CLARKE ANNOUNCES SALE OF COUNTDOWN

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[{"type":"text","content":"\n\n\n Jun. 14, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nHALIFAX, June 14, 2011 /CNW/ - Clarke Inc. ("Clarke" or the "Company") (TSX: CKI CKI.DB CKI.DB.A) announced today that Countdown Media L.P.\n ("Countdown") sold its assets and operations to a strategic buyer.\n Countdown is a leading music licensing and distribution entity that\n owns and licenses one of the largest catalogues of any independent\n music label.  Countdown was established as part of the restructuring of\n Madacy Entertainment LP ("Madacy"), in which Clarke acquired a 50%\n interest as part of a privatization that occurred in March 2009.  The\n sale represents the divestiture by Clarke of its remaining interest in\n the Madacy business and will result in Clarke's exit from the\n Entertainment segment.\n\n\nClarke received approximately $5 million on closing, net of the\n repayment of certain indebtedness, and will be entitled to receive up\n to $1.75 million in cash if applicable earn out thresholds for the\n business are satisfied in 2011 and 2012. Clarke had an investment in\n Countdown with a nominal carrying value, and consequently the\n transaction will result in a gain to Clarke of approximately $8 million\n in the second quarter of 2011.  To the extent that earn out payments\n are received in the future, further gains will be realized by Clarke.\n\n\nRob Normandeau, President and CEO of Clarke, commented: "The sale of\n Countdown repre...

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