Mood Media Board announces exploration of wide range of strategic alternatives to enhance shareholder value
TORONTO, April 4, 2013 /PRNewswire/ - Mood Media Corporation (ISIN: CA61534J1057) (TSX: MM) (LSE AIM: MM) ("Mood Media" or the "Company") announced today that its Board of Directors and senior management have initiated a process to identify and consider a range of operational, financial and strategic alternatives to enhance shareholder value. These alternatives could include, among other things, enhancing the Company's existing strategic plan, a strategic combination with a third party or a potential sale of the Company.
The Board has formed a strategic review committee comprised of independent directors Harvey Solursh (committee Chairman), Justin Beckett and Richard Weil to oversee the review process. At the direction of the Board, Mood Media has engaged Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC as its financial advisors in connection with the review process. While the Board has previously received unsolicited expressions of interest in relation to various potential strategic transactions from time to time, it is not currently in discussions with any particular party.
While undertaking this process, the Board and senior management team remain highly focused on executing the Company's long-term operational plan, including among other initiatives the integration and realization of the strategic and financial benefits of the acquisitions completed over the past two years.
The Company stated that there can be no assurance that the Board's exploration of strategic alternatives will result in any transaction being pursued, entered into or consummated. Mood Media does not intend to discuss or disclose developments with respect to this process until the Board has approved a definitive course of action.
About Mood Media Corporation
Mood Media Corporation (TSX:MM/ LSE AIM:MM), is one of the world's largest designers of in-store consumer experiences, including audio, visual, interactive, scent, voice and advertising solutions. Mood Media's solutions reach over 150 million consumers each day through 560,000 subscriber locations in over 40 countries throughout North America, Europe, Asia and Australia.
Mood Media Corporation's client base includes more than 850 U.S. and international brands in diverse market sectors that include: retail, from fashion to financial services; hospitality, from hotels to health spas; and food retail, including restaurants, bars, quick-serve and fast casual dining. Our marketing platforms include 77% of the top 100 retailers in the United States and 100% of the top 50 quick-serve and fast-casual restaurant companies.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains 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 without limitation, expected growth, results of operations, performance, and business prospects and opportunities. While Mood Media 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: the impact of general market, industry, credit and economic conditions, currency fluctuations as well as the risk factors identified in Mood Media's management discussion and analysis dated March 28, 2013 and Mood Media's annual information form dated March 28, 2013, both of which are available on www.sedar.com. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. In particular, and without limiting the generality of the foregoing, there can be no assurance that the board of directors will determine to pursue any particular operational, financial or strategic alternative, or should they determine to pursue such an alternative, whether same will result in any particular transaction being entered into or consummated, or the terms or results thereof. 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