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TORONTO, Aug. 17 /CNW/ - Mood Media Corporation (formerly Fluid Music Canada, Inc.) (TSX:MM) ("Mood Media") announced today that it has come to an agreement with holders of more than 50% of the outstanding principal amount of its 10% convertible unsecured subordinated debentures to due November 26, 2012 (the "Convertible Debentures") to amend the terms of such Convertible Debentures to provide that the previously announced increase in the conversion rate of the Convertible Debentures if the Convertible Debentures are not redeemed within 75 days following the closing of the acquisition of Mood Media Group SA by the Corporation, will now occur if the Convertible Debentures are not redeemed within 120 days following the closing of the acquisition of Mood Media Group SA (the "Amendment"). If the Convertible Debentures are not redeemed during this 120 day time period, the conversion rate of the Convertible Debentures would increase to 679 common shares per C$1,100 of principal amount of Convertible Debentures and up to an additional 9,508,886 common shares of Mood Media may be issuable upon the conversion of the Convertible Debentures. Mood Media expects documentation for the Amendment to be completed today and will be made available on SEDAR forthwith, and in any event, in accordance with applicable securities laws.
About Mood Media Corporation
Mood Media is a leading provider of in-store media solutions to both businesses and individual consumers. The company uses a mix of music, visual and scent media to help brands communicate with consumers and drive incremental sales at the point-of-purchase.
Trusonic, Mood Media's wholly owned subsidiary, is a leader in Internet-delivered background music and messaging to the retail and hospitality sectors in North America.
Mood Media's retail point of purchase division, Somerset Entertainment Ltd. is the leading North American producer and distributor of specialty music sold through non-traditional retailers using interactive displays. It has an active network of over 24,600 interactive displays installed in 18,800 locations in North America. Somerset's customers include leading retailers such as Wal-Mart, Target, Costco, Bed Bath & Beyond and Shoppers Drug Mart.
The company's sensory division primarily based in Europe and Australasia provides in-store audio, visual and fragrance marketing solutions to a wide range of businesses including specialist retailers, department stores, supermarkets, financial institutions and fitness clubs as well as hotels and restaurants.
Today, Mood Media supports over 650 international brands in more than 155,000 commercial sites across 37 countries including North America, Europe, Australia and Asia. Mood Media's services have a direct impact on consumer purchasing decisions at the point of purchase which makes in-store media a highly effective marketing tool. In-store media services enhance branding in real-time, drive impulse purchases and increase footfall by improving the shopping experience for customers. For further information about Mood Media, please visit www.moodmedia.com
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements. The statements that are concerning Mood Media amending its Convertible Debentures and completing documentation to effect the Amendment are forward-looking statements. The words "believe", "expect", "anticipate", "estimate", "intend", "may", "will", "would" and similar expressions and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to important assumptions, including the following specific assumptions: the ability of Mood Media to execute the necessary documentation to effect the Amendment prior to August 18, 2010; the ability of the trustee to effect the Amendment; and satisfying any regulatory approvals. The completion of the Amendment may not be completed or may not be completed on the same terms as previously announced. While Mood considers these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect.
Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: failure to execute documents related to the Amendment, including the receipt of written noteholder approval. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.
All of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Mood Media.
Forward-looking statements are given only as at the date hereof and Mood Media disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.
SOURCE Mood Media Corporation
For further information: For further information: Lorne Abony, Chairman, President and Chief Executive Officer, Mood Media Corporation, 416 510 2800