told the teacher that the child had asthma, and needed to take a break. The child was able to take a break and as a result did not have an asthma attack.
Cherissa Wood shared the future vision for OAS saying, “It is our goal to expand this program in the coming years so more schools and children outside the Wasatch front have the opportunity to benefit from OAS. We look forward to our continued relationship with StoresOnline and encourage other business to get involved in this life changing program.”
Mr. Sanderson concluded, “As a business, StoresOnline is committed to making a difference by providing entrepreneurs and small business owners the tools and training they need to survive and thrive on the internet. Getting behind and supporting an entrepreneurially driven program like OAS is a natural extension of our company values as OAS is also focused on providing the right tools and training so children with asthma can also survive and thrive in school and in life.”
For more information on the OAS program contact:
Cherissa Wood
Program Manager
American Lung Association of Utah
1930 South 1100 East
SLC, UT 84106
Phone: 801-931-6992 ex 492
Fax: 801-484-5461
http://www.lungutah.org/
About StoresOnline
StoresOnline provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, StoresOnline offers site development, web hosting and marketing products. StoresOnline typically reaches its target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and encourage them to make purchases. StoresOnline is a trademark of StoresOnline, Inc.
CONTACT:
StoresOnline, Inc.
Jeff Korn
801-431-4695
jkorn@storesonline.com
Tuesday, August 26, 2008
iMergent Fourth Quarter and Year End Financial Results
iMergent to Hold Fiscal Fourth Quarter and Year End Financial Results Conference Call on September 4, 2008
OREM, Utah, August 13, 2008 – iMergent, Inc. (AMEX: IIG) announced it will hold its fiscal fourth quarter and year end 2008 financial results conference call on Thursday, September 4, 2008 at 1:30 p.m. Pacific Time or 4:30 p.m. Eastern Time. Donald Danks, chief executive officer, Brandon Lewis, president and chief operating officer, Robert Lewis, chief financial officer and Jeff Korn, general counsel, will deliver prepared remarks and conduct a question and answer session.
The conference call will be broadcast live over the Internet at file:///C:/Documents%20and%20Settings/brendan/Local%20Settings/Temporary%20Internet%20Files/www.imergentinc.com. If you do not have Internet access, the telephone dial-in number is 800-639-0297 for domestic participants and 706-634-7417 for international participants. Please dial in five to ten minutes prior to the beginning of the call at 1:30 p.m. PT (4:30 p.m. ET). A telephone replay will be available three hours after the call through September 8, 2008 by dialing 800-642-1687 for domestic callers or 706-645-9291 for international callers and entering access code 60268194.
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, iMergent offers site development, web hosting and marketing products. iMergent typically reaches its target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and encourage them to make purchases. iMergent, Inc. and StoresOnline are trademarks of iMergent, Inc.
CONTACT:
Rob Lewis, CFO
iMergent, Inc.
801-431-4695
investor_relations@imergentinc.com
Investor Relations Contact:
CFO Kirsten Chapman
Lippert/Heilshorn & Associates
415.433.3777
kchapman@lhai.com
OREM, Utah, August 13, 2008 – iMergent, Inc. (AMEX: IIG) announced it will hold its fiscal fourth quarter and year end 2008 financial results conference call on Thursday, September 4, 2008 at 1:30 p.m. Pacific Time or 4:30 p.m. Eastern Time. Donald Danks, chief executive officer, Brandon Lewis, president and chief operating officer, Robert Lewis, chief financial officer and Jeff Korn, general counsel, will deliver prepared remarks and conduct a question and answer session.
The conference call will be broadcast live over the Internet at file:///C:/Documents%20and%20Settings/brendan/Local%20Settings/Temporary%20Internet%20Files/www.imergentinc.com. If you do not have Internet access, the telephone dial-in number is 800-639-0297 for domestic participants and 706-634-7417 for international participants. Please dial in five to ten minutes prior to the beginning of the call at 1:30 p.m. PT (4:30 p.m. ET). A telephone replay will be available three hours after the call through September 8, 2008 by dialing 800-642-1687 for domestic callers or 706-645-9291 for international callers and entering access code 60268194.
