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Magic Lantern Group Streamlines Operations With Sale Of Media Dubbing Subsidiary
NEW YORK, Dec. 11 /PRNewswire-FirstCall/ -- Magic Lantern Group, Inc. , a
leading North American distributor of educational content and e-learning
delivery with operations in Canada and the U.S., announced today that it has
completed the sale of its media dubbing subsidiary, Image Media, Inc., to BKR
Media, Inc.
Magic Lantern Group's President and CEO Robert Goddard stated, "Our
restructuring plan is well underway. The sale of our media dubbing subsidiary is
part of our restructuring plan to de-emphasize non-strategic business units and
focus on our core business of educational video distribution and digital
streaming technology."
Goddard continued, "As a result of this sale, we have streamlined our operations
by strengthening our balance sheet, reducing our expenses and creating greater
operating efficiencies, better preparing us to increase our market penetration
across key areas of growth. These areas include capturing additional market
share in the U.S. and abroad for our e-learning products, TutorBuddy(TM) and
Magic Lantern InSite(TM), in addition to digitizing content for some of the
world's leading educational producers. We plan to support our restructuring
plan through the recruitment of top-talent to the management team over the next
several months. By taking these measures, we look forward to continue to
strengthen our expertise and position in the global video distribution
marketplace."
Additional details of the sale can be found in the Company's Form 8-K available
at http://www.freeedgar.com/.
About Magic Lantern Group, Inc.
Magic Lantern Group, Inc. is a leading North American learning video distributor
with licensing operations in North American and world markets. Through its video
streaming technology business and its specialized "video indexing" subsidiary,
Sonoptic Technologies Inc., the Company currently serves more than 9,500 schools
and libraries throughout Canada, in addition to U.S. and international markets.
In addition to distributing more than 40,000 school curriculum-relevant video
titles from over 300 world-renowned producers including Disney, Schlessinger
Media, Annenberg/CPB & Dorling Kindersley, Magic Lantern is penetrating the
institutional market with Magic Lantern InSite(TM). Magic Lantern InSite
provides teachers and students on-demand, interactive access to an expanding
video collection of over 1,300 program titles and nearly 14,000 video objects.
The Company is concurrently reaching the consumer market with TutorBuddy(TM),
its proprietary e-learning system that provides children with online access to
learning video programs used in schools across North America. For more
information on the Company, visit http://www.magiclantern.ca/.
For more information: For investor relations, contact Gary Geraci, National
Financial Network, 781-444-6100 ext. 629, email: . Also visit
http://www.nfnonline.com/gml. At the Company, contact Bob Goddard, Magic Lantern
Group, Inc., 905-827-2755 ext. 454, . Also visit http://magiclantern.ca/.
This Press Release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. The company has
tried, whenever possible, to identify these forward-looking statements using
words such as "anticipates," "believes," "estimates," "expects," "plans,"
"intends," "potential" and similar expressions. These statements reflect the
company's current beliefs and are based upon currently available information.
Accordingly, such forward-looking statements involve known and unknown risks,
uncertainties and other factors which could cause the company's actual results,
performance or achievements to differ materially from those expressed in or
implied by such statements. The company undertakes no obligation to update or
advise in the event of any change, addition or alteration to the information
catered in this press release including such forward-looking statements.
DATASOURCE: Magic Lantern Group, Inc.
CONTACT: Investor relations, Gary Geraci of National Financial Network,
+1-781-444-6100 ext. 629, ; or Bob Goddard of Magic Lantern
Group, Inc., +1-905-827-2755 ext. 454,
Web site: http://www.magiclantern.ca/