Mood Media Announces Acquisition of Technomedia Solutions
Mood Media Corporation (ISIN: CA61534J1057) (TSX:MM / LSE AIM:MM) ("Mood Media" or the "Company"), announced today that it has acquired the assets of Technomedia Solutions and sister company, GoConvergence, for approximately US$23 million in cash plus contingent consideration payable in 2014, which is based on the profitable growth of the operations.
Technomedia Solutions and GoConvergence are premier providers of the world's most advanced media and technology innovations for multiple industries, including retail, hospitality, theme parks, performing arts, museums, special venue, education and others. Formed in 2001, Technomedia brings a total turn-key model to create compelling consumer destinations for a diverse range of customers, which include Abercrombie & Fitch, Hard Rock Café International, Cirque du Soleil, Wanda Group as well as leading entertainment and education clients globally. In 2012, Technomedia is expected to generate annual revenues of US$43 million and EBITDA of US$5.7 million.
Technomedia's leadership in the entertainment, education and consumer experience categories worldwide will not only be a core focus of our collective growth and development plan, they are a great fit with our assets and strategy of transforming the point-of-sale environment using cutting-edge media and technology solutions," stated Lorne Abony, Chairman and CEO of Mood Media. "We see substantial opportunity to leverage the strengths of our combined businesses to build a truly first class consumer-experience powerhouse."
"The transaction will be immediately accretive to Mood Media's shareholders while accelerating the growth profile and competitive positioning of the combined businesses. We are excited about the opportunity ahead and look forward to utilizing our combined strengths to build on what Technomedia has established in concert with Mood's initiatives to help our customers achieve their goals."
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 560,000 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.
For further information about Mood Media, please visit www.moodmedia.com.
About Technomedia Solutions
Based in Orlando, Florida, and with offices located throughout the United States and London, Technomedia Solutions LLC led by industry veteran John Miceli, is a premier provider of advanced audio-visual and interactive media development, technology design, and integration services to a variety of industries including: retail, theme park, museum, restaurant, corporate, military, theatrical, special venue, corporate and educational markets. The Company is committed to delivering world-class experiences to its clients and their guests through the creative design and integration of technology and media.
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 the following specific assumptions: general industry and economic conditions; and changes in regulatory requirements affecting the businesses referred to. While Mood Media considers these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Historical performance may not be indicative of future performance.
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 the Company's financial and regulatory disclosures.
Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. 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.