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, iMergent offers site development, web hosting and marketing products. iMergent typically reaches its target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and encourage them to make purchases. iMergent, Inc. and StoresOnline are trademarks of iMergent, Inc.
CONTACT:
Rob Lewis, CFO
iMergent, Inc.
801-431-4695
investor_relations@imergentinc.com
Investor Relations Contact:
CFO Kirsten Chapman
Lippert/Heilshorn & Associates
415.433.3777
kchapman@lhai.com
iMergent Reaches Settlement with the State of North Carolina
iMergent Reaches Settlement with the State of North Carolina
- Company to resume business in North Carolina -
OREM, Utah, August 6, 2008 - iMergent, Inc. (AMEX: IIG), a leading provider of eCommerce software for small businesses and entrepreneurs, announced it agreed to a Consent Judgment with the Office of the Attorney General of the State of North Carolina on Monday, August 4, 2008. The judgment, when entered by the court will allow iMergent to immediately schedule workshops in North Carolina.
In 2007, the Attorney General of North Carolina filed an action claiming iMergent sold a business opportunity and violated Consumer protection statutes. The State received a temporary injunction prohibiting iMergent from transacting sales and requiring iMergent to issue refunds to any North Carolina customer who requested a refund. The following is a result of the July 2008 agreement.
The injunction is lifted, and iMergent is permitted to schedule workshops.
There is no finding iMergent is a seller of a business opportunity and no finding of wrongdoing. The settlement does not limit iMergent’s ability to conduct business in the state.
iMergent agreed to certain actions intended to clarify its business practices.
iMergent agreed to pay fees totaling $90,000 and refund any customers in North Carolina who may file claims within 60 days given the claim includes a declaration issued under penalty of perjury that the customer has been unable to activate a web site and get it fully operational. Management does not expect the refunds will be material as it has refunded all customers who have made a request under the terms of the injunction.
Jeff Korn, iMergent general counsel, said, “I want to thank the Attorney General of North Carolina, who took the time to learn and understand our business. The Office operated in good faith to recommend changes to our presentations, which helped to clarify our business practices. We are always willing to take any reasonable action that assists in making our sales practices transparent to regulators and, most importantly, our customers. We believe our StoresOnline™ Express model has substantially helped in our ability to negotiate the agreement, which lifts the injunction previously in place. Customers who purchase StoresOnline Express have the opportunity to test our best of breed software and award winning customer service before purchasing an upgrade to StoresOnline Pro. We are hopeful our continued improvements in our presentations and service will assist in resolving any other outstanding disputes.”
Don Danks, CEO, stated, “Once again, after study of our business model with StoresOnline Express and Pro, we have been able to resolve a long standing dispute. We are pleased this matter has been resolved, and we intend to return to North Carolina shortly.”
Before the stock market opened today, the company filed an SEC Form 8-K.
Safe Harbor
Statements made in this press release regarding (1) iMergent transacting business in the State of North Carolina and scheduling workshops (2) the settlement resolving outstanding matters with the State of North Carolina, (3) the lifting of the injunction (4) the settlement not affecting continued operations in the State of North Carolina, (5) Imergent addressing issues to clarify its business practices, (6) iMergent refunding any customers in North Carolina who may file claims within 60 days given the claim includes a declaration issued under penalty of perjury that the customer has been unable to activate a web site and get it fully operational (7) the expectation that the refunds will not be material, (8) changes to iMergent presentations, which help to clarify business practices, (9) iMergent being willing to take any reasonable action that assists in making sales practices transparent to regulators customers, (10) that the StoresOnline™ Express model has substantially helped in the ability to negotiate the agreement, (11) that customers who purchase StoresOnline Express have the opportunity to test the best of breed software and award winning customer service before purchasing an upgrade to StoresOnline Pro, (12) continued improvements in presentations and service will assist in resolving any other outstanding disputes, (13) that study of iMergent business model with StoresOnline Express and Pro have resulted in the ability to resolve a long standing dispute and (14) the Attorney General of the State of North Carolina taking the time to fully understand Company presentations are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For a more detailed discussion of risk factors that affect iMergent's operations, please refer to the company's Form 10-K for the year ended June 30, 2007, and Forms 10-Q for the periods ended September 30, 2007, December 31, 2007, and March 31, 2008.
