LQR House Announces Transfer of Repurchased Shares to Its Account Held by Its Transfer Agent Following the Commencement of the Buyback Program
MIAMI BEACH, FL, Jan 5, 2024 – (ACN Newswire) – LQR House Inc. (the “Company” or “LQR House”) (NASDAQ:LQR), a niche ecommerce platform specializing in the spirits and beverage industry, announces the repurchase of 576,713 of its shares and subsequent transfer of those shares from its brokerage account to its account with its transfer agent, representing 15% of its total outstanding shares.
In a strategic move guided by advice from close advisors, LQR House acknowledges that shares held by its transfer agent would not be available to cover short sales of the LQR’s common stock. Employing this approach, the company anticipates that the repurchased shares will remain beyond the reach of short sellers, establishing a more robust defense against bearish speculation on the stock.
Sean Dollinger, CEO of LQR House, shared insights on this initiative, stating, “Given what I perceive as a persistent challenge from short sellers, I am adopting a proactive stance. I urge shareholders with substantial positions to move their shares from their brokerage accounts to an account with Vstock Transfer, our transfer agent. We’d be happy to offer assistance and can facilitate the email coordination with VSTOCK to aid making this transfer. Feel free to initiate the process by sending an email to sean@lqrhouse.com. Stockholders should be aware that any such transfer would significantly increase the time in which it would take for Stockholders to sell their shares should they desire to do so.”
This proactive step not only may decrease the amount of short sales of LQR’s stock but also reinforces LQR House’s commitment to maintaining a strong and resilient market position. With a focus on transparency and shareholder protection, LQR House remains dedicated to fostering long-term value and stability in the volatile financial landscape.
About LQR House Inc.
LQR House intends to become a prominent force in the wine and spirits e-commerce sector, epitomized by its flagship alcohol marketplace, cwspirits.com. This platform seamlessly delivers a diverse range of emerging, premium, and luxury spirits, wines, and champagnes from esteemed retail partners like Country Wine & Spirits. Functioning as a technology-driven hub, LQR House utilizes software, data analytics, and artificial intelligence to elevate the consumer experience. CWSpirits.com stands out as the go-to destination for modern, convenience-oriented shoppers, providing a curated selection of alcohol products delivered to homes across the United States. Beyond its role as an e-commerce leader, LQR House is a marketing agency with a specialized focus on the alcohol industry. The company measures campaign success by directly correlating it with sales on CWSpirits.com, demonstrating a proven return on investment. Backed by an influential network of over 550 figures in the alcohol space, LQR House strategically drives traffic to CWSpirits.com, enhancing brand visibility. LQR House intends to disrupt the traditional landscape of the alcohol industry, driven by its dedication to providing an unparalleled online purchasing experience and delivering tailored marketing solutions.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Shareholders can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement on Form S-1 filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement on Form S-1 and other filings with the SEC. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov.
Investor and
Japan – DOCOMO to Transfer Ownership of 1,552 Telecommunication Towers to JTOWER to Promote Infrastructure Sharing
JTOWER Inc. (“JTOWER”) and NTT DOCOMO, INC. (“DOCOMO”) announced today that they have decided to conclude a new master transaction agreement aimed at facilitating the sharing of DOCOMO’s current telecommunication tower infrastructure. This agreement will enable the ownership of an additional 1,552 DOCOMO towers to be transferred to JTOWER for the sum of 17 billion yen, with DOCOMO subsequently leasing the towers from JTOWER.
In March 2022, JTOWER and DOCOMO entered into the master transaction agreement allowing the transfer of 6,002 of DOCOMO’s telecommunications towers to JTOWER. The addition of this new agreement will enable the two companies to strengthen their network building, it will also enable the towers to be used for a wider range of applications, facilitating the further sharing of infrastructure.
Aims of both companiesThe purchase of telecommunications towers and the enhancement of infrastructure-sharing by attracting new tenants is one of JTOWER’s key growth strategies. This transaction will greatly strengthen its business foundation as a tower sharing operator.
DOCOMO is actively working to build a viable 5G network by promoting infrastructure sharing and this transaction will enable further streamlining of its network operations.
Future initiativesThe transfer of 6,002 telecommunications towers stipulated in the master transaction agreement entered into in March 2022 is proceeding smoothly. By the end of June 2023, the transfer of approximately 2,400 towers had been completed and other mobile network operators are now being actively encouraged to make use of these.
Going forward, JTOWER and DOCOMO will continue transitioning the ownership of towers that meet the necessary criteria in order to accelerate infrastructure sharing.
Through these efforts, both companies aim to realize more efficient capital investments and lower operating expenses for tower tenants; they also plan to promote the early deployment of 5G networks. Both companies will also continue contributing to the achievement of a sustainable society, reducing the environmental impact of their infrastructure through its effective use.
About JTOWER
JTOWER was founded in 2012 as the first Infra-Sharing company in Japan. In addition to the indoor Infra-Sharing solutions that consolidate the mobile network in the buildings, JTOWER is also expanding the outdoor tower sharing solutions, such as tower sharing in suburbs and rural areas, and multi-functional poles centered on metropolitan areas. Under the corporate vision of “Infra-Sharing Services from Japan Lead the World,” JTOWER is developing a wide range of services for the future.
