Lamar Advertising Company Completes Acquisition of Obie Media
Corporation
BATON ROUGE, La. and EUGENE, Ore., Jan. 19 /PRNewswire-FirstCall/ -- Lamar
Advertising Company (NASDAQ:LAMR), a leading owner and operator of outdoor
advertising and logo sign displays, today announced it completed the purchase
of Obie Media Corporation (NASDAQ:OBIE) in a stock for stock transaction valued
at approximately $43 million, plus the assumption of approximately $23 million
of Obie indebtedness. Each share of Obie common stock converted into the right
to receive 0.1665 of a share of Lamar common stock, resulting in Lamar issuing
an aggregate of approximately 1.0 million shares.
American Stock Transfer & Trust Company is acting as the Exchange Agent for the
merger and will be sending Obie shareholders a Letter of Transmittal and
instructions on how to surrender shares of Obie common stock for the merger
consideration.
ABOUT LAMAR Lamar Advertising Company is a leading outdoor advertising company and
currently operates 153 outdoor advertising companies in 43 states, logo
advertising businesses in 20 states and the province of Ontario, Canada, and 63
transit advertising franchises in 14 states and Canada.
ABOUT OBIE MEDIA Obie Media Corporation is a leading full-service out-of-home advertising
company. Obie sells, designs, produces and installs out-of-home advertising
displays which include transit posters, billboards, wallscapes, transit
shelters and bus benches throughout the United States and Canada.
Obie holds 38 exclusive agreements with transit districts in both the United
States and Canada and operates transit advertising displays on over 7,000
transit vehicles. These transit districts are located in 8 of the 30 largest
U.S. media markets -- Dallas, TX, Portland, OR, St. Louis, MO, Sacramento, CA,
Hartford, CT, Fort Lauderdale, FL, Indianapolis, IN and Kansas City, MO. Obie
also operates the third largest Canadian market -- Vancouver, British Columbia.
Obie operates over 1,100 billboards primarily located in Washington, Oregon,
California, Montana, Wyoming, Utah, South Dakota and Idaho. Many are
directional billboards and are located along major thoroughfares.
Forward-Looking Statements This press release contains forward-looking statements that are subject to
risks and uncertainties that could cause actual results to differ materially
from those projected in these forward-looking statements. These risks and
uncertainties include, among others, (1) our significant indebtedness; (2) the
continued popularity of outdoor advertising as an advertising medium; (3) the
regulation of the outdoor advertising industry; (4) our need for and ability to
obtain additional funding for acquisitions or operations; (5) the integration
of companies that we acquire and our ability to recognize cost savings or
operating efficiencies as a result of these acquisitions; (6) the performance
of the United States economy generally and the demand for advertising in
particular; and (7) other factors described in the reports on Forms 10-K and
10-Q and the registration statements that we file from time to time with the
SEC. We caution investors not to place undue reliance on the forward-looking
statements contained in this document. These statements speak only as of the
date of this document, and we undertake no obligation to update or revise the
statements, except as may be required by law. DATASOURCE: Obie Media Corporation CONTACT: Keith Istre, Chief Financial Officer of Lamar Advertising Company, +1-225-926-1000; or Gary Livesay, Chief Financial Officer of Obie Media, +1-541-686-8400 Web site: http://www.obie.com/
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