MONTREAL, Dec. 23 /CNW Telbec/ - Kangaroo Media Inc. ("Kangaroo") (TSXV: KTV) announces that the Quebec Superior Court has granted a final order approving the previously-announced arrangement. Further to the granting of this final order, Kangaroo filed the articles of arrangement thereby completing the arrangement with Game Day Entertainment, LLC.
In accordance with the terms of the arrangement agreement previously signed between the parties, Kangaroo's shareholders will receive from Game Day $0.42 per share in cash for all of the issued and outstanding shares of Kangaroo. Payment will be made to Kangaroo shareholders in accordance with the procedure described in Kangaroo's information circular dated November 24, 2009.
It is expected that the common shares of Kangaroo will be delisted from the TSX Venture Exchange shortly.
About Kangaroo Media Inc.
Kangaroo Media Inc. is a market leader in enhancing the in-venue sports fan experience. The company develops and commercializes hand-held wireless audiovisual multi-functional entertainment systems that enable users to expand and tailor their onsite viewing experience of sporting events. Kangaroo Media's technology helps deliver realtime video, audio and data content to each fan's hand-held Kangaroo TV device. It gives fans the ability to create their own tailor-made live-action sports viewing on-site. Kangaroo Media, headquartered near Montreal, Canada, is listed on the TSX Venture Exchange ("TSXV") as KTV.V but will cease to be so listed once the arrangement is made effective or shortly thereafter. For more information, visit www.kangaroo.tv.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release contains statements that constitute "forward-looking information" or "forward-looking statements" (collectively "forward-looking information") within the meaning of applicable securities legislation. More particularly, and without limitation, this news release contains forward-looking information concerning the date the common shares of Kangaroo will be delisted from the TSXV. Readers are cautioned that the foregoing list of risk factors is not exhaustive. Additional information on these and other factors that could affect Kangaroo's results are included in reports on file with Canadian securities regulatory authorities. Kangaroo's actual results, performance or achievements may differ materially from those expressed in, or implied by this forward-looking information and, accordingly, no assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that Kangaroo will derive therefrom. Forward-looking information is based on the estimates and opinions of Kangaroo's management at the time the information is released and Kangaroo does not undertake any obligation to update publicly or to revise any of the forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
SOURCE KANGAROO MEDIA INC.
For further information: For further information: Kangaroo Media Inc.: Pierre Boivin, Chairman of the Board, (450) 595-2000; Game Day Entertainment LLC: Michael Weisman, Executive Producer, (212) 838-0513