TORONTO, Sept. 14, 2018 (GLOBE NEWSWIRE) -- ZoomerMedia Limited (TSXV:ZUM) ("ZML") is pleased to announce that it intends to commence a normal course issuer bid (the "Bid") to purchase up to 4.0 million of its common shares (the "Shares"), representing approximately 1.5% of the total number of issued and outstanding Shares. As at September 14, 2018, there were 263,418,297 Shares of ZML outstanding. Purchases will be made for cancellation through the facilities of the TSX Venture Exchange (the "TSXV") at the prevailing market price of the Shares. The Bid will be conducted by RBC Capital Markets on behalf of ZML.
ZML has received approval from the TSXV to commence the Bid on September 17, 2018. The Bid will end on the earlier of (i) September 16, 2019, (ii) when the number of common shares sought under the Bid have been obtained, and (iii) when notice is given by ZML to the TSXV terminating the Bid if ZML determines that it is appropriate to do so.
ZML believes that its Shares have been trading in a price range that does not adequately reflect the value of the Shares in relation to ZML's assets and future prospects. As a result, ZML believes that, at appropriate times, purchases through the Bid can enhance shareholder value and represent an attractive investment and an appropriate use of ZML's financial resources.
To the knowledge of ZML, no director or senior officer, no person acting jointly or in concert with ZML and no person holding 10% or more of any Shares of ZML currently intends to sell Shares during the course of the Bid. However, sales by such persons through the facilities of the TSXV may occur if the personal circumstances of any such person change or any such person makes a decision unrelated to the Bid. The benefits to any such person whose Shares are purchased would be the same as the benefits available to all other holders whose Shares are purchased under the Bid.
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 the securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful.
About ZoomerMedia Limited
ZoomerMedia is a multimedia company that serves the 45plus “Zoomer” demographic through television, radio, magazine, internet and trade shows. ZoomerMedia’s television properties include; Vision TV, Canada’s only multi-faith specialty television service; ONE: Get Fit, offering programs on exercise, meditation, yoga, natural health and living a planet-friendly lifestyle; JoyTV in Vancouver, Victoria, Surrey and the Fraser Valley, and HOPETV, a lifestyle television service out of Winnipeg devoted to broadcasting Christian programming and is available in approximately 6 million Canadian homes. ZoomerMedia’s radio properties include CFMZ-FM Toronto – The New Classical 96.3FM, CFMX-FM Cobourg – The New Classical 103.1FM, CFMO-FM – Collingwood – The New Classical 102.9FM, Canada’s only commercial classical music radio stations serving the Greater Toronto Area (GTA), eastern Ontario and Collingwood, CFZM-AM 740 Toronto and CFZM-FM 96.7FM Toronto – Zoomer Radio, Toronto’s “Timeless Hits” Station. ZoomerMedia also publishes ZOOMER Magazine, the largest paid circulation magazine in Canada for the mature market, as well as On The Bay Magazine, a regional lifestyle magazine published quarterly for the 20 towns and villages of Southern Georgian Bay, Ontario. ZoomerMedia is Canada’s leading provider of online content targeting the 45plus age group through many properties, the key one being www.EverythingZoomer.com. ZoomerMedia also has trade show and conference divisions that produce the ZoomerShows, annual consumer shows directed to the Zoomer demographic and ideaCity, an annual Canadian conference also known as 'Canada's Premiere Meeting of the Minds'.
|For further information please contact:|
|David Vickers||Leanne Wright|
|Chief Financial Officer||Vice President Communications|
|ZoomerMedia Limited||ZoomerMedia Limited|
|+1 416-607-7704||+1 416-886-6873|