Magic Lantern Group Streamlines Operations With Sale Of Media Dubbing Subsidiary
December 11 2003 - 2:21PM
PR Newswire (US)
Magic Lantern Group Streamlines Operations With Sale Of Media
Dubbing Subsidiary NEW YORK, Dec. 11 /PRNewswire-FirstCall/ --
Magic Lantern Group, Inc. , a leading North American distributor of
educational content and e-learning delivery with operations in
Canada and the U.S., announced today that it has completed the sale
of its media dubbing subsidiary, Image Media, Inc., to BKR Media,
Inc. Magic Lantern Group's President and CEO Robert Goddard stated,
"Our restructuring plan is well underway. The sale of our media
dubbing subsidiary is part of our restructuring plan to
de-emphasize non-strategic business units and focus on our core
business of educational video distribution and digital streaming
technology." Goddard continued, "As a result of this sale, we have
streamlined our operations by strengthening our balance sheet,
reducing our expenses and creating greater operating efficiencies,
better preparing us to increase our market penetration across key
areas of growth. These areas include capturing additional market
share in the U.S. and abroad for our e-learning products,
TutorBuddy(TM) and Magic Lantern InSite(TM), in addition to
digitizing content for some of the world's leading educational
producers. We plan to support our restructuring plan through the
recruitment of top-talent to the management team over the next
several months. By taking these measures, we look forward to
continue to strengthen our expertise and position in the global
video distribution marketplace." Additional details of the sale can
be found in the Company's Form 8-K available at
http://www.freeedgar.com/. About Magic Lantern Group, Inc. Magic
Lantern Group, Inc. is a leading North American learning video
distributor with licensing operations in North American and world
markets. Through its video streaming technology business and its
specialized "video indexing" subsidiary, Sonoptic Technologies
Inc., the Company currently serves more than 9,500 schools and
libraries throughout Canada, in addition to U.S. and international
markets. In addition to distributing more than 40,000 school
curriculum-relevant video titles from over 300 world-renowned
producers including Disney, Schlessinger Media, Annenberg/CPB &
Dorling Kindersley, Magic Lantern is penetrating the institutional
market with Magic Lantern InSite(TM). Magic Lantern InSite provides
teachers and students on-demand, interactive access to an expanding
video collection of over 1,300 program titles and nearly 14,000
video objects. The Company is concurrently reaching the consumer
market with TutorBuddy(TM), its proprietary e-learning system that
provides children with online access to learning video programs
used in schools across North America. For more information on the
Company, visit http://www.magiclantern.ca/. For more information:
For investor relations, contact Gary Geraci, National Financial
Network, 781-444-6100 ext. 629, email: . Also visit
http://www.nfnonline.com/gml. At the Company, contact Bob Goddard,
Magic Lantern Group, Inc., 905-827-2755 ext. 454, . Also visit
http://magiclantern.ca/. This Press Release contains certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. The company has tried,
whenever possible, to identify these forward-looking statements
using words such as "anticipates," "believes," "estimates,"
"expects," "plans," "intends," "potential" and similar expressions.
These statements reflect the company's current beliefs and are
based upon currently available information. Accordingly, such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which could cause the company's
actual results, performance or achievements to differ materially
from those expressed in or implied by such statements. The company
undertakes no obligation to update or advise in the event of any
change, addition or alteration to the information catered in this
press release including such forward-looking statements.
DATASOURCE: Magic Lantern Group, Inc. CONTACT: Investor relations,
Gary Geraci of National Financial Network, +1-781-444-6100 ext.
629, ; or Bob Goddard of Magic Lantern Group, Inc., +1-905-827-2755
ext. 454, Web site: http://www.magiclantern.ca/
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