NEW YORK, Nov. 17, 2014 /PRNewswire/ -- MecklerMedia Corporation (OTCQX: MECK) today announced that its chief executive officer, Alan M. Meckler, forgave his loan to the Company of approximately $5.7 million in principal and released all liens on the assets of the Company. As a result of this debt forgiveness, the Company will not be required to repay the approximately $5.7 million principal balance of the loan or any further interest payments on the loan. The Company expects to use net operating losses to offset the majority of any taxable gain on the debt forgiveness.
MecklerMedia (OTCQX: MECK) is the leading producer of global trade shows, conferences, and digital publications covering 3D printing, cryptocurrency, robotics, and social media. MecklerMedia produces more than 25 conferences annually, including Inside 3D Printing, Inside Bitcoins, 3D Print Design Show, and Allfacebook Marketing Conference. MecklerMedia's news sites include Inside Bitcoins News, 3D Printing Industry, and Allfacebook.de, which provide up-to-date coverage to help drive business forward.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release that are not historical facts are "forward-looking statements" under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The potential risks and uncertainties address a variety of subjects including, for example: recent turmoil and trading platform closures in the Bitcoin market; the competitive environment in which MecklerMedia competes; the unpredictability of MecklerMedia's future revenues, expenses, cash flows and stock prices; MecklerMedia's ability to successfully conduct its business after the sale of its Mediabistro assets to Prometheus Global Media; MecklerMedia's ability to maintain its listing on OTCQX and comply with additional laws and regulations applicable to companies the securities of which are not listed on a national securities exchange; the market liquidity for the company's common stock; the Company's ability to offset gains with net operating losses for tax purposes, the Company's ability to raise additional capital, if needed, and the ability to sell the company's common stock in the secondary market. For a more detailed discussion of such risks and uncertainties, refer to Mediabistro's reports filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934. The forward-looking statements included herein are made as of the date of this press release, and Mediabistro assumes no obligation to update the forward-looking statements after the date hereof, except as required by law.
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SOURCE MecklerMedia Corporation