About NTT DOCOMO
NTT DOCOMO, Japan’s leading mobile operator with over 86 million subscriptions, is one of the world’s foremost contributors to 3G, 4G and 5G mobile network technologies. Beyond core communications services, DOCOMO is challenging new frontiers in collaboration with a growing number of entities (“+d” partners), creating exciting and convenient value-added services that change the way people live and work. Under a medium-term plan toward 2020 and beyond, DOCOMO is pioneering a leading-edge 5G network to facilitate innovative services that will amaze and inspire customers beyond their expectations.https://www.docomo.ne.jp/english/
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NEC Announces Transfer of Shares in a Consolidated Subsidiary
NEC Corporation (TSE: 6701) today announced the transfer of all shares in NEC Energy Solutions, Inc. (NEC Energy Solutions), a consolidated subsidiary, to LG Energy Solution, Ltd. (LG Energy Solution). The stock transfer is scheduled to take place following completion of required regulatory clearances.
In recent years, along with the spread of renewable energy, the energy storage system market is expanding. However, market competition is also intensifying. Under these circumstances, in June 2020, NEC decided to suspend taking new orders for NEC Energy Solutions, an energy-related subsidiary that mainly provides power storage systems for electric power companies and businesses, and to continue only the execution and maintenance of contracted projects. Since then, NEC has explored the possibility of selling NEC Energy Solutions, while proceeding with the discontinuation of operations for the subsidiary. As a result, NEC decided to transfer the shares to LG Energy Solution.
The impact of this share transfer on NEC’s consolidated financial results for the fiscal year ending March 31, 2022 will be minor.
About NEC Corporation
NEC Corporation has established itself as a leader in the integration of IT and network technologies while promoting the brand statement of “Orchestrating a brighter world.” NEC enables businesses and communities to adapt to rapid changes taking place in both society and the market as it provides for the social values of safety, security, fairness and efficiency to promote a more sustainable world where everyone has the chance to reach their full potential. For more information, visit NEC at https://www.nec.com.
Topic: Press release summary
Japan – Showa Denko Announces Company Split and Transfer of Energy Storage Devices and Systems Business through Share Transfer by a Consolidated Subsidiary
Showa Denko K.K. (hereinafter referred to as the “Company”) hereby announces that Showa Denko Materials Co., Ltd. (hereinafter referred to as “SDMC”), the Company’s consolidated subsidiary, has determined by its board of directors today that (i) SDMC shall have a newly established, wholly owned subsidiary of it named Energy Storage Devices Spin-Off Preparation Co., Ltd. (hereinafter referred to as “NewCo”; its company name shall be hereafter changed upon discussion) succeed the energy storage devices and systems business in which SDMC is engaged at its Saitama Works and Nabari Works (hereinafter referred to as the “Business”) through an absorption-type company split (hereinafter referred to as the “Company Split”), thereafter, (ii) SDMC shall transfer all shares of NewCo and the directly or indirectly owned shares of Energy System Service Japan Co., Ltd., CSB Energy Technology Co., Ltd., Siam Magi Co., Ltd., Thai Energy Storage Technology Public Company Limited, Thai Nonferrous Metal Co., Ltd., 3K Products Company Limited, and Power Plas Company Limited to Sustainable Battery Solutions, Inc. (hereinafter referred to as “SBS”), operated by Sustainable Battery Holdings, Inc. whose largest shareholders are the funds (hereinafter collectively referred to as the “AP Funds”) served by Advantage Partners Inc. (hereinafter referred to as “AP”) (such transfer hereinafter referred to as the “Share Transfer” and, collectively with the Company Split, the “Transaction”).
The Transaction will be concluded on the condition that SBS obtains the clearances and licenses necessary under the domestic and international competition laws and other laws and regulations.
Because the Company Split spins off a wholly owned subsidiary of SDMC (the Company’s consolidated subsidiary), some disclosure items and details have been omitted from this press release.
1. Purpose of the Transaction
The Business of the Company Group (collectively meaning the Company, its subsidiaries, and affiliates; the same shall apply hereinafter) originates in the manufacture and sale of storage batteries initiated in 1916 by Nippon Storage Battery MFG. Co., Ltd., the predecessor of Shin-Kobe Electric Machinery Co., Ltd. In 1972, following SDMC’s acquisition of a majority of the shares of Shin-Kobe Electric Machinery Co., Ltd., the Company Group made a full-scale entry into the Business. Since this entry, the Company Group has continued in research and development for the Business, focusing on trends in the battery market. As a result, we have gained a particular advantage in product performance driven by our unique technology and established a track record of delivering high-quality batteries for vehicles and industrial use based on such technology to excellent clients, including major automobile companies and major telecommunications carriers both in Japan and abroad. Further, backed up by such advanced technological capabilities and the product appeal of high-quality batteries, we have recently expanded our business overseas such as Thailand and Taiwan and have gradually developed a global system for the Business.
