TSX VENTURE: MED.P
TORONTO, June 30 /CNW/ - Media Ventures Corp. (TSX-V : MED.P) ("MVC" or
the "Company"), a capital pool company, is pleased to announce that the TSX
Venture Exchange (the "Exchange") has conditionally approved MVC's proposed
Qualifying Transaction with Bassett Media Group Inc. ("Bassett Media"), as
further described in MVC's Filing Statement dated June 30, 2009, which may be
accessed at www.sedar.com.
Conditions to final Exchange approval include closing of a minimum
concurrent private placement of $660,000 and other customary conditions. In
accordance with Exchange policies, the Company's shares are currently halted
from trading, which is expected to resume upon completion of the Qualifying
Transaction. It is anticipated that, at such time, the Company will be listed
as a Tier 2 issuer.
The Qualifying Transaction is expected to close on or about July 14,
About Bassett Media
Bassett Media is a Toronto-based media company created for the purpose of
holding and developing various media-focused businesses. Its two primary
business units in the media space are Impulse Media and Concourse Media.
Concourse Media was founded in 2002 and is one of the largest network
providers of digital advertising in Canada. Focused in Toronto's underground
PATH system, Canada's most densely populated urban economic centre, Concourse
Media's existing network of 70 high-impact digital display screens reaches
over 350,000 viewers on a daily basis.
Impulse Media, also based in Toronto, was founded in 2005 and operates
Canada's largest in-store national retailer digital advertising network.
Impulse focuses on point of purchase sales with strategically-positioned
digital screens in PharmaPlus and Rexall pharmacies throughout the country.
Caution Concerning Forward-Looking Statements
Some statements in this press release contain forward-looking information
within the meaning of applicable Canadian securities legislation. These
statements include, but are not limited to, statements with respect to the
entering into of agreements, the closing of transactions and the expenditure
of funds. These statements address future events and conditions and, as such,
involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Corporation to be
materially different from any future results, performance or achievements
expressed or implied by the statements. Such factors include, among others,
the timing of transactions, the ability to fulfill certain conditions, the
ability to raise funds, general business, economic, competitive and political
uncertainties and the timing and amount of expenditures. Neither the
Corporation, nor Bassett Media undertakes to update any forward-looking
information, except in accordance with applicable securities laws.
Completion of the Qualifying Transaction is subject to a number of
conditions including, but not limited to, the satisfaction of the minimum
listing requirements of the Exchange and Exchange final approval of the
Qualifying Transaction. There can be no assurance that the Qualifying
Transaction will be completed as proposed, or at all.
Investors are cautioned that, except as disclosed in the Filing Statement
of the Company to be prepared in connection with the Qualifying Transaction,
any information released or received with respect to the Qualifying
Transaction may not be accurate or complete and should not be relied upon.
Trading in the securities of a capital pool company should be considered
The TSX Venture Exchange Inc. has in no way passed upon the merits of the
Qualifying Transaction and has neither approved nor disapproved the
contents of this press release.
For further information:
For further information: Julio Di Girolamo, President and Chief
Executive Officer, Media Ventures Corp., Phone No.: (416) 862-7009; Matthew
Bassett, President and Chief Executive Officer, Bassett Media Group Inc.,
Phone No.: (416) 214-5997