Sunday, May 13, 2012
Mood Shifts Resources To Seize Historic Visual Opportunity
TORONTO, May 13 /CNW/ - During March 2012, the Board of Directors along with Management of Mood Media Corporation decided, in order to devote its resources to the higher-growth opportunity represented by its in-store media business and in particular the visual sector, to dispose of its Mood Media Entertainment ("MME") division.
In 2011, MME generated Revenue of $55.7M and EBITDA of $11.2M. Management believes that a sale of MME is probable, and as a result of the decision to dispose of MME, it is therefore classified as a discontinued operation for accounting purposes and its results are excluded from the Revenue and Adjusted EBITDA for the three months ended March 31, 2012 which were announced May 11, 2012.