TORONTO, July 27 - OutdoorPartner Media Corporation ("OutdoorPartner" or the "Company") (TSXV: OPX) is pleased to announce that the Company's payphone kiosk advertising division, Prime Point Media ("Prime Point"), has been contracted to deliver a US$1.4 million, Hispanic-targeted campaign for a Fortune 100 client.
"This campaign demonstrates the elegance of Prime Point's payphone kiosk advertising solution; the client will be able to reach over 20 Hispanic markets across the U.S. by utilizing a single advertising medium sourced from a single vendor," stated Mark Brodkin, OutdoorPartner CEO. "In addition, this campaign demonstrates advertisers' growing acceptance of Prime Point's payphone kiosk advertising solution - the client has entrusted Prime Point to execute successively larger campaigns over the past few years."
"This contract is another example of the Company's ability to secure seven figure campaigns from Fortune 100 companies," stated Brodkin. "OutdoorPartner continues to capitalize on the increased adoption of alternative Out-of-Home media from major national advertisers."
The Company also announced that it has received notice that a client is experiencing financial difficulties and the client may not be able to fulfill its financial obligations as originally contemplated in a previously announced US$1.5 million contract.
OutdoorPartner is currently working with the client to explore all possible remedies and is confident a mutually beneficial resolution will be reached.
Based on the timing of the campaign, approximately 30% of the revenue associated with the US$1.5 million contract was scheduled to be recognized in the three months ended June 30, 2007 ("Q2"), while the remainder was scheduled to be recognized in the three months ended September 30, 2007 ("Q3").
"We are committed to working towards a positive resolution and remain comfortable with earlier Q2 revenue guidance of US$2.0 million, regardless of the status of the US$1.5 million campaign," said Brodkin. "With our most recent contract wins and a strong pipeline, we remain confident in our ability to achieve our fiscal 2007 goals."
OutdoorPartner also announced that it has signed an agreement (the "contract extension") with the 125th Street Business Improvement District ("BID"), in New York City (the "City"), to extend the BID's PartnerBin pilot program into a longer-term installation.
Under the terms of the two-year agreement, OutdoorPartner has the right to sell advertising space on up to 125 PartnerBins in the 125th Street Business Improvement District, a vibrant community located in Manhattan.
"The BID's decision to extend the agreement is a strong endorsement of the PartnerBin program," stated Brodkin. "A PartnerBin installation in New York City is an extremely important component in the build-out of the PartnerBin network."
New York City is the largest media market and the top-ranked designated market area ("DMA") in the U.S. The City's population density, foot traffic and tourist attractions make it ideal for out-of-home advertising.
"We are extremely pleased with this program and look forward to a continued relationship with OutdoorPartner Media." said Barbara Askins, Chief Executive Officer of the 125th Street Business Improvement District.
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 nine U.S. communities, including: New York City, 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.
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