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, iMergent offers site development, web hosting and marketing products. iMergent typically reaches its target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and encourage them to make purchases. iMergent, Inc. and StoresOnline are trademarks of iMergent, Inc.
CONTACT:
StoresOnline, Inc.
Jeff Korn,
801-431-4695
jkorn@storesonline.com
Investor Relations Contact:
CFO Kirsten Chapman
Lippert/Heilshorn & Associates
415.433.3777
kchapman@lhai.com
- Company to resume business in North Carolina -
OREM, Utah, August 6, 2008 - iMergent, Inc. (AMEX: IIG), a leading provider of eCommerce software for small businesses and entrepreneurs, announced it agreed to a Consent Judgment with the Office of the Attorney General of the State of North Carolina on Monday, August 4, 2008. The judgment, when entered by the court will allow iMergent to immediately schedule workshops in North Carolina.
In 2007, the Attorney General of North Carolina filed an action claiming iMergent sold a business opportunity and violated Consumer protection statutes. The State received a temporary injunction prohibiting iMergent from transacting sales and requiring iMergent to issue refunds to any North Carolina customer who requested a refund. The following is a result of the July 2008 agreement.
The injunction is lifted, and iMergent is permitted to schedule workshops.
There is no finding iMergent is a seller of a business opportunity and no finding of wrongdoing. The settlement does not limit iMergent’s ability to conduct business in the state.
iMergent agreed to certain actions intended to clarify its business practices.
iMergent agreed to pay fees totaling $90,000 and refund any customers in North Carolina who may file claims within 60 days given the claim includes a declaration issued under penalty of perjury that the customer has been unable to activate a web site and get it fully operational. Management does not expect the refunds will be material as it has refunded all customers who have made a request under the terms of the injunction.
Jeff Korn, iMergent general counsel, said, “I want to thank the Attorney General of North Carolina, who took the time to learn and understand our business. The Office operated in good faith to recommend changes to our presentations, which helped to clarify our business practices. We are always willing to take any reasonable action that assists in making our sales practices transparent to regulators and, most importantly, our customers. We believe our StoresOnline™ Express model has substantially helped in our ability to negotiate the agreement, which lifts the injunction previously in place. Customers who purchase StoresOnline Express have the opportunity to test our best of breed software and award winning customer service before purchasing an upgrade to StoresOnline Pro. We are hopeful our continued improvements in our presentations and service will assist in resolving any other outstanding disputes.”
Don Danks, CEO, stated, “Once again, after study of our business model with StoresOnline Express and Pro, we have been able to resolve a long standing dispute. We are pleased this matter has been resolved, and we intend to return to North Carolina shortly.”
Before the stock market opened today, the company filed an SEC Form 8-K.
Safe Harbor
Statements made in this press release regarding (1) iMergent transacting business in the State of North Carolina and scheduling workshops (2) the settlement resolving outstanding matters with the State of North Carolina, (3) the lifting of the injunction (4) the settlement not affecting continued operations in the State of North Carolina, (5) Imergent addressing issues to clarify its business practices, (6) iMergent refunding any customers in North Carolina who may file claims within 60 days given the claim includes a declaration issued under penalty of perjury that the customer has been unable to activate a web site and get it fully operational (7) the expectation that the refunds will not be material, (8) changes to iMergent presentations, which help to clarify business practices, (9) iMergent being willing to take any reasonable action that assists in making sales practices transparent to regulators customers, (10) that the StoresOnline™ Express model has substantially helped in the ability to negotiate the agreement, (11) that customers who purchase StoresOnline Express have the opportunity to test the best of breed software and award winning customer service before purchasing an upgrade to StoresOnline Pro, (12) continued improvements in presentations and service will assist in resolving any other outstanding disputes, (13) that study of iMergent business model with StoresOnline Express and Pro have resulted in the ability to resolve a long standing dispute and (14) the Attorney General of the State of North Carolina taking the time to fully understand Company presentations are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For a more detailed discussion of risk factors that affect iMergent's operations, please refer to the company's Form 10-K for the year ended June 30, 2007, and Forms 10-Q for the periods ended September 30, 2007, December 31, 2007, and March 31, 2008.
