NTN Buzztime, Inc. Provides Business Update and Strategic Input for Investors On the Use of Proceeds from its Rights Offering
CARLSBAD, Calif., Jan. 17, 2012 /PRNewswire/ -- NTN Buzztime, Inc. (NYSE Amex: NTN), filed a registration statement with the Securities and Exchange Commission on December 20, 2011 for a rights offering to its stockholders that was declared effective on January 11, 2012 (the "Rights Offering"). Pursuant to the Rights Offering, each NTN stockholder as of January 10, 2012 (the "Record Date") is being given the right to purchase 0.26261 shares of common stock for each NTN share of common stock owned of record on the Record Date, at a subscription price of $0.25 per share, and each stockholder who exercises such right in full (other than Matador Capital Partners, L.P., who is backstopping the Rights Offering, and its affiliates), may elect to subscribe to purchase a portion of the shares not purchased by other stockholders at the same subscription price per share, subject to certain limitations. A prospectus, describing the terms and conditions of the Rights Offering, including the backstop commitment of Matador Capital, will be mailed to the Company's stockholders as of the Record Date. All shares that will be issued in the Rights Offering have been registered under the Securities Act of 1933 and will be listed on the NYSE Amex. The subscription rights will expire if they are not exercised by 5:00 p.m., Eastern Standard Time, on February 8, 2012, unless the Company extends the Rights Offering as set forth in the prospectus.
Michael Bush, NTN's CEO and President, said, "We are looking forward to having as many of our existing stockholders as possible exercise their subscription rights and we look forward to investing the proceeds of the offering to create subscriber growth and ultimately stockholder wealth. Our use of the proceeds is more fully described in the prospectus which should be read by our stockholders before they decide to exercise their subscription rights."
Stockholders who are evaluating their subscription rights and their investment in NTN are invited to listen to a call in which Mr. Bush will discuss NTN's business, the Rights Offering and NTN's planned use of the proceeds. The call will be held on January 24, 2012 at 4:30 p.m. Eastern Standard Time. To listen to the call from the United States or Canada dial (877) 790-8271 or if calling internationally dial (954) 320-7648. Please use passcode 41483312.
A replay of the call will be available until January 31, 2012, which can be accessed by dialing (855) 859-2056, if calling from the United States or Canada, or (404) 537-3406, if calling internationally. Please use passcode 41483312 to access the replay.
The call will also be accompanied live by webcast over the Internet and accessible at the Company's Web site at http://www.buzztime.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The Rights Offering will be made only by means of a prospectus, which will be mailed to the Company's stockholders as of the Record Date.
NTN Buzztime, Inc. (NYSE Amex: NTN) is a leading bar and restaurant social entertainment and integrated marketing platform. Trusted by 3,900 bars and restaurants in North America since 1985, Buzztime integrates trivia, card and sports games with in- and out-of-venue messaging and communication tools. With over 2,100,000 registered consumers and nearly 50,000,000 games played each year, Buzztime players spread the word and invite friends and family to their favorite Buzztime location to enjoy an evening of fun and competition. With Buzztime entertainment and marketing solutions, bars and restaurants attract new customers, turn casual visitors into regulars, and give guests a reason to stay longer. For the most up-to-date information on NTN Buzztime, please visit www.buzztime.com or follow us on Facebook or Twitter. To get Buzztime for your bar or restaurant, visit www.getbuzztime.com.
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