CTM Media Holdings Concludes Sale of its WMET Radio Station
06 May 2010 - 12:29AM
Business Wire
CTM Media Holdings, Inc. (OTC Pink Markets: CTMMA, CTMMB), today
announced that it had consummated the previously announced sale of
the assets of its WMET radio station to Huffines Media. The buyer
paid $1.3 million in cash and issued a promissory note for an
additional $2.7 million in payment of the $4 million purchase
price.
“We sold WMET because it was not being operated profitably as
part of CTM, and we are determined to run our businesses so as to
maximize long term value for our shareholders while generating
positive operating performance,” said Marc Knoller, CEO. “We will
seek to deploy the cash generated in keeping with those goals in
our remaining core businesses or in complementary
opportunities.”
About CTM Media
Holdings:
CTM Media Holdings, Inc., a Delaware corporation, is a holding
company consisting of the following principal businesses:
- CTM Media Group, our brochure
distribution company and other advertising-based product
initiatives focused on small to medium sized businesses; and
- Our majority interest in Idea
and Design Works, LLC, a comic book and graphic novel publisher
that creates and licenses intellectual property.
Forward-Looking Statements
This press release contains statements that constitute
forward-looking statements. These forward-looking statements may
use such forward-looking terminology as "expect," "look,"
"believe," "plan," "anticipate," "may," "will," “intend” or similar
statements or variations of such terms or otherwise express views
concerning trends and the future. Such forward-looking statements
involve certain risks and uncertainties, including risks cited in
reports filed by CTM Media Holdings, Inc. with the Securities and
Exchange Commission. Actual results may differ materially from such
forward-looking statements. CTM Media Holdings, Inc. assumes no
obligation for updating any such forward-looking statement at any
time.