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Technology Stocks : VVTV - "Home Shopping Network" of the Internet

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To: Rick Switzer who wrote (335)	10/11/1999 9:23:00 AM
From: KS	Read Replies (1) of 350

October 11, 1999 09:10 ValueVision sells Catalog Ventures unit MINNEAPOLIS, Oct 11 (Reuters) - ValueVision International Inc., the nation's third largest home stopping network, said Monday it sold its Catalog Ventures Inc. unit to privately held Potpourri Holdings Inc. of Massachusetts for an initial cash payment of about $5 million and up to another $5.5 million. The additional payment depends on the unit's financial performance over the next 12 months. "The sale of CVI, at an attractive price for our shareholders, is consistent with our strategy of divesting our non-strategic assets," said Gene McCaffery, chairman and chief executive officer. With the sale, ValueVision said its cash position will be nearly $300 million with virtually no debt, allowing it the opportunity to pursue opportunistic acquisitions and additional strategic alliances. ValueVision said it intends to recognize the initial closing of the transaction in its third quarter. ValueVision shares closed Friday at 28-1/32 on Nasdaq.

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