OutdoorPartner Media completes $5,355,000 bought deal offering
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO, May 15 - OutdoorPartner Media Corporation ("OutdoorPartner") (TSXV: OPX) is pleased to announce that it has completed its previously-announced $5,355,000 public offering (the "Offering") of common shares of OutdoorPartner ("Common Shares"). An aggregate of 5,950,000 Common Shares were issued from treasury by way of short form prospectus at a price of $0.90 per share.
The Offering was led by GMP Securities L.P. on behalf of a syndicate of underwriters including Westwind Partners Inc. and M Partners Inc. (collectively, the "Underwriters"). OutdoorPartner has granted the Underwriters an over-allotment option to purchase an additional 892,500 Common Shares at $0.90 per share exercisable for a period of 30 days following the closing date of the Offering.
About OutdoorPartner:
OutdoorPartner is a market leader in the emergent alternative out-of-home media segment. The Company operates two out-of-home media networks: a PartnerBin network and a payphone kiosk advertising network. PartnerBins - litter/recycling receptacles that facilitate advertising - are currently located in ten U.S. communities, including: New York City, Atlanta, St. Louis and Baltimore. OutdoorPartner's payphone kiosk advertising division, Prime Point Media, offers highly-targeted advertising plus PrimeCasting - a Bluetooth broadcast solution - on a network of over 700,000 payphone kiosks located in all of the top 50 designated market areas. More information may be found by visiting www.outdoorpartner.com or www.primepointmedia.com.
Forward looking statement
This news release contains forward-looking statements regarding, among other things, OutdoorPartner's beliefs, plans, objectives, strategies, estimates, intentions and expectations. Such statements are based on a number of assumptions which may prove to be incorrect, involve certain risks and uncertainties that are difficult to predict and, accordingly, are not guarantees of future performance. The future results of the Company or developments may differ materially from those expressed in the forward-looking statements contained in this news release, due to, among other factors, OutdoorPartner's lack of operating profits, its dependence on key personnel, general economic conditions and other external events that may impact on customers' advertising spending, competition from other out-of-home advertisers and other media and government regulation seeking to limit or restrict OutdoorPartner's activities. More detailed information about these and other factors is included in OutdoorPartner's 2006 Annual Information Form and other documents published or filed by, or on behalf of, OutdoorPartner from time to time with the Canadian securities regulatory authorities. Other than as required by law, OutdoorPartner undertakes no obligation to publicly update or revise any such forward-looking statements or information, whether as a result of new information, future events or otherwise.
For further information: Mark Brodkin, CEO, OutdoorPartner Media Corporation, 296 Richmond Street West, Suite 305, Toronto, Ontario M5V 1X2, Canada, T: (416) 602-1602, F: (416) 352-5070, www.outdoorpartner.com