SOURCE: Cricket Media

Cricket Media

June 30, 2014 08:32 ET

Cricket Media to Proceed With Share Consolidation and Corporate Name Change

WASHINGTON, DC--(Marketwired - Jun 30, 2014) - Cricket Media (TSX VENTURE: CKT) ("Cricket Media" or the "Company") announces that at its annual and special meeting of shareholders held on June 24, 2014 (the "Meeting"), shareholders approved all of the matters set forth in the notice of meeting dated May 23, 2014, including the previously announced change of name of the Company from "ePals Corporation" to "Cricket Media Group Ltd." and the consolidation of its issued and outstanding common shares on the basis of one (1) post-consolidation share for up to twenty-five (25) pre-consolidation shares (the "Consolidation").

The Company further announces that its board of directors has determined to proceed with the Consolidation on the basis of one (1) post-Consolidation share for every twenty-five (25) pre-Consolidation shares. Upon completion of the Consolidation the Company will have approximately 4,838,685 voting common shares and approximately 10,798,328 restricted voting common shares outstanding, subject to adjustment for fractional shares and assuming no additional shares of the Company are issued prior to the Consolidation becoming effective. The Company intends to effect the change of name of the Company to "Cricket Media Group Ltd." concurrently with the Consolidation taking effect.

The Consolidation is subject to acceptance by the TSX Venture Exchange. For additional details regarding the Consolidation, please see the Company's management information circular dated May 23, 2014 prepared in connection with the Meeting which is available for review under ePals Corporation's SEDAR profile at www.sedar.com.

About Cricket Media
Cricket Media (TSX VENTURE: CKT) is an education media company that provides award-winning content on a safe and secure learning network for children, families and teachers across the world. Cricket Media's 14 popular media brands for toddlers to teens include Babybug, Ladybug, Cricket® and Cobblestone® with multiple language editions and apps in English, Spanish and Chinese. The Company's innovative web-based K12 tools for school and home include the ePals community and virtual classroom for global collaboration as well as In2Books®, a Common Core eMentoring program that builds reading, writing and critical thinking skills. Cricket Media serves approximately one million classrooms and millions of teachers, students and parents in over 200 countries and territories through its platform and NeuPals, its joint venture with China's leading IT services company Neusoft. Cricket Media also licenses its content and platform to top publishing and educational companies worldwide. For more information, please visit www.Cricketmag.com, www.ePals.com and www.In2Books.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements
This news release contains statements that may constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation including in respect of the proposed Consolidation and the change of name of the Company. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by the Company and described in the forward-looking statements contained in this press release. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits the Company will derive therefrom. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:

    Katya Andresen
    Chief Executive Officer
    Cricket Media
    Phone: (703) 885-3400
    kandresen@cricketmedia.com

    Cory Pala
    Investor Relations
    E.vestor Communication Inc.
    Phone: (416) 657-2400
    cpala@cricketmedia.com