TORONTO, March 31, 2020 /CNW/ - Media Central Corporation Inc. (CSE: FLYY, FSE: 3AT) ("MediaCentral" or the "Company") is pleased to announce the engagement of Lightheart Management Partners Inc. ("LMP") of Vancouver, BC to support the Company's corporate development strategy, as it takes next steps to consolidate the 100 million strong consumers of alternative urban publications across North America.
Under the engagement, LMP will focus on the identification and qualification and financial modelling of alternative urban weeklies throughout North America for acquisition by MediaCentral. LMP brings a wealth of experience in identifying and funding value added businesses for acquisition through their finance and advisory channels, and as a private family wealth manager. In February of this year, as previously announced (press release titled: Media Central Corp Inc. Completes Purchase of Vancouver's Iconic Georgia Straight), LMP advised MediaCentral on its acquisition of the Vancouver Free Press, publisher of the venerable 53 year-old The Georgia Straight which follows MediaCentral's November 2019 purchase of Toronto's storied NOW Magazine and its September 2019 launch of Canncentral.com, it's all things cannabis publication.
"We look forward to working with Lightheart as we continue to build on our strategy to consolidate the 100 million strong readers of urban publications, digitize them, and monetize them." said MediaCentral CEO Brian Kalish. "We have accomplished a lot in just a few short months and with the addition of more quality titles in the urban alternative publishing market, we will continue to convert and expand our digital reach, taking advantage of the $300 billion digital ad market."
Over the coming months, the potential that the MediaCentral business model represents for its readers, advertisers and shareholders will be reinforced further as it moves towards the next phase of its: capture, convert and monetization strategy.
"We are pleased to be working with MediaCentral. The company and its management team have clearly demonstrated an ability to identify, assess and acquire valuable media properties," said Wei Lin, Founding Partner at Lightheart. "It is our view that there is significant opportunity to consolidate and monetize an important and influential segment of the media market in North America and we look forward to being part of the MediaCentral strategy."
About Media Central Corporation Inc.
Media Central Corporation Inc. (CSE: FLYY, FSE: 3AT) is an alternative media company situated to acquire and develop high-quality publishing assets starting with the recent acquisition of Vancouver Free Press Corp., the purchase of NOW Communications Inc. and the launch of digital cannabis platform CannCentral.com. MediaCentral is consolidating and digitally monetizing the over 100 million coveted and premium consumers of the approximately 100 alternative urban publications across North America, creating the most powerful audience of influencers.
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About Lightheart Management Partners Inc.
Lightheart Management Partners is a private, values-driven investment firm founded by three family offices with a shared passion for active and ethical investment in small and mid-sized companies. We drive value for our investors and clients through diligent value investing, governance, business advisory, and M&A activity. We have built our investment and financial advisory philosophies around earning an attractive risk-adjusted return with a bias towards capital preservation and alignment between operators, investors and ourselves.
About Vancouver Free Press Corp.,
Vancouver Free Press Corp., owns and operates Georgia Straight and straight.com. Established in 1967 as the news, lifestyle, and entertainment weekly in Vancouver, the Georgia Straight has been an integral part of the active urban West Coast lifestyle for over 50 years. Reaching over 56 million annual readers, every Thursday in print, and every day at straight.com, Georgia Straight delivers an award-winning editorial package of features, articles, and reviews. Regular coverage includes news, tech, arts, music, fashion, travel, health, cannabis, and food, plus Vancouver's most comprehensive listings of entertainment activities and special events. Vancouver Free Press Corp. is a wholly owned subsidiary of Media Central Corporation Inc. (CSE: FLYY, FSE: 3AT).
About NOW Central Communications Inc.
NOW Central owns and operates NOW Magazine and nowtoronto.com. Since 1981 NOW has been Toronto's news and entertainment voice, published in print every Thursday, and daily at nowtoronto.com. Reaching over 25 million annual readers, NOW has been a leading publication, defining and pioneering the independent and alternative voice for more than 38 years. NOW Central Communications Inc. is a wholly owned subsidiary of Media Central Corporation Inc. (CSE: FLYY, FSE: 3AT).
About Canncentral Inc.
With unique daily content appealing to both new and experienced cannabis consumers, Canncentral is poised to become the leading digital publisher for all things cannabis. Presenting authentic news and lifestyle content through a verified lens, Canncentral is emerging as an industry leading authority on knowledge, product and insight for cannabis enthusiasts, patients and investors around the world. Canncentral Inc. is a wholly owned subsidiary of Media Central Corporation Inc. (CSE: FLYY, FSE: 3AT).
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release may include, but are not limited to, statements with respect to internal expectations, expectations with respect to estimated margins, cost structures, and cost structures in the media industry. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the media industry generally, income tax and regulatory matters; the ability of MediaCentral to implement its business strategies; competition; currency and interest rate fluctuations and other risks.
Readers are cautioned that the foregoing list is not exhaustive and should carefully review the various risks and uncertainties identified in the Company's filings on SEDAR. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
SOURCE Media Central Corporation Inc.