(COMTEX) B: VALUEVISION INTERNATIONAL, INC. ADDED TO RUSSELL 2000 AND
B: VALUEVISION INTERNATIONAL, INC. ADDED TO RUSSELL 2000 AND 3000 INDEXES
MINNEAPOLIS, Jul 8, 1999 /PRNewswire via COMTEX/ -- ValueVision
International, Inc. (Nasdaq: VVTV) today announced that it has been
added to the Russell 2000 and 3000 Indexes as a result of the Company's
recent gains in market capitalization. The Russell indices allow
investors to track current and historical market value performance by
specific market segment (large cap/small cap) or investment style
(growth/value).
"The majority of U.S. small cap investment managers rely on the Russell
2000 index as their primary performance benchmark," said Gene
McCaffery, Chairman, Chief Executive Officer and President of
ValueVision International, Inc. "Our inclusion in the Russell 2000
should serve to broaden the company's exposure to the investment
community. It is also a testament to the quality of our new management
team, employees and growth strategy that we have reached this
additional milestone.
"ValueVision's recent increase in market capitalization reflects our
outstanding operational and financial performance and attractive growth
outlook. We have a solid, growing, and increasingly unique franchise in
television home shopping and continue to emerge as a credible, key
player in the lucrative e-commerce marketplace. Our strong balance
sheet andrecently completed strategic alliance with NBC/GE should
support our efforts to continue ValueVision's rapid expansion and
growth," concluded Mr. McCaffery.
Earlier this week, ValueVision announced long-range, multi-year
carriage agreements with DIRECTV and EchoStar to increase its reach
from 15 million households to approximately 23 million full-time
equivalent subscribers. In March 1999, NBC, GE Equity and ValueVision
entered into a strategic alliance designed to help increase the cable
distribution of ValueVision's television home-shopping network and to
jointly explore the development of future Internet and electronic
commerce opportunities. At that time, NBC and GE Equity purchased 19.9%
of ValueVision for approximately $44 million in the form of preferred
stock and received one seat each on ValueVision's board. NBC and GE
Equity yesterday announced that they have increased their stake in
ValueVision to 39.9% by exercising their warrants and purchasing
approximately $175 million of stock.
Russell indices serves as performance standards against which money
managers and mutual funds can be evaluated. Russell's index additions
and deletions are determined by calculating the largest 3,000 companies
in the U.S. stock market as ranked by market capitalization on May 31
of each year. The Russell 3000 Index comprises all 3,000 companies in
the updated ranking. The large cap Russell 1000 Index is made up of top
1,000 companies in the ranking, while the small cap Russell 2000 Index
includes the remaining 2,000companies.
All Russell U.S. indexes are rebalanced annually using objective
criteria, and do not reflect any subjective inclusion criteria or
committee decisions. The Russell index's methodology excludes limited
partnerships, limited liability companies, royalty trusts, closed-ended
investment management companies, ADRs, preferred stock, pink-slipped
companies, OTC bulletin board companies, and warrants and rights.
Stocks trading below $1 at rebalancing are not included. Real estate
investment trust (REITs) and IPOs are eligible for inclusion.
About ValueVision International, Inc. ValueVision International, Inc.
is an integrated electronic and print media direct marketing company,
and operates a television home-shopping network and multi-book catalog
operation. The Company offers live programming 24 hours per day, 7 days
a week. As of July 31, 1999, approximately 29 million homes will be
able to receive ValueVision's programming of which approximately 10.6
million homes on a full-time basis and another 11.6 million on a
part-time basis. In addition, the Company operates several direct mail
operations and an Internet shopping website ( www.vvtv.com ). The
Company's shares are traded on the Nasdaq Stock Market under the symbol
VVTV.
For additional information on ValueVision please visit the Company's
web site at vvtv.com or by fax, at no cost, dial
1-800-PRO-INFO, and enter code VVTV.
(Note: The Private Securities Litigation Reform Act of 1995 provides a
"safe harbor" for forward-looking statements. Certain information
included in this news release contains statements that are
forward-looking, such as statements relating to increased distribution
of the Company's programming, the Company's future financial
performance and growth, entrance into e- commerce, and the continuing
success in developing and implementing new strategic alliances
(including the GE Equity and NBC alliance.) There are certain important
factors, such as consumer spending and debt levels, interest rates,
competitive pressure on sales and pricing, the maintenance of
distribution of the Company's programming, that could cause results to
differ materially from those forward-looking statements. Investors
arecautioned that all forward that all forward-looking statements
involve risks and uncertainty, including the possibility that revenues
and distribution willnot continue to increase, that e-commerce will not
be successful, that other strategic alliances (including the GE Equity
and NBC alliance) may not result in increased revenues, earnings and
subscribers. For more information onthe potential factors that could
affect the Company's financial results, investors should refer to the
Company's filings with the Securities and Exchange Commision.)
SOURCE ValueVision International, Inc.
(C) 1999 PR Newswire. All rights reserved.
prnewswire.com -0-
CONTACT: Gene McCaffery, Chairman, President and CEO of
ValueVision,
612-947-5207; or General, Haris Tajyar, 310-442-0599,
Investor, Tracy
Gutwillig, 312-266-7800, or Media, Marjorie Ornston,
310-442-0599, all of The
Financial Relations Board
WEB PAGE: vvtv.com
GEOGRAPHY: Minnesota
INDUSTRY CODE: FIN
ENT
MLM
TLS
*** end of story *** |