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, iMergent offers site development, web hosting and marketing products. iMergent typically reaches its target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and encourage them to make purchases. iMergent, Inc. and StoresOnline are trademarks of iMergent, Inc.
CONTACT:
StoresOnline, Inc.
Jeff Korn,
801-431-4695
jkorn@storesonline.com
Investor Relations Contact:
CFO Kirsten Chapman
Lippert/Heilshorn & Associates
415.433.3777
kchapman@lhai.com
Thursday, July 24, 2008
StoresOnline Sponsors Utah Jazz Event
StoresOnline Sponsors Utah Jazz Event
Summer marks the beginning for a host of hot new NBA prospects as the league holds the annual rookie draft followed by summer league action. The Utah Jazz, coming off another successful season, are heavily involved in these activities. StoresOnline is pleased to sponsor both events in their ongoing support of the Utah Jazz.
“Having StoresOnline sponsor the Utah Jazz draft activities and the Rocky Mountain Review is a natural,” said Brandon Lewis, President of StoresOnline. “The draft marks the beginning of an exciting journey for these rookies and it is a journey very similar to that of the entrepreneurs and small business owners we serve online every day. NBA rookies must have the right tools, the right training and of course good coaching. At StoresOnline we provide entrepreneurs the right online tools with our ecommerce solutions, the right training on powerful internet marketing strategies and, through our partners, the right coaching that can help them succeed online.”
Don Danks, CEO of StoresOnline, commented, “Utah is an entrepreneurial state and the Jazz have proven that a small market NBA team can compete by having an entrepreneurial strategy for success. StoresOnline is pleased to support entrepreneurial ideals here locally and around the world.”
Utah Jazz President Randy Rigby stated, “StoresOnline has been a wonderful partner for the Jazz and we appreciate their commitment to the team and the community. With Larry H. Miller as owner, we also believe entrepreneurs make a difference and applaud StoresOnline’s efforts to serve the online needs of entrepreneurs and small business owners.”The StoresOnline sponsored Utah Jazz draft activities were held on June 24 at the EnergySolutions Arena. The Rocky Mountain Review began on July 18th and runs through July 25th at Salt Lake Community College Taylorsville Redwood Campus. For game times and tickets see www.utahjazz.com.
About StoresOnline
StoresOnline provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, StoresOnline offers site development, web hosting and marketing products. StoresOnline typically reaches its target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and encourage them to make purchases. StoresOnline is a trademark of StoresOnline, Inc.
CONTACT:
StoresOnline, Inc.
Jeff Korn,
801-431-4695
jkorn@storesonline.com
Summer marks the beginning for a host of hot new NBA prospects as the league holds the annual rookie draft followed by summer league action. The Utah Jazz, coming off another successful season, are heavily involved in these activities. StoresOnline is pleased to sponsor both events in their ongoing support of the Utah Jazz.
“Having StoresOnline sponsor the Utah Jazz draft activities and the Rocky Mountain Review is a natural,” said Brandon Lewis, President of StoresOnline. “The draft marks the beginning of an exciting journey for these rookies and it is a journey very similar to that of the entrepreneurs and small business owners we serve online every day. NBA rookies must have the right tools, the right training and of course good coaching. At StoresOnline we provide entrepreneurs the right online tools with our ecommerce solutions, the right training on powerful internet marketing strategies and, through our partners, the right coaching that can help them succeed online.”
