TORONTO, Sept. 4, 2013 /PRNewswire/ - Mood Media Corporation (ISIN: CA61534J1057) (TSX: MM) (LSE AIM: MM) ("Mood Media" or the "Company") today provided a further update on its previously announced strategic review process.
As previously announced in April 2013, the Board of Directors and senior management is engaged in a strategic process of identifying and considering a range of operational, financial and strategic alternatives to enhance shareholder value. At the request of IIROC, on August 14, 2013, the Company announced that it had received non-binding expressions of interest from third parties with whom it was in discussions with respect to a potential sale of the Company. The Company today announced that it is no longer pursuing discussions regarding a potential sale of the Company with such third parties or others as part of its strategic process. The Board of Directors and management remain intent on completing their strategic review during Q3 2013.
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.
Mood Media does not currently intend to discuss or disclose further 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 more than half a million 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 August 8, 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