TORONTO, May 8, 2013 /PRNewswire/ - Mood Media Corporation (ISIN: CA61534J1057) (TSX:MM / LSE AIM:MM), a global leader in creating in-store consumer experiences, today announced it has entered into a definitive agreement to sell a substantial majority of the retail point-of-purchase assets (the "Transaction") of its subsidiaries, Mood Media Entertainment Ltd. and Mood Entertainment Inc. (collectively, Mood Entertainment"), to Somerset Group, Ltd.
Mood Entertainment is a producer and distributor of specialty music and DVDs sold to leading retailers and distributors through interactive displays throughout the United States and Canada.
Somerset Group, Ltd. is a subsidiary of Allegro Corporation, dba Allegro Media Group, Allegro Corporation is one of the premier independent media companies in North America with a leading catalog of music and video titles across a broad range of genres.
The Transaction is subject to customary closing conditions, including the receipt of regulatory approvals. The Transaction is expected to close in the second quarter of 2013. The Transaction does not include certain residual activities of Mood Entertainment, which will be exited following the closing of the Transaction.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 570,000 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. 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 without limitation, completion of the Transaction. The Transaction may not be completed or may not be completed on the same terms as previously announced. While Mood Media considers these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect.
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