Shareholders to receive $0.42 per Share
MONTREAL, Dec. 21 /CNW Telbec/ - Kangaroo Media Inc. ("Kangaroo") (TSXV: KTV) announces that at a special meeting of Kangaroo's shareholders held today in Montreal, its shareholders approved the previously announced proposed arrangement between Kangaroo and Game Day Entertainment, LLC ("Game Day").
In accordance with the terms of the arrangement agreement previously signed between the parties, the amount Kangaroo's shareholders will receive from Game Day has been increased by two cents, from $0.40 to $0.42 per share in cash for all of the issued and outstanding shares of Kangaroo. Kangaroo will now apply to the Quebec Superior Court on December 23, 2009 for a final order approving the arrangement. The closing of the transaction is expected to take place by the end of December 2009.
Pierre Boivin, Chairman of the Board of Kangaroo Media Inc. stated: "This transaction is a strategic fit for Kangaroo. We are very pleased that our shareholders approved the purchase by Game Day".
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 real-time 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: (i) the timing of Kangaroo's application for a final order from the Quebec Superior Court; (ii) the date of closing of the arrangement; and (iii) the date the common shares of Kangaroo will be delisted from the TSXV. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond Kangaroo's and Game Day's control including, without limitation, uncertainty related to the completion of the proposed transaction, global capital markets activity and general economic conditions in North America. 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