Don Danks, CEO of StoresOnline, commented, “Utah is an entrepreneurial state and the Jazz have proven that a small market NBA team can compete by having an entrepreneurial strategy for success. StoresOnline is pleased to support entrepreneurial ideals here locally and around the world.”
Utah Jazz President Randy Rigby stated, “StoresOnline has been a wonderful partner for the Jazz and we appreciate their commitment to the team and the community. With Larry H. Miller as owner, we also believe entrepreneurs make a difference and applaud StoresOnline’s efforts to serve the online needs of entrepreneurs and small business owners.”The StoresOnline sponsored Utah Jazz draft activities were held on June 24 at the EnergySolutions Arena. The Rocky Mountain Review began on July 18th and runs through July 25th at Salt Lake Community College Taylorsville Redwood Campus. For game times and tickets see www.utahjazz.com.
About StoresOnline
StoresOnline provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, StoresOnline offers site development, web hosting and marketing products. StoresOnline typically reaches its target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and encourage them to make purchases. StoresOnline is a trademark of StoresOnline, Inc.
CONTACT:
StoresOnline, Inc.
Jeff Korn,
801-431-4695
jkorn@storesonline.com
Tuesday, June 10, 2008
iMergent, Inc. Announces Quarterly Dividend
iMergent, Inc. Announces Quarterly Dividend
OREM, Utah, June 10, 2008 - iMergent, Inc., (AMEX: IIG), today announced that its board of directors has declared a quarterly dividend of $0.11 per share on the company’s common stock. The dividend is payable on June 30, 2008 to stockholders of record at the close of business on June 20, 2008.
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, iMergent offers site development, web hosting and marketing products. iMergent typically reaches its target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and encourage them to make purchases. iMergent, Inc. and StoresOnline are trademarks of iMergent, Inc.
Company Contact:
Robert Lewis
iMergent, Inc.
801.431.4695
investor_relations@imergentinc.com
Investor Relations Contact:
CFO Kirsten Chapman
Lippert/Heilshorn & Associates
415.433.3777
kchapman@lhai.com
OREM, Utah, June 10, 2008 - iMergent, Inc., (AMEX: IIG), today announced that its board of directors has declared a quarterly dividend of $0.11 per share on the company’s common stock. The dividend is payable on June 30, 2008 to stockholders of record at the close of business on June 20, 2008.
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, iMergent offers site development, web hosting and marketing products. iMergent typically reaches its target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and encourage them to make purchases. iMergent, Inc. and StoresOnline are trademarks of iMergent, Inc.
Company Contact:
Robert Lewis
iMergent, Inc.
801.431.4695
investor_relations@imergentinc.com
Investor Relations Contact:
CFO Kirsten Chapman
Lippert/Heilshorn & Associates
415.433.3777
kchapman@lhai.com
iMergent Reaches Settlement with State of Oregon
- iMergent Reaches Settlement with the State of Oregon -
- Business in Oregon not affected -
OREM, Utah, May 30, 2008 - iMergent, Inc. (AMEX: IIG), a leading provider of eCommerce software for small businesses and entrepreneurs, announced the Office of the Attorney General of the State of Oregon and iMergent consented to an Assurance of Voluntary Compliance which was entered on May 28, 2008. The Settlement resolves outstanding matters with the State and does not affect continued operations in Oregon.
Under the terms of the agreement, the company expressly denied any wrongdoing or that it had made any misrepresentations and agreed to make certain disclosures regarding the software sold by the Company and the services provided by the Company. There were no refunds required in the settlement; however, iMergent agreed to pay costs of $ $33,000 to the State of Oregon.
Jeff Korn, iMergent general counsel, said, “We are pleased to resolve another long standing investigation. This settlement supports our intention to aggressively work with regulators to resolve issues that arose prior to our adoption of the StoresOnline Express business model. The disclosures required by the settlement have already been incorporated in our presentations. We would like to thank the office of the Attorney General of Oregon for a thorough review of our activities and working openly with us.”
