AIM and TSX: DHX
HALIFAX, July 21 /CNW/ - DHX Media Ltd (AIM & TSX ticker: "DHX") ("the
Company"), a leading independent international producer and distributor of
television programming and interactive content is pleased to announce the
closing of its acquisition of imX Communications Inc. and its library of
20 feature films and 26 half-hours of television drama, documentary and
imX Communications, which is led by Chris Zimmer, is a 23 year old film
production company known for producing such titles as "Love and Death on Long
Island" with John Hurt and Jason Priestley and "Margaret's Museum" with Helena
Bonham-Carter. imX Communications president Chris Zimmer will join DHX Media
under a consulting and non-competition agreement and continue to lead imX
Communications in developing and producing feature film projects with a strong
focus on family and children's films.
The total consideration paid at closing for the acquisition of imX
Communications is $755,000, consisting of $655,000 in cash and 67,552 common
shares of the Company. An application has been made to admit 67,552 new common
shares to trading on AIM effective 25 July 2008. Subsequent to the issue of
these common shares, the Company will have a total of 42,783,337 common shares
As previously announced on 11 July 2008, J. William Ritchie, a director
of the Company is a shareholder in imX Communications and under terms of the
transaction will receive a sum of up to $75,000 in aggregate to be satisfied
a) upon closing, by the issue of 33,776 common shares of the Company at a
price of $1.4803 each, and b) subject to certain performance criteria being
achieved by the imX Communications business, a further 16,888 common shares in
the Company at a price of $1.4803 each. J. William Ritchie upon closing now
holds in aggregate 547,330 common shares in the Company.
About DHX Media Ltd.
DHX Media Ltd. is a leading international producer and distributor of
television programming and interactive content with an emphasis on children,
family and youth markets. DHX Media Ltd. shares trade on AIM and are listed on
the TSX, the Toronto Stock Exchange. DHX Media's production companies, Decode
Entertainment, Halifax Film and Studio B Productions, are the producers or
co-producers of 14 original television series and theatrical releases
currently commissioned for production and maintain a growing library of over
2,200 half-hours of mostly children and youth-oriented television productions.
About imX Communications Inc.
imX Communications Inc., is one of Canada's leading producers and
co-producers of international quality feature films. In continuous business
and production since 1985, imX Communications Inc., brings an extensive
background and expertise to the DHX Media Ltd group of production companies.
Certain statements herein may constitute forward-looking statements,
including those identified by the expressions "may", "will", "should",
"could", "anticipate", "believe", "plan", "estimate", "potential", "expect",
"intend" and similar expressions to the extent they relate to the Company or
its Management. These statements reflect the Company's current expectations
and are based on information currently available to Management. These
forward-looking statements are subject to a number of risks, uncertainties,
assumptions and other factors that could cause actual results or events to
differ materially from current expectations, including the matters discussed
under "Risk Factors" contained in the Company's prospectus dated May 12, 2006.
These forward-looking statements are made as of the date hereof, and the
Company assumes no obligation to update or revise them to reflect new events
For further information:
For further information: David A. Regan, EVP, Corporate Development &
IR, DHX Media Ltd., (902) 423-0260; AIM Nominated Advisor: Grant Thornton UK
LLP, Gerry Beaney; Troy MacDonald, +44 (0) 20 7383 5100