Bassett Media Group Corp.

February 09, 2010 09:47 ET

Bassett Media Group Updates Proposed Acquisitions

TORONTO, ONTARIO--(Marketwire - Feb. 9, 2010) - Bassett Media Group Corp. (TSX VENTURE:BMG) ("Bassett Media") today announced that it is no longer pursuing the acquisition of certain assets from Sidetrack Technologies Inc. ("Sidetrack"). Bassett Media had announced the signing of a letter of intent with Sidetrack, a company that owns and operates full-motion display systems for use as an advertising medium in subway and rail system tunnels, in August 2009. 

Bassett Media also wishes to announce that it is no longer pursuing the acquisition of Haizou Media Corporation ("Haizou"). Bassett Media Group had announced the signing of a letter of intent with respect to the proposed acquisition of all of the outstanding shares of Haizou, a company that owns and operates advertising display screens in China, in October 2009.

Bassett Media President and CEO Matthew Bassett said that after a period of further due diligence, it was determined that the proposed acquisitions were not a strategic fit for the company.

Bassett Media continues to explore opportunities for accretive acquisitions in the media space, Mr. Bassett said.

Bassett Media also announced today the resignation of Chief Operating Officer Joseph Arcuri, effective immediately. Mr. Arcuri is pursuing other opportunities, and the company wishes him well in his future endeavours. The company is restructuring its executive management and will make further announcements in due course, Mr. Bassett said.

About Bassett Media Group

Bassett Media is a Toronto-based media company created for the purpose of holding and developing various media-focused businesses. Its two primary business units in the media space are Impulse Media and Concourse Media.

Concourse Media was founded in 2002 and is one of the largest network providers of digital advertising in Canada. Focused in Toronto's underground PATH system, Canada's most densely populated urban economic centre, Concourse's network of 70 high-impact digital display screens reaches over 350,000 viewers on a daily basis.

Impulse Media, also based in Toronto, was founded in 2005 and operates Canada's largest in-store national retailer digital advertising network. Impulse focuses on point of purchase sales with strategically-positioned digital screens in PharmaPlus and Rexall pharmacies throughout the country.

This news release may contain "forward-looking statements" within the meaning of applicable securities laws. Readers are cautioned to not place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on a variety of factors, including external economic factors that may be beyond the direct control of Bassett Media. The statements in this press release are made as of the date of this release. Bassett Media undertakes no obligation to update forward looking information, other than as required by law.

Neither TSX-Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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