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Oct. 19, 2012 /PRNewswire/ - Mood Media Corporation (ISIN: CA61534J1057) (TSX: MM) (LSE AIM: MM) ("Mood Media" or the "Company"), announced today that its subsidiary, Muzak, LLC ("Muzak"), has acquired the assets of one of its largest franchisees, for
US$27.9 million in cash, 80% of which was payable on closing with the remaining 20% payable on the 12 month anniversary of closing, subject to certain post-closing purchase price adjustments.
The acquired franchisee offers a range of in-store audio, visual and scent solutions and operates in the U.S. mid-Atlantic region.
For the 12-month period ended
June 30, 2012, the acquired franchisee had revenue and adjusted EBITDA of approximately
US$19.5 million and
US$4.2 million, respectively.
About Mood Media Corporation
Mood Media Corporation (TSX:MM/ LSE AIM:MM) 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.
Mood Media Corporation works with over 560,000 commercial locations in over 40 countries throughout
Mood Media Corporation's products and services reach 100 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.
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 of Mood Media and the acquired franchisee. 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.