TORONTO, Feb. 9 /CNW/ - OutdoorPartner Media Corporation (TSX-V: OPX - News) ("OutdoorPartner" or the "Company") today announced that it has completed the previously announced sale of substantially all of its assets, including all of its phone kiosk and other media-related assets (the "Phone Kiosk Assets") to a newly formed subsidiary of Brite Media Group LLC (the "Transaction").
OutdoorPartner estimates net proceeds from the Transaction will be between US$600,000 to US$1,000,000. Net proceeds from the Transaction will be subject to: (i) transaction costs; (ii) net working capital at the time of closing; and (iii) revenue generated by the Phone Kiosk Assets during the period from closing through April 30, 2010. Actual net proceeds from the Transaction could vary from estimated net proceeds if actual results for the above listed factors, among other things, are different from assumptions made by management. Accordingly, OutdoorPartner can give no assurances as to the net proceeds from the Transaction.
As a result of the divesture, the Company will cease active business operations, and its listing will be transferred from Tier 2 of the TSX Venture Exchange to the NEX Board of the TSX Venture Exchange.
This news release contains forward-looking statements regarding, among other things, OutdoorPartner's beliefs, plans, objectives, strategies, estimates, intentions and expectations. Such statements are based on a number of assumptions which may prove to be incorrect, involve certain risks and uncertainties that are difficult to predict and, accordingly, are not guarantees of future performance. The future results of the Company or developments may differ materially from those expressed in the forward-looking statements contained in this news release, due to, among other factors, OutdoorPartner's lack of operating profits, its dependence on key personnel, general economic conditions and other external events that may impact on customers' advertising spending, competition from other out-of-home advertisers and other media and government regulation seeking to limit or restrict OutdoorPartner's activities. More detailed information about these and other factors is included in OutdoorPartner's annual and interim financial statements and MD&A and other documents published or filed by, or on behalf of, OutdoorPartner from time to time with the Canadian securities regulatory authorities. Other than as required by law, OutdoorPartner undertakes no obligation to publicly update or revise any such forward-looking statements or information, whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE OUTDOORPARTNER MEDIA CORPORATION
For further information: For further information: Richard McGraw, Chief Executive Officer, OutdoorPartner Media Corporation, 78 Scollard Street, Toronto, Ontario, M5R 1G2, Canada, T: (416) 944-2700, F: (416) 352-5070