Jul. 20, 2011 (Canada NewsWire Group) --
/NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, JAPAN, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL./
LONDON, United Kingdom, July 20, 2011 /CNW/ - In compliance with Rule 17 of the AIM Rules for Companies, Mood Media (TSX:MM/ LSE AIM:MM) announces the following transaction, disclosed to the Company on 15 July 2011.
On 8 February 2011, Philippe von Stauffenberg, a director of the Company, pledged 2,880,598 of his ordinary shares in the Company to HIG Capital ("HIG") as security in respect of a loan for other corporate purposes from HIG to Mr. von Stauffenberg (the "Pledged Shares").
On 15 July 2011, Mr. von Stauffenberg, entered into an agreement ("Agreement") with HIG under which 1,000,000 of the Pledged Shares were transferred into HIG's ownership (the "Sale Shares") subject to the following restrictions.
Under the terms of the Agreement, HIG must seek to sell the Sale Shares according to the following price schedule, by 28 December 2011:
- 300,000 at not less than CAD3.50
- 300,000 at not less than CAD4.00
- 400,000 at not less than CAD4.50
If by 23 December 2011 the Sale Shares have not been sold in their entirety and if four weeks from 23 December 2011 there are outstanding amounts owed by Mr. von Stauffenberg to HIG, HIG may sell the Sale Shares at market price unless the loan is previously repaid through other means.
If by 23 December 2011 there are no remaining amounts owed by Mr. von Stauffenberg to HIG, any remaining Sale Shares will be transferred back into Mr. von Stauffenberg's ownership.
About Mood Media Corporation
Mood Media Corporation (TSX:MM/ LSE AIM:MM), named Canada's fastest growing company by PROFIT Magazine is a leading in-store media specialist that uses a mix of music, visual and scent media to help its clients communicate with consumers with a view to driving incremental sales at the point-of-purchase.
Operating through its two principal divisions, In-Store Media and Retail Point-of-Purchase; Mood Media Corporation works with over 470,000 commercial locations in over 40 countries throughout North America, Europe, Asia and Australia.
Through its subsidiaries Mood Media, Muzak, and Mood Entertainment, Mood Media Corporation's products and services reach 150 million people every day in a broad client base including 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.
For further information about Mood Media, please visit www.moodmedia.com
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements as to the
potential sale of certain shares of Mood Media. These forward-looking
statements are subject to important assumptions. 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 however cause such forward looking statements
to vary materially. 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 the
Risk Factors section of Mood Media's management discussion and analysis
dated June 13, 2011 and the risk factors identified in the annual
information form of Mood Media dated March 30, 2011, 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, and accordingly there can
be no assurance that the sales of shares of Mood Media describe
herein will occur or if they occur that they will occur on the basis
set out herein. 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.
Lorne Abony
Chairman and Chief Executive Officer
Mood Media Corporation
Tel: +1 416 510 2800
Dominic Morley
Panmure Gordon
Tel: +44 207 459 3600