Don Danks, CEO, stated, “We believe our ability to address issues with regulators has been greatly assisted by the change to our StoresOnline Express business model as well as our superb customer service exemplified by the Excellence in Service Operations certification by the Service & Support Professionals Association (SSPA) announced in January.”
Before the stock market opened today, the company filed an SEC Form 8-K
Safe Harbor
Statements made in this press release regarding iMergent (1),continuing business in Oregon (2) that the settlement resolves outstanding matter with the State, (3) settlement does not affect continued operations in Oregon, (4) continuing to work with regulators to address outstanding issues, (5) complaints reviewed in this actions being issues prior to adopting the StoresOnline Express business model, (6) disclosures required by the settlement have already been incorporated in presentations and (7) ability to address issues with regulators has been greatly assisted by the change to StoresOnline Express business model as well as our superb customer service are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For a more detailed discussion of risk factors that affect iMergent's operations, please refer to the company's Form 10-K for the year ended June 30, 2007, and Forms 10-Q for the periods ended September 30, 2007, December 31, 2007, and March 31, 2008.
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, iMergent offers site development, web hosting and marketing products. iMergent typically reaches its target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and encourage them to make purchases. iMergent, Inc. and StoresOnline are trademarks of iMergent, Inc.
- Business in Oregon not affected -
OREM, Utah, May 30, 2008 - iMergent, Inc. (AMEX: IIG), a leading provider of eCommerce software for small businesses and entrepreneurs, announced the Office of the Attorney General of the State of Oregon and iMergent consented to an Assurance of Voluntary Compliance which was entered on May 28, 2008. The Settlement resolves outstanding matters with the State and does not affect continued operations in Oregon.
Under the terms of the agreement, the company expressly denied any wrongdoing or that it had made any misrepresentations and agreed to make certain disclosures regarding the software sold by the Company and the services provided by the Company. There were no refunds required in the settlement; however, iMergent agreed to pay costs of $ $33,000 to the State of Oregon.
Jeff Korn, iMergent general counsel, said, “We are pleased to resolve another long standing investigation. This settlement supports our intention to aggressively work with regulators to resolve issues that arose prior to our adoption of the StoresOnline Express business model. The disclosures required by the settlement have already been incorporated in our presentations. We would like to thank the office of the Attorney General of Oregon for a thorough review of our activities and working openly with us.”
Don Danks, CEO, stated, “We believe our ability to address issues with regulators has been greatly assisted by the change to our StoresOnline Express business model as well as our superb customer service exemplified by the Excellence in Service Operations certification by the Service & Support Professionals Association (SSPA) announced in January.”
Before the stock market opened today, the company filed an SEC Form 8-K
Safe Harbor
Statements made in this press release regarding iMergent (1),continuing business in Oregon (2) that the settlement resolves outstanding matter with the State, (3) settlement does not affect continued operations in Oregon, (4) continuing to work with regulators to address outstanding issues, (5) complaints reviewed in this actions being issues prior to adopting the StoresOnline Express business model, (6) disclosures required by the settlement have already been incorporated in presentations and (7) ability to address issues with regulators has been greatly assisted by the change to StoresOnline Express business model as well as our superb customer service are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For a more detailed discussion of risk factors that affect iMergent's operations, please refer to the company's Form 10-K for the year ended June 30, 2007, and Forms 10-Q for the periods ended September 30, 2007, December 31, 2007, and March 31, 2008.
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, iMergent offers site development, web hosting and marketing products. iMergent typically reaches its target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and encourage them to make purchases. iMergent, Inc. and StoresOnline are trademarks of iMergent, Inc.
Monday, May 12, 2008
iMergent to Hold Third Quarter Fiscal 2008 Financial Results Conference Call on May 6, 2008
Mon Apr 14, 2008 8:05am EDT OREM, UtahiMergent, Inc. (AMEX:IIG) announced it will hold its third quarter fiscal 2008 financial results conference call on Tuesday, May 6, 2008
at 1:30 p.m. Pacific Time or 4:30 p.m. Eastern Time. Donald Danks, chief executive officer, Brandon Lewis, President and chief operating
officer, Robert Lewis, chief financial officer and Jeff Korn, general counsel, will deliver prepared remarks and conduct a question and answer session.
