JACKSONVILLE, Fla. September 26, 2019 – Acosta, Inc. (“Acosta” or the “Company”) today provided an update on its ongoing discussions with its lenders to evaluate options for improving the Company’s financial position.
Acosta has been engaged in collaborative discussions with its lenders for the past several weeks with the common objective of strengthening the Company’s financial position to ensure Acosta can best serve its clients and customers. Consistent with this goal, Acosta and the necessary lenders have agreed that the Company should defer making certain upcoming debt service payments. These lenders have agreed to suspend the exercise of their rights in connection with the deferral of these payments while the parties continue their discussions. The Company has sufficient liquidity to operate its business in the ordinary course without disruption to clients, customers, partners and employees.
Darian Pickett, CEO of Acosta, said, “We are encouraged by the productive discussions with our lenders to improve our financial position and are confident that they share our long-term goals. We are working collaboratively to ensure that Acosta remains the most competitive sales and marketing agency in the industry. All of us at Acosta are grateful that our clients and customers put their trust in us, and we remain focused on helping them drive sales and successfully compete in the evolving consumer landscape of the future.”
In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Acosta cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: negotiations with third parties; regulatory and other approvals; adverse changes in the markets in which Acosta operates or credit or capital markets; and actions by lenders, other creditors, clients, customers and other business counterparties of Acosta. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of Acosta’s management as of the date hereof. Except to the extent required by applicable law, Acosta undertakes no obligation to update or revise any forward-looking statement.