AUSTIN, Texas--(BUSINESS WIRE)--Mood Media Corporation (“Mood Media,” “Mood” or “the Company”) (TSX: MM) today announced an agreement to sell BIS to digital transformation design company, Econocom, for $20.2 million in cash less escrow and fees. BIS, a European leader in Audio/Visual, Video and ICT integration, specializes in AV and ICT solutions, conference systems, digital signage and room management. The transaction serves to further advance Mood Media’s transformation by continuing to streamline its portfolio and operations. Completion of the transaction is expected to occur at or around the beginning of June and is subject to regulatory approval and other customary conditions.
“This transaction marks another important milestone for Mood, as we pursue ongoing opportunities to simplify our portfolio, optimize our operating infrastructure, and focus Company resources on businesses and solutions that best enhance value for Mood clients and stakeholders. We remain aggressively focused on furthering Mood Media’s position as the clear global leader in elevating Customer Experiences,” said Steve Richards, President and Chief Executive Officer of Mood Media. “Many synergies exist between BIS and Econocom, and we believe this transaction will deliver strong new benefits to BIS and its clients alike.”
“We are happy to welcome BIS Group within Econocom and expect significant synergies between their know-how on the dynamic multimedia solutions segment in Benelux and our strong existing operations in the region,” said Bruno Grossi, Executive Director of Econocom Group. “Being able to propose end-to-end digital solutions, including financing, brings in our view tremendous value to our clients and is reflecting the philosophy behind our next strategic plan, ‘E for Excellence.’”
About Mood Media Corporation
Mood Media (TSX:MM) is the global leader in elevating Customer Experiences. With more than 500,000 active client locations around the globe, Mood combines sight, sound, scent, social mobile technology and systems to create greater emotional connections between brands and consumers. Mood’s clients include businesses of all sizes and market sectors, from the world’s most recognized retailers and hotels to quick-service restaurants, local banks and thousands of small businesses. For more details: www.moodmedia.com.
Econocom designs, finances and oversees companies’ digital transformation. With over 10,000 employees in 19 countries and revenue in excess of €2.5 billion, Econocom has all the requisite abilities to ensure the successful implementation of large-scale digital projects: consulting, sourcing and technology management & financing of digital assets, infrastructure, application and business solution services, and project financing. Econocom adopted European company status (Societas Europaea). The Econocom Group share has been listed on Euronext Brussels since 1986. It is part of the BEL Mid and the Tech 40 and Family Business indices. For further information: www.econocom.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking information within the meaning of applicable Canadian securities laws which is based on the expectations, estimates and projections of management of the parties as of the date of this news release unless otherwise stated. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information. More particularly and without limitation, this press release contains forward-looking information concerning: the anticipated receipt of regulatory approvals for the transaction; the ability of the parties to satisfy the other conditions to, and to complete, the transaction; and the anticipated timing for the closing of the transaction. In respect of the forward-looking information, the Company has provided such in reliance on certain assumptions that it believes are reasonable at this time, including assumptions as to the ability of the parties to satisfy, in a timely manner, the conditions to the closing of the transaction; and other expectations and assumptions concerning the transaction. The anticipated dates provided may change for a number of reasons, including unforeseen delays in the time assumed or the need for additional time to satisfy the conditions to the completion of the transaction, including the receipt of regulatory approval. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Risks and uncertainties inherent in the nature of the transaction include the failure of the Company to satisfy the conditions to the completion of the transaction, including regulatory approval, in a timely manner or at all. Failure to so obtain regulatory approval, or the failure of the parties to otherwise satisfy the conditions to or compete the transaction, may result in the transaction not being completed on the proposed terms, or at all. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on other factors that could affect the operations or financial results of Mood Media are included in reports on file with applicable Canadian securities regulatory authorities. The forward-looking information contained in this press release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.