On the other hand, as announced in the “Long-Term Vision for Newly Integrated Company (2021-2030)” published by the Company on December 10, 2020, the Company Group aims to realize a Group-wide breakthrough by integrating the midstream materials technology of the Company, the downstream application technology of SDMC, and the evaluation and analysis technology of both companies to provide customers with one-stop solutions and new functions as a globally top-level, functional chemical manufacturer and to contribute a sustainable society. In addition, with an aim to realize this vision, the Company Group has developed a highly complementary business portfolio consisting of “Core Growth,” “Next-Generation,” “Stable Earnings,” and “Fundamental Technologies/Materials” businesses. With each of these four business categories demonstrating a high level of competitiveness commensurate with their respective roles, we will continue to provide new functions to the market and realize sustainable growth. In particular, we are ready to aggressively invest in the “Core Growth” and “Next-Generation” businesses, focusing on electronics, mobility, and life science that can lead to the future growth of the Company Group.
In examining the optimal allocation of resource and business portfolio management to realize sustainable growth based on this long-term vision, the Company Group carefully considered all available options for operation of the Business of SDMC, our consolidated subsidiary. As a result, we reached the conclusion that the best option for stakeholders, including clients of the Business, daily end-users of the Company Group’s Business products, and employees engaged in the Business, is to promote the expansion of the Business through business partners that possess or have access to specialized knowledge and management resources for renewable energy and automobile industry etc. that are relevant to the Business. We decided that the best business partner for this endeavor would be SBS, one of the leading investment companies in Japan, with experience in a considerable number of projects similar to the Transaction, and with a variety of expertise. We therefore determined to promote the Business with SBS.
The Company is confident that the realization of the Transaction will enable the NewCo etc. which shall operate the Business subject to the Transaction to (i) gain the support of SBS and its shareholders for the Business operations and utilize their abundant management resources in an aggressive and strategic manner, (ii) execute its flexible and bold business strategies as an independent company, and (iii) thereby achieve further growth and enhanced competitiveness.
2. Outline of the Company Split
*Please see www.sdk.co.jp/assets/files/english/news/2021/20210708_sdknewsrelease1_e.pdf
3. Outline of the Share Transfer
*Please see www.sdk.co.jp/assets/files/english/news/2021/20210708_sdknewsrelease1_e.pdf
4. Future Prospects
Regarding the impact of the Transaction on the consolidated operations results, please refer to the “Showa Denko to Record Extraordinary Loss, and Revises Forecast of Consolidated Performance” disclosed today simultaneously.
Note: Overview of Advantage Partners
Advantage Partners is an independent Japanese service provider committed to developing Japan’s private equity investment market since its earliest stage, when it first started providing services for Japan’s first buyout focused fund in 1997. The Advantage Partners group provides services to buyout funds focusing on medium-sized Japanese companies, a buyout fund focusing on medium-sized companies throughout Asia, and a private solutions fund supporting the growth of listed companies through minority investments. Advantage Partners affiliated funds possess a rich track record of successful turnaround projects built on investments in over 100 companies through the past 24 years, accumulated investment knowledge and management support expertise, and a large team of high-caliber investment professionals. They engage in investment activities based on the philosophy of “nurturing our portfolio companies into firms that remain resolutely competitive, even after they have left our funds,” and “supporting a management process that provides value not only to our funds and the investors that backed them, but that also allows other shareholders, employees, business partners and financial institutions to enjoy economic value even after we have completed our investment.” For more information, please visit their website (https://www.advantagepartners.com/en/).
Note: Overview of Tokyo Century Corporation
Tokyo Century has developed a business model based on the concept of “Finance x Services x Business Expertise” in collaboration with partner companies within and outside Japan and based on a largely unrestricted management environment free from regulatory constraints. Tokyo Century is developing their business in four (4) areas: “Equipment Leasing” with a broad base of customers; “Mobility & Fleet Management,” which covers automobile leasing for individuals/corporations and car rental businesses; “Specialty Financing” for accelerating businesses, such as aviation, real estate, and renewable energy; 11 and “International Business” with locations in over thirty countries and regions, thereby enabling unique financial services that contribute to solving social issues in wide-ranging business areas. Further, they have invested in Advantage Partners (H.K.) Limited, the managing company of the Advantage Partners group, based on a strategic alliance entered into in 2019, and are cooperatively promoting the principal investment business as a partner. For more information, please visit their website (https://www.tokyocentury.co.jp/en/).
About Showa Denko K.K.
Showa Denko K.K. (SDK; TSE:4004, ADR:SHWDY) is a major manufacturer of chemical products serving from heavy industry to computers and electronics. The Petrochemicals Sector provides cracker products such as ethylene and propylene, the Chemicals Sector provides industrial, high-performance and high-purity gases and chemicals for semicon and other industries, the Inorganics Sector provides ceramic products, such as alumina, abrasives, refractory/graphite electrodes and fine carbon products. The Aluminum Sector provides aluminum materials and high-value-added fabricated aluminum, the Electronics Sector provides HD media, compound semiconductors such as ultra high bright LEDs, and rare earth magnetic alloys, and the Advanced Battery Materials Department (ABM) provides lithium-ion battery components. For more information, please visit www.sdk.co.jp/english/.
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