MIAMI BEACH, FL / ACCESSWIRE / January 16, 2024 / LQR House Inc. (the "Company" or "LQR House") (NASDAQ:LQR), a niche ecommerce platform specializing in the spirits and beverage industry, is pleased to announce a substantial increase of its ongoing share buyback program to $5 million.
In a meeting held via Google Meets on Friday, January 12, 2024 at 2:30 pm EST, LQR House Board of Directors (the "Board") reviewed the proposed $1.00 special dividend. With a cash position of $7.5 million, the Board engaged in a comprehensive discussion on optimizing fund utilization to ensure sustained growth-oriented operations. Directors underscored the potential risks associated with early special dividend issuance, emphasizing the importance of strategic fund allocation and signaling a commitment to preserving shareholder value.
Following a thorough analysis of current market conditions, the Board decided to augment the Company's share buyback program from the initial $2 million to $5 million. The consensus among the Directors was that reinforcing the buyback initiative would be more favorably received and add greater value to the Company's current standing. This decision reflects the Board's commitment to adapting strategies in response to market dynamics.
LQR House CEO, Sean Dollinger, commented on the decision, stating, "We believe that LQR House has consistently followed through on its commitments, which is why we are postponing the decision on distribution of dividend for the time being. We believe that increase of the buyback program instead allows us to immediately support the current share price, providing an instant value for our shareholders. We have been actively monitoring message boards and emails from investors, and our approach remains one of transparent communication and actions that benefit both the Company and our shareholders."
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. 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 other factors discussed in the "Risk Factors" section of the registration statements on Form S-1 filed with the SEC and other filings 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 statements 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.
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SOURCE: LQR House Inc.
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