ZoomerMedia Limited Announces Re-Financing of Debt Facilities
TORONTO, ONTARIO, Jul 04, 2012 (Menafn - MARKETWIRE via COMTEX) --ZoomerMedia Limited (the "Company" or "ZoomerMedia") is pleased to announce it has closed a 17 million debtfinancing arrangement with Royal Bank of Canada ("RBC").
The debt financing is made up of a 7 million mortgage on theCompany's property (held in its wholly-owned subsidiary) located onJefferson Avenue in Toronto and a 7 million term loan and 3 millionoperating facility secured by a charge over the assets of the Companyincluding the Jefferson Avenue property. The 7 million term loan and3 million operating facility represent an amendment to a 10 millionoperating facility that was arranged with RBC in November 2010. The7 million mortgage replaces a previous mortgage managed by FirstNational Financial LLP ("First National Mortgage"). The 7 millionterm loan and the 7 million mortgage have an amortization period of25 years, interest rate of 6.297% per annum and a term of 3 years.Amounts drawn under the 3 million operating facility will bearinterest at RBC prime plus 2% per annum.
The net proceeds of the debt financing (after expenses includingthose relating to the defeasement of the First National Mortgage)will be primarily used to complete the renovations of the Company'sJefferson Avenue property so that it can consolidate all of itsoperations into one location.
About ZoomerMedia Limited
ZoomerMedia is a multimedia company that serves the 45plus "Zoomer"demographic through television, radio, magazine, internet and tradeshows. ZoomerMedia's television properties include; VisionTV,Canada's only multi-faith specialty television service; ONE: theBody, Mind Spirit & Love Channel, offering programs on exercise,meditation, yoga, natural health and living a planet-friendlylifestyle; Joytv 10 in Vancouver and Joytv 11 in Winnipeg, twoconventional television stations, available over the air and on cablein their respective markets. ZoomerMedia's radio properties includeCFMZ-FM Toronto - The New Classical 96.3FM, CFMX-FM Cobourg - The NewClassical 103.1FM, Canada's only commercial classical music radiostations serving the Greater Toronto Area (GTA) and eastern Ontario,and CFZM-AM 740 Toronto - The New AM740 Zoomer Radio, the last musicservice left on the AM dial in the GTA. ZoomerMedia also publishesZoomer Magazine, the largest paid circulation magazine in Canada forthe 45plus market. ZoomerMedia is Canada's leading provider of onlinecontent targeting the 45plus age group through several properties,the key one being www.50plus.com. ZoomerMedia also has a trade showdivision that conducts annual consumer shows directed to the 45plusage group and owns ideaCity, an annual Canadian conference also knownas 'Canada's Premiere Meeting of the Minds'.
Cautionary note on forward looking statements
The statements made in this press release include forward-lookingstatements that involve a number of risks and uncertainties. Thesestatements relate to future events or future performance and reflectmanagement's current expectations and assumptions. A number offactors could cause actual events, performance or results to differmaterially from the events, performance and results discussed in theforward-looking statements, such as the economy, generally, thedemand for ZoomerMedia's products and services and the availabilityof funding. These forward-looking statements are made as of the datehereof and ZoomerMedia does not assume any obligation to update orrevise them to reflect new events or circumstances. Actual events orresults could differ materially from ZoomerMedia's expectations andprojections.
The TSX Venture Exchange has not reviewed this press release andneither approved nor disapproved the information contained in thispress release.
Vice President and Chief Financial Officer
SOURCE: ZoomerMedia Limited
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