Company Continues Conducting Educational Workshops in Texas
iMergent, Inc. a leading provider of eCommerce software and services for small businesses and entrepreneurs, announced it has entered into a final settlement with the state of Texas.
Under terms of the settlement, iMergent has agreed to pay a total of $400,000 to refund certain Texas customers and reimburse $60,000 in legal fees to the Texas attorney general's office.
Specifically, Texas will create a $400,000 refund pool funded entirely by iMergent. If the refund pool is not exhausted by the claims of certain Texas customers and the $60,000 in legal fees, the remainder of the refund pool will go into an educational fund for the state of Texas. The settlement will not adversely impact the ranges of estimated, preliminary unaudited financial results. iMergent will not be paying any other fees, costs or penalties under the final settlement.
"During the past eight months, the Texas attorney general's office has diligently investigated and reviewed the company's business records and workshop presentations, clarifying iMergent's business practices and our StoresOnline(TM) software platform with the people of Texas," said Jeffery Korn, vice president of legal affairs and general counsel of iMergent. "We have now closed all outstanding issues with the state of Texas. iMergent will continue conducting business in Texas, a historically significant workshop location for our company, using the business model and presentation that has been successful for the company for many years."
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business product or idea via the Internet. Headquartered in Orem, Utah, the company sells its proprietary StoresOnline software and training services, helping users build a successful Internet strategy to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In connection with Internet software, iMergent also offers Web site development, Web hosting, marketing and mentoring products and services. iMergent typically reaches its target audience through concentrated direct marketing efforts 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 experts train potential users on the software and services and encourage them to make purchases.
iMergent, Inc. and StoresOnline are trademarks of iMergent, Inc.
Safe Harbor Statement
Statements made in this press release that are not historical in nature constitute forward-looking statements within the meaning of the Safe Harbor Provision 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 factors 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 continued ability to maintain operations; the ability to continue to provide domestic and international workshops; that the un-audited financial information provided remains accurate or consistent after completion of the company's audit; the company's ability to attract and retain key management and other personnel; the results of Class Action suits filed, as well as the potentiality of amended complaints or new proceedings being filed; employees complying with company policies, the Texas settlement and laws; Texas continuing to comprise significant workshop locations for our company; the ability to continue using the business model and presentation that has been successful for the company for many years; the ability to completely and timely file a restatement of prior period financial statements; volatility in our stock price pending resolution or resulting from the matters discussed above. For a more detailed discussion of factors that affect iMergent's operating results, please refer to management discussions in its SEC reports (with the exclusion of financial results) including its most recent Form 10-K and Form 10-Q. The company undertakes no obligation to update this forward-looking information.
Contacts
iMergent, Inc.
Rob Lewis, 801-431-4695
investor_relations@imergentinc.com
or
Lippert/Heilshorn & Assoc.
David Barnard, 415-433-3777 (Investor Relations)
David@lhai-sf.com
Kirsten Chapman, 415-433-3777 (Investor Relations)
or
Politis Communications
David Politis, 801-523-3730 (Media)
dpolitis@politis.com