Business
HSB Capital Partners Calls Upon Board of Legacy Education Alliance, Inc. and Rich Dad Operating Company to Explore a Mutually Beneficial Business Combination
HSB Capital Partners Calls Upon Board of Legacy Education Alliance, Inc. and Rich Dad Operating Company to Explore a Mutually Beneficial Business Combination.
About this update from Legacy Education Alliance, Inc.
[{"type":"text","content":"\n\n\n\nHSB Capital Partners Calls Upon Board of Legacy Education Alliance, Inc. and Rich Dad Operating Company to Explore a Mutually Beneficial Business Combination\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nHSB Capital Partners Calls Upon Board of Legacy Education Alliance, Inc. and Rich Dad Operating Company to Explore a Mutually Beneficial Business Combination\nPR Newswire\nSANTA ANA, Calif., Nov. 20, 2019\n\n\n\nSANTA ANA, Calif., Nov. 20, 2019 /PRNewswire/ -- HSB Capital Partners, L.P. (together with its affiliates, \"HSB\"), a significant stockholder of Legacy Education Alliance, Inc. (OTC: LEAI) (the \"Company\" or \"LEAI\"), beneficially owning approximately 3% of LEAI's outstanding common stock, today called upon both the Board of Directors of LEAI (the \"Board\") and Rich Dad Operating Company, LLC (\"Rich Dad\"), to explore a possible business combination, including the option of giving Rich Dad a controlling 51% share position in the Company, in order for LEAI to continue to be able to market its suite of products and services under the Rich Dad® Education brand worldwide.\nHSB invested in LEAI due to its belief that the Company showed immense potential and promise with opportunities to increase stockholder value. HSB found the material being taught through the Company's various course offerings and the knowledge of its instructors to be immensely valuable and credits LEAI management for creating products that provide real value to its students. The Board and management should be lauded for their efforts in becoming one of the world's most well-respected and trusted leaders in educational services.\nDespite HSB's confidence in LEAI's Board and management, HSB was deeply disappointed to learn that the Company's license agreement with Rich Dad would not be renewed beyond September 30, 2019.  LEAI's business relied primarily on its license of the Rich Dad® Education brand and related marks.  The Rich Dad® Education real estate and financial market course offerings accounted for 74% and 72% of the Company's total revenues in 20...