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TORONTO, ONTARIO--(Marketwired - Mar 29, 2016) - ZoomerMedia Limited (TSX VENTURE:ZUM) (the "Company") today announced that it has completed the sale of its 2.6 acre property and buildings located at 30, 64 and 70 Jefferson Avenue, Toronto to Allied Properties REIT ("Allied") for gross proceeds of $31 million and has entered into an agreement to lease the property from Allied.
Concurrently the Company used a portion of the proceeds of the sale to retire its term loan and mortgage with the Royal Bank of Canada.
The Company will use the remaining proceeds to retire additional debt and for working capital purposes.
About ZoomerMedia Limited
ZoomerMedia Limited is a multimedia 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: Body Mind Spirit Love Channel, offering programs on exercise, meditation, yoga, natural health and living a planet-friendly lifestyle; JoyTV in Vancouver, Victoria, Surrey and the Frasier Valley, and the newly rebranded HOPETV (formerly JoyTV11), a lifestyle television service out of Winnipeg devoted to broadcasting Christian programming and is available in approximately 6 million Canadian homes. ZoomerMedia's radio properties include CFMZ-FM Toronto - The New Classical 96.3FM, CFMX-FM Cobourg - The New Classical 103.1FM, CFMO-FM - Collingwood - The New Classical 102.9FM, Canada's only commercial classical music radio stations serving the Greater Toronto Area (GTA), eastern Ontario and Collingwood, CFZM-AM 740 Toronto and CFZM-FM 96.7FM Toronto - Zoomer Radio, Toronto's "Timeless Hits" Station. 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 properties, the key one being www.EverythingZoomer.com. ZoomerMedia also has trade show and conference divisions that produce the ZoomerShows, annual consumer shows directed to the Zoomer demographic and ideaCity, an annual Canadian conference also known as 'Canada's Premiere Meeting of the Minds'.
Cautionary note on forward looking statements
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. 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:
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.
Vice President and Chief Financial Officer
Vice President Communications