Hot Business News Today

Hot Business News Today

Direct Selling Company CVSL Withdraws $60 Million Equity Raise

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CVSL, which acquires and improves the operations of small direct selling businesses, withdrew its plans for a public offering on the NYSE MKT on Friday. It is currently traded on the OTCQX Marketplace under the symbol CVSL and commands a market cap of about $350 million. It first filed in May and planned to raise $60 million in November. While the company has withdrawn its plans for an equity raise, it still plans to uplist to a major exchange within the next several trading days. 
CVSL is controlled by Chairman and CEO John Rochon, the former head of Mary Kay. Its nine portfolio companies’ industries include home improvement, gourmet foods, skin care and nutritionals. CVSL builds these independent businesses using its expertise in e-commerce, social media and micro-enterprise strategy as well as bringing efficiencies in finance, IT and the supply chain. 
The Plano, TX-based company was founded in 2007 and booked $89 million in sales for the 12 months ended September 30, 2014. It had planned to list on the NYSE MKT under the symbol CVSL. Cantor Fitzgerald, JMP Securities and Janney Montgomery Scott were set to be the joint bookrunners on the deal.
The article Direct selling company CVSL withdraws $60 million equity raise originally appeared

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Possible New Utah Legislation May Affect Utah Based MLM Companies

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The assistant attorney general in charge of protecting the Utah Division of Consumer Protection from overly curious consumers says he believes in the principle of “innocent until proven guilty.” Which, of course, he should.
But it might come as a surprise to the many other state and local prosecutors across Utah that Assistant A.G. Chè Arguello defines that principle as justifying a state law that keeps confidential all the consumer complaints the division receives, until and unless that agency actually takes some enforcement action against a company.
Were that the usual standard, there would be no public reporting of the names of, or evidence against, anyone accused of murder or theft until after they had been found guilty in court. Wouldn’t want to unfairly besmirch the name of anyone who hadn’t actually been convicted, now would we?
The State Records Committee last week upheld Arguello’s argument and allowed the Consumer Protection Division to continue to sit on any and all complaints lodged against a Provo-based multi-level marketing outfit called Wake Up Now. Because, apparently, state law on the matter is clear.
Which is why the Utah Legislature should change that law, and make such Consumer Protection Division records open to the public.
The matter was raised by a national nonprofit consumer watchdog called Truth in

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LIMU Donates $15,000 For Challenge Match To Aid The Orlando Union Rescue Mission

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LIMU recently donated $15,000 to the Orlando Union Rescue Mission – a community non-profit group focused on helping homeless families and individuals – as part of its ongoing support of the organization.
LIMU is privileged to be one of the largest financial contributors to OURM over the last 11 years, and the Rescue Mission will use the donation for a Challenge Match campaign that will help donors double the impact of their contributions throughout the month of December. A similar donation from LIMU in 2013 helped OURM increase its donations by +47% vs. the previous year.
Beyond donating funds to OURM, LIMU has also helped the organization upgrade their kitchen facilities and LIMU Corporate employees volunteer to help serve as many as 1,500 meals to homeless men, women and children at the Rescue Mission’s Annual Thanksgiving Banquet. Last week marked the 11th year of LIMU involvement in that hands-on effort, with LIMU staff representing the hundreds of thousands of LIMU Promoters through the company’s LIMU GIVES charitable initiative.
“LIMU is really an endless ‘pay it forward’ business model – which means an endless train of grace, thankfulness and compassion – and I’m proud to recognize that our LIMU Corporate staff embodies that

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