Wednesday, February 10, 2010

Bassett Media Group Updates Proposed Acquisitions

Bassett Media Group Corp. today announced that it is no longer pursuing the acquisition of certain assets from Sidetrack Technologies Inc. Bassett Media had announced the signing of a letter of intent with Sidetrack, a company that owns and operates full-motion display systems for use as an advertising medium in subway and rail system tunnels, in August 2009.

Bassett Media also wishes to announce that it is no longer pursuing the acquisition of Haizou Media Corporation. Bassett Media Group had announced the signing of a letter of intent with respect to the proposed acquisition of all of the outstanding shares of Haizou, a company that owns and operates advertising display screens in China, in October 2009.

Bassett Media President and CEO Matthew Bassett said that after a period of further due diligence, it was determined that the proposed acquisitions were not a strategic fit for the company.

Bassett Media continues to explore opportunities for accretive acquisitions in the media space, Mr. Bassett said.

Bassett Media also announced today the resignation of Chief Operating Officer Joseph Arcuri, effective immediately. Mr. Arcuri is pursuing other opportunities, and the company wishes him well in his future endeavours. The company is restructuring its executive management and will make further announcements in due course, Mr. Bassett said.

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