CTM
Media Holdings, Inc. (OTC Pink Markets: CTMMA, CTMMB), today
announced that on December 16, 2009, it executed a Letter of Intent to
sell the assets of its WMET radio station for a sale price of $4 million
in a combination of cash and a promissory note of the buyer that will be
secured by the assets being sold. The sale is subject to regulatory and
other customary conditions, as well as due diligence and the negotiation
of definitive agreements. There is no assurance, however, that CTM Media
Holdings will enter into any definitive agreements or consummate a sale
of the WMET assets.
In connection with its execution of the Letter of Intent, CTM Media
Holdings has extended the expiration date for its tender offer to
purchase up to 432,019 shares of its Class A common stock, or any lesser
number of Class A shares that stockholders properly tender in the tender
offer, and up to 2,357,994 shares of its Class B common stock, or any
lesser number of Class B shares that stockholders properly tender in the
tender offer, at a price per share of $1.10. The deadline for tendering
the Class A shares and Class B shares in the tender offer has been
extended from 5:00 p.m., New York City time, on Thursday, December 17,
2009, until 5:00 p.m., New York City time, on Tuesday, December 22,
2009, unless further extended. The tender offer remains subject to all
previously announced terms and conditions.
CTM Media Holdings has been advised that as of 5:00 p.m., New York City
time, on December 16, 2009, approximately 94,092 shares of its Class A
common stock and 444,695 shares of its Class B common stock had been
tendered in the tender offer.
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;
- Our majority interest in Idea and Design Works, LLC, a comic book
and graphic novel publisher that creates and licenses intellectual
property; and
- The WMET-AM radio station in the Washington, D.C. metropolitan area.
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. Tender Offer Statement This press release is for informational purposes only and is neither
an offer to buy nor the solicitation of an offer to sell any shares of
CTM Media Holdings, nor is it a solicitation for acceptance of the
tender offer. The tender offer is being made solely by the definitive
Offer to Purchase, related Letter of Transmittal and other related
documents (each as amended and supplemented) that CTM Media Holdings has
made available to its stockholders. Each stockholder is urged to consult
their tax advisor as to the particular tax consequences of the tender
offer to such stockholder. The materials have been included as exhibits
to CTM Media Holdings' tender offer statement on Schedule TO (as
amended), which was filed with the Securities and Exchange Commission.
These tender offer materials contain important information that
stockholders are urged to read carefully before making any decision with
respect to the offer. Investors may obtain copies of these documents for
free from the Securities and Exchange Commission at its website (www.sec.gov).
CTM Investor Relations:
Les Rozner, 203-323-5161 Ext #21
lrozner@ctmmedia.com |
