TORONTO, Jan. 21 /CNW/ - OutdoorPartner Media Corporation (TSX-V: OPX - News) ("OutdoorPartner" or the "Company"), a leading alternative out-of-home media provider, held its special meeting of shareholders today in Toronto (the "Meeting").
At the Meeting, OutdoorPartner shareholders approved the sale of substantially all of the assets of OutdoorPartner's US subsidiary, Intelligent Media Corporation, to a newly formed subsidiary of Brite Media Group for cash consideration of US$2 million, subject to a working capital adjustment and an adjustment based on revenue between closing and April 30, 2010 (the "Transaction"). After accounting for purchase price adjustments, the satisfaction of transaction related expenses and the satisfaction of unassumed liabilities, OutdoorPartner estimates net proceeds will be between US$600,000 to US$1,000,000. OutdoorPartner expects closing of the Transaction to occur at the end of January or in the first week of February.
OutdoorPartner is a market leader in the high-growth alternative out-of-home advertising industry. The Company provides its advertising clients with an opportunity to post messages on its diversified network of advertising displays - including standard phone kiosks, large format phone kiosks and lifeguard towers - covering all of the top 50 Designated Market Areas ("DMAs") in the United States. In addition to static display advertising, OutdoorPartner provides advertisers with the opportunity to push rich digital content from its phone kiosks to consumers' Bluetooth enabled mobile phones with a service called PrimeCasting. Combined with its powerful, proprietary database and mapping software, the Company's extensive network offers advertisers micro-targeted ad placement in close proximity to pedestrian traffic and the point of purchase. More information may be found online by visiting www.outdoorpartner.com.
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