|By Marketwired .||
|August 8, 2013 01:57 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 08/08/13 -- ZoomerMedia Limited (the "Company" or "ZoomerMedia") (TSX VENTURE:ZUM) announced that the Canadian Radio-television and Telecommunications Commission ("CRTC") issued today a decision renewing the broadcast licence for a period of 7 years of ZML's specialty programming service VisionTV: Canada's Faith Network/Reseau religieux canadien (VisionTV) and that the CRTC also issued today a decision to not approve ZoomerMedia's application for national mandatory distribution on digital basic for VisionTV pursuant to section 9(1)(h) of the Broadcasting Act.
VisionTV is currently distributed in approximately 10 million homes across Canada on basic by cable and satellite operators and telcos pursuant to commercial agreements and a CRTC Dual Status designation. A service with a CRTC Dual Status designation must be distributed by Class 1 terrestrial cable operators as part of their basic service, unless otherwise agreed to by the operator of the television programming service. The CRTC's Dual Status rule expired on August 31, 2011, but in the wake of that expiry, VisionTV's carriage was sustained by existing contracts with cable and satellite operators and telcos and an extension of the status quo, pending the CRTC's review of the matter at public hearings which were held in late April of this year.
Today's CRTC decision should not result in a reduction in VisionTV's revenue as there were several favourable changes in Vision TV's conditions of licence. ZoomerMedia has also been pro-active and has entered into renewal agreements with the majority of the distributors in Canada, which will result in the channel being offered on the digital basic service across Canada through to 2017. ZML also continues to negotiate with other distributors to secure further distribution on basic of VisionTV across Canada.
"We are pleased with the decision renewing our broadcast licence. Given our successful efforts so far to negotiate renewal agreements with the majority of distributors, and the ongoing positive discussions with the remaining operators, we are confident that this ruling will ultimately have no negative impact on revenues. We would like to thank the 16,000 plus Canadians who wrote, emailed and phoned in their support," said Moses Znaimer, President & C.E.O. of ZoomerMedia Limited.
About ZoomerMedia Limited
ZoomerMedia is a multimedia company that serves the 45plus "Zoomer" demographic through television, radio, magazine, internet and trade shows. ZoomerMedia's television properties include; VisionTV, Canada's only multi-faith specialty television service; ONE, offering programs on exercise, meditation, yoga, natural health and living a planet-friendly lifestyle; Joytv 10 in Vancouver and Joytv 11 in Winnipeg, two conventional television stations, available over the air and on cable in their respective markets. ZoomerMedia's radio properties include CFMZ-FM Toronto - The New Classical 96.3FM, CFMX-FM Cobourg - The New Classical 103.1FM, Canada's only commercial classical music radio stations serving the Greater Toronto Area (GTA) and eastern
Ontario, and CFZM-AM 740 Toronto - The New AM740 Zoomer Radio, the last music service left on the AM dial in the GTA. ZoomerMedia also publishes Zoomer Magazine, the largest paid circulation magazine in Canada for the 45plus market. ZoomerMedia is Canada's leading provider of online content targeting the 45plus age group through several properties, the key one being www.everythingzoomer.com. ZoomerMedia also has a trade show division that conducts annual consumer shows directed to the 45plus age group and owns ideaCity, an annual Canadian conference also known as 'Canada's Premiere Meeting of the Minds'.
Cautionary note on forward-looking statements
The TSX Venture Exchange has not reviewed this press release and neither approved nor disapproved the information contained in this press release. The statements made in this press release include forward-looking statements that involve a number of risks and uncertainties. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, such as the economy, generally, the demand for ZoomerMedia's products and services and the availability of funding. These forward-looking statements are made as of the date hereof and ZoomerMedia does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from ZoomerMedia's expectations and projections.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.