ZoomerMedia Limited Implements Post-Acquisition Restructuring
11 Agosto 2010 - 4:44PM
Marketwired
ZoomerMedia Limited (TSX VENTURE: ZUM) ("ZoomerMedia") announced
today that it has implemented a post-acquisition restructuring plan
in connection with its recent acquisition of its interests in
Vision TV, ONE: the Body, Mind & Spirit Channel, Joytv 10 in
Vancouver and Joytv 11 in Winnipeg. The restructuring included an
11% reduction in the workforce of ZoomerMedia - approximately 25
positions in Toronto and Vancouver.
The restructuring is anticipated to provide annual cost savings
of approximately $1.5 million.
About ZoomerMedia Limited
ZoomerMedia is a media 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: the
Body, Mind & Spirit Channel, offering programs on exercise,
meditation, yoga, natural health and living a planet-friendly
lifestyle; Joytv 10 in Vancouver and Joytv 11 in Winnipeg, two over
the air conventional stations, available over the air and on cable
in their respective markets. ZoomerMedia's radio properties include
CFMZ-FM Toronto - The New Classical 96.3FM, CFMX-FM Cobourg - The
New Classical 103.1FM, Canada's only commercial classical music
radio stations serving the Greater Toronto Area (GTA) and eastern
Ontario, and CFZM-AM 740 Toronto - The New AM740 Zoomer Radio, the
last music service left on the AM dial in the GTA. ZoomerMedia also
publishes Zoomer Magazine, the largest paid circulation magazine in
Canada for the mature market. ZoomerMedia is Canada's leading
provider of online content targeting the 45plus age group through
many property's, the key one being www.50plus.com. ZoomerMedia also
has a trade show division that conducts annual consumer shows
directed to the 45plus age group and owns ideaCity, an annual
Canadian conference also known as 'Canada's Premiere Meeting of the
Minds'.
Cautionary note on forward looking statements
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein. Certain statements made in this report are 'forward-looking
statements' which may include, without limitation, any statement
that may predict, forecast, indicate or imply future results,
performance or achievements, and may contain the words 'believe',
'anticipate', 'expect', 'estimate', 'project', 'will be', 'will
continue', 'will likely result' or similar words or phrases.
Forward-looking statements involve risks and uncertainties, which
may cause actual results to differ materially from the
forward-looking statements. The risks and uncertainties are
detailed from time to time in filings by ZoomerMedia Limited with
provincial securities commissions. New risk factors emerge from
time to time and it is not possible for management to predict all
such risk factors, nor can it assess the impact of all such risk
factors on the Company's business or the extent to which any
factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements. Such risks, uncertainties and other factors include,
but are not limited to, the following:
-- the risks inherent in magazine publishing generally;
-- the risks inherent in the operation of Internet media properties
generally;
-- the risks inherent in the operation of television broadcast properties
-- the risks inherent in the operation of radio broadcast properties
-- the competition within the media industry for the baby boom generation's
business;
-- the risks associated with governmental regulation of the publishing,
internet, radio broadcasting and television broadcasting businesses;
-- the results of legal claims made by or against the Company;
-- the risk of managing the current revenue growth rate;
-- the dependence of the business on the continuing operation of its
computer systems; and
-- the dependence on key personnel.
Given these risks, and uncertainties, investors should not place
undue reliance on forward-looking statements as a prediction of
actual results. ZoomerMedia Limited does not intend and does not
assume any obligation to update these forward-looking
statements.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: ZoomerMedia Limited Gord Poland Executive Vice
President and Chief Operating Officer 416-607-7732
g.poland@zoomermedia.ca
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