|By Marketwired .||
|July 9, 2014 01:43 PM EDT||
WASHINGTON, DC -- (Marketwired) -- 07/09/14 -- Cricket Media (the "Company") (TSX VENTURE: CKT) is pleased to announce that the TSX Venture Exchange (the "TSXV") has approved the consolidation of the Company's issued and outstanding voting common shares and the Company's issued and outstanding restricted voting common shares, each on the basis of one (1) post-consolidation share for every twenty-five (25) outstanding pre-consolidation shares. Effective at the opening of trading on July 10, 2014, the voting common shares will commence trading on the TSXV on a consolidated basis and will continue to trade on under the symbol "CKT." Concurrent with the share consolidation, the Company will change its legal name from "ePals Corporation" to "Cricket Media Group Ltd." The share consolidation and the name change were approved by shareholders of the Company at an annual and special meeting held on June 24, 2014.
As of July 8, 2014, the Company had 120,967,142 voting common shares and 317,691,108 restricted voting common shares issued and outstanding. Following the consolidation, the Company will have approximately 4,838,685 voting common shares and approximately 12,707,644 restricted voting common shares issued and outstanding, subject to adjustment for fractional shares. The outstanding convertible securities of the Company will be adjusted in accordance with their terms to reflect the consolidated capital structure of the Company. In particular, the listed convertible debentures of the Company which trade on the TSXV under the symbol "CKT.DB" (the "Listed Debentures") will now be convertible into voting common shares at a rate of 66.66 voting common shares per $1,000 principal amount outstanding, representing a conversion price of $15.00 per voting common share. The new CUSIP numbers for the voting common shares, the restricted voting common shares and the Listed Debentures are 226568103, 22658202 and 226568AA1, respectively.
About Cricket Media
Cricket Media (TSX VENTURE: CKT) is an education media company that provides award-winning content on a safe and secure learning network for children, families and teachers across the world. Cricket Media's 14 popular media brands for toddlers to teens include Babybug, Ladybug, Cricket® and Cobblestone® with multiple language editions and apps in English, Spanish and Chinese. The Company's innovative web-based K12 tools for school and home include the ePals community and virtual classroom for global collaboration as well as In2Books®, a Common Core eMentoring program that builds reading, writing and critical thinking skills. Cricket Media serves approximately one million classrooms and millions of teachers, students and parents in over 200 countries and territories through its platform and NeuPals, its joint venture with China's leading IT services company Neusoft. Cricket Media also licenses its content and platform to top publishing and educational companies worldwide. For more information, please visit www.Cricketmag.com, www.ePals.com and www.In2Books.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains statements that may constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by the Company and described in the forward-looking statements contained in this press release. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits the Company will derive therefrom. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.