Mediabistro Inc. MBIS today announced that it has entered into a
definitive agreement to sell its editorial and e-commerce assets to PGM-MB
Holdings, LLC, a wholly-owned subsidiary of Prometheus Global Media, for an
aggregate purchase price of $8 million in cash. The assets being sold
consist of a number of blogs and websites and include the Mediabistro job
board and education unit. Mediabistro expects the closing of the asset sale,
which is subject to stockholder approval and other customary closing
conditions, to occur in the third quarter of 2014. In connection with the
sale, Mediabistro plans to change its name to Mecklermedia Corporation,
subject to obtaining the requisite stockholder approval to do so.
Mediabistro intends to file with the SEC and distribute to its stockholders
a proxy statement in connection with its solicitation of stockholder
approval at its annual stockholders meeting. Stockholders are urged to read
the proxy statement when it becomes available. The proxy statement, which
will contain additional details regarding the proposed transaction, will be
made available free of charge on the SEC's website and from Mediabistro.
"The new Mecklermedia will be able to significantly reduce debt, add working
capital and concentrate on being an international trade show company
concentrating in the fields of Bitcoin, cryptocurrency and 3D Printing,
which currently encompasses over 22 trade shows in 11 countries" stated Alan
M. Meckler, Chairman and CEO of Mediabistro.
About Mediabistro Inc.
Mediabistro Inc. is a leading Internet media company that provides services
for social media, traditional media, and creative professionals. Mediabistro
is a leading producer of 3D printing and Bitcoin trade shows. Service
offerings include an online job board, news and analysis, trade shows and
events, online and in-person courses, and research products.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: Statements in this press release that are not historical facts are
"forward-looking statements" under the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
involve risks and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements. The
potential risks and uncertainties address a variety of subjects including,
for example: the ability to consummate the proposed asset sale; the ability
to obtain the requisite stockholder approvals in a timely manner or
otherwise; the diversion of management time away from operations to complete
the transaction; expenses and costs association with the transaction that
could affect results of operations; actions taken by the company that may
not be undone if the acquisition is not consummated; recent turmoil and
trading platform closures in the Bitcoin market; the competitive environment
in which Mediabistro competes; Mediabistro's ability to generate revenues
from its remaining business after the completion of the sale to Prometheus
Media Group, the unpredictability of Mediabistro's future revenues,
expenses, cash flows and stock prices; Mediabistro's ability to qualify for
listing on the OTCQX and comply with additional laws and regulations
applicable to companies whose securities are not listed on a national
securities exchange; the market liquidity for the company's common stock and
the ability to sell the company's common stock in the secondary market. For
a more detailed discussion of such risks and uncertainties, refer to
Mediabistro's reports filed with the Securities and Exchange Commission
pursuant to the Securities Exchange Act of 1934. The forward-looking
statements included herein are made as of the date of this press release,
and Mediabistro assumes no obligation to update the forward-looking
statements after the date hereof, except as required by law.
All current Mediabistro press releases can be found online at
http://www.mediabistro.com/corporate/press.html
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