MIAMI BEACH, FL / ACCESSWIRE / January 11, 2024 / LQR House Inc. (the "Company" or "LQR House") (NASDAQ:LQR), a niche ecommerce platform specializing in the spirits and beverage industry, provides an update on its ongoing share buyback program, affirming its commitment to maximizing shareholder value. Over the last 10 days, LQR House has strategically repurchased 127,085 shares at an average price of $4.2230, adhering to Rule 10b-18 guidelines. This follows the Company's announcement of repurchasing 576,713 shares at an average share price of $2.4484 in 2023. Even after these transactions, LQR House maintains a strong financial position with over $7.5 million in cash reserves.
Sean Dollinger, CEO of LQR House, emphasizes the Company's unwavering belief in the substantial undervaluation of its shares. He states, "As mentioned multiple times, the management team still feels that the Company's shares are extremely undervalued and is doing everything in its capacity to protect shareholders while demonstrating how resilient it truly is. Not only is the Company continuing to buy back shares, but it is also in the process of transferring these shares to certificate form, trying to keep them out of reach of short sellers. We believe that with so much of the float locked up with a handful of majority shareholders and the continued buyback, there is very little available stock causing all of this downward pressure."
Our belief is that these strategic initiatives underscore LQR House's commitment to fortifying shareholder confidence and reinforcing the Company's financial position. The continued share buybacks and proactive measures are integral elements of LQR House's broader strategy to unlock and showcase the true value of its stock and company as a whole.
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 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.