ZoomerMedia Limited Announces Agreement for Sale of Assets of Darwin CX Inc.

TORONTO, May 18, 2020 (GLOBE NEWSWIRE) -- ZoomerMedia Limited (“ZoomerMedia”) (TSXV: ZUM) is pleased to announce today that it has entered into an arm’s length agreement (“Purchase Agreement”) for the sale of substantially all of the assets (“Darwin Assets”) of ZoomerMedia’s wholly-owned subsidiary Darwin CX Inc. (“Darwin”) to New York–based Irish Studio LLC (“Irish Studio”).  Irish Studio has agreed to purchase the Darwin Assets for approximately $7,465,000 (CAD) (“Purchase Price”), of which $700,000 (CAD) was paid to ZoomerMedia in cash concurrently on signing of the Purchase Agreement. The remainder of the purchase price is payable at closing of the transaction in a combination of cash and a promissory note of Irish Studio in the amount of approximately $1,280,000, subject to customary post-closing adjustments.

The Darwin Assets are ZoomerMedia’s proprietary subscription management platform.

The parties anticipate the transaction to close on or around August 17, 2020. The transaction is subject to approval by the TSX Venture Exchange and other customary closing conditions.

About ZoomerMedia Limited (TSXV: ZUM)
Founded in 2008 by Moses Znaimer (Citytv, CP24, MuchMusic, Bravo! etc.), ZoomerMedia is Canada's leading diversified multimedia company devoted to creating content, services and experiences for Canada's largest demographic - "Zoomers" or the 16.2 million Canadians aged 45plus - on all platforms: television, radio, print, digital, and live events. ZoomerMedia’s television properties include VisionTV, Canada’s only multi-faith specialty television service available in 9 million homes; ONETV: Get Fit, a 24-hour fitness and health channel with yoga and exercise programs viewers can do from home; JoyTV in Vancouver, Victoria, Surrey and the Fraser Valley; and FAITHTV, the Nation's Faith Station. ZoomerMedia’s radio properties include The New Classical FM (96.3 FM in the Greater Toronto Area/103.1FM in Eastern Ontario/102.9FM in Southern Georgian Bay), English Canada’s only commercial all-classical music radio service; and Zoomer Radio (AM740 and 96.7FM in Downtown Toronto), playing The Original Greatest Hits. ZoomerMedia also publishes ZOOMER Magazine, the largest paid circulation magazine in Canada for the mature market, everythingzoomer.com - Canada’s leading provider of online content targeting the 45plus demographic, and On The Bay Magazine, a regional lifestyle magazine published quarterly for the 20 towns and villages of Southern Georgian Bay, Ontario. ZoomerMedia's tradeshow division operates The ZoomerShow in Toronto and Vancouver, Canada's largest annual lifestyle expos and consumer shows for the 45plus, and produces Moses Znaimer's 3-day ideaCity conference. Both ZoomerMedia and CARP are located in The ZoomerPlex, a 2.6-acre state-of-the-art production and live event complex in Toronto's Liberty Village. For more information, visit zoomermedia.ca.