The conference call will be broadcast live over the Internet at http://www.imergentinc.com/. If you do not have Internet access, the telephone dial-in number is 800-639-0297 for domestic participants and
706-634-7417 for international participants. Please dial in five to ten minutes prior to the beginning of the call at 1:30 p.m. PT (4:30
p.m. ET). A telephone replay will be available three hours after the call through May 8, 2008 by dialing 800-642-1687 for domestic callers
or 706-645-9291 for international callers and entering access code 43250110.
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or
ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services which help
users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and
customers. In addition to software, iMergent offers site development, web hosting and marketing products. iMergent typically reaches its
target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product
opportunities and costs. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users
on the software and encourage them to make purchases. iMergent, Inc. and StoresOnline are trademarks of iMergent, Inc.
Company Contact:
iMergent, Inc.
Rob Lewis, CFO
801-431-4695
investor_relations@imergentinc.com
or
Kirsten Chapman
Lippert/Heilshorn & Assoc.
415-433-3777 (Investor Relations)
kchapman@lhai.com
iMergent Reaches Settlement with the State of Connecticut
iMergent Reaches Settlement with the State of Connecticut
April 2, 2008 8:05 AM ET
iMergent, Inc. IIG, a leading provider of eCommerce software for small businesses and entrepreneurs, announced the Office of the Attorney General of the State of Connecticut and iMergent entered into an agreement on April 1st to enter a Final Judgment of Stipulation. The settlement resolves outstanding matters with the State of Connecticut and does not affect continued operations in Connecticut.
Jeff Korn, iMergent general counsel, said, "We have continued to work with regulators to address outstanding issues. While the company only received 14 complaints from customers in Connecticut since January 1, 2006, we were pleased to resolve the two-year non-public review and discussion of our business practices. We would like to thank the office of the Connecticut State Attorney General for working with us. Fourteen complaints as a percentage of customers we have seen is quite small. We think that is indicative of our excellent practices, support and service. We attempt to address all complaints expeditiously. We stand ready to satisfy any legitimate customer or regulatory concern. We strive to deliver transparency to regulators, shareholders and, most importantly, our customers."
Under the terms of the settlement and without an admission of any liability, iMergent refunded certain customers approximately $65,000 and agreed to pay the state of Connecticut's costs of approximately $65,000. The company also agreed to make certain disclosures regarding the software sold and certain disclosures related to sales representations made by the company.
Before the stock market opened today, the company filed an SEC Form 8-K.
Safe Harbor
Statements made in this press release regarding iMergent (1) entering into a agreement to enter a Final Judgment of Stipulation, (2) that the settlement resolves outstanding matters with the State of Connecticut, (3) settlement does not affect continued operations in Connecticut, (4) continuing to work with regulators to address outstanding issues, (5) receiving only 14 complaints from customers in Connecticut since January 1, 2006, (6) that 14 complaints as a percentage of customers seen is quite small, (7) providing excellent practices, support and service, (8) addressing all complaints expeditiously and standing ready to satisfy any legitimate customer complaint or regulatory concern and (9) striving to deliver transparency to regulators, shareholders and, customers are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For a more detailed discussion of risk factors that affect iMergent's operations, please refer to the company's Form 10-K for the year ended June 30, 2007, and Form 10-Q for the periods ended September 30, 2007 and December 31, 2007.
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business products or ideas via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services which help users build successful Internet strategies to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, iMergent offers site development, web hosting and marketing products. iMergent typically reaches its target audience through a concentrated direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and encourage them to make purchases. iMergent, Inc. and StoresOnline are trademarks of iMergent, Inc.
Contact Information:
iMergent, Inc.
Robert Lewis, CFO
801-431-4695
investor_relations@imergentinc.com
or
Kirsten Chapman,
Lippert/Heilshorn & Associates
415-433-3777 (Investor Relations)
kchapman@lhai.com.
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