Santa Monica Media Corporation to Miss Deadline for Timely Filing of Quarterly Report
May 19 2009 - 4:56PM
Business Wire
Santa Monica Media Corporation (NYSE ALTERNEXT US: MEJ.U) (NYSE
ALTERNEXT US: MEJ) (NYSE ALTERNEXT US: MEJ.WS) announced today
based on its current plan to seek liquidation of the amounts held
in trust for its IPO shareholders, it is unlikely to timely file
the quarterly report on Form 10Q for the quarter ended March 31,
2009.
On May 15, 2009, the Company filed an amended preliminary proxy
with the SEC, indicating its intention, subject to the final
approval of the SEC and approval of shareholders at a meeting
currently planned to be held on May 29, 2009, to liquidate the
trust and distribute the trust assets to its shareholders. Upon
distribution of the trust proceeds, the Company intends to
voluntarily delist its stock from trading on the Exchange. The SEC
is currently reviewing the preliminary proxy statement filed by the
Company in this regard.
As of March 31, 2009, the balance of the assets held in trust
was $100,699,285.
Santa Monica Media Corporation is a blank check company
organized for the purpose of acquiring through a merger, capital
stock exchange, asset acquisition, stock purchase, reorganization
or similar business combination one or more operating businesses in
the communications, media, gaming and/or entertainment
industry.
This release contains forward-looking statements including
financial projections as to operating cost savings and the
Company�s plans. These forward-looking statements are not
historical facts but rather are based on current expectations and
projections about the Company and management�s beliefs and
assumptions. Words such as �may,� �will,� �anticipates,� �expects,�
�intends,� �plans,� �believes,� � seeks� and �estimates� and
variations of these words and similar expressions are intended to
identify forward-looking statements. The Company�s actual results
may differ materially from those projected in these forward-looking
statements as a result of a number of factors. Readers of this
release are cautioned not to place undue reliance on these
forward-looking statements.
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