Santa Monica Media Corporation Files Extension Proxy With SEC to Complete Transaction
March 06 2009 - 11:40AM
PR Newswire (US)
SANTA MONICA, Calif., March 6 /PRNewswire-FirstCall/ -- On March 5,
2009, Santa Monica Media Corporation (NYSE Alternext US: MEJ,
MEJ.U, MEJ.WS) ("SMMC"), a special purpose acquisition company
(SPAC) that completed its IPO in April 2007 filed a preliminary
proxy statement with the Securities Exchange Commission ("SEC")
relating to a special meeting of its stockholders scheduled for
April 1, 2009. At the meeting its stockholders are expected to
approve an extension to the time period during which it may
consummate a business combination to December 15, 2009. The record
date for the special meeting is March 16, 2009. SMMC is currently
in discussions with certain institutional investors for terms
relating to a purchase of or a financing to purchase up to 80% of
the outstanding shares of SMMC stock, if such purchases are
required to obtain approval for the proposed extension. It cannot
be presently determined how many shares, if any, of the SMMC common
stock will be purchased in connection with such financing. In the
proxy, the Company announced its intent to acquire NUI, LLC
("NUI"), a rapidly emerging "healthy kids lifestyle" company, in
accordance with an executed non-binding letter of intent with NUI.
The letter of intent is subject to the execution of a definitive
agreement, which is expected to be finalized in March. A
preliminary proxy statement in connection with a special meeting
relating to the approval of the business combination is expected to
be filed with the SEC in the next several weeks. The acquisition is
subject to the approval of SMMC stockholders, regulatory approvals
and the satisfaction of customary closing conditions. About Santa
Monica Media Corporation 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 in the communications, media, gaming
and/or entertainment industry. About NUI, LLC NUI was founded in
October 2005 to promote a healthy kids lifestyle through media
properties and healthy food and beverage products. NUI's properties
are designed to integrate and cross-promote each other. Its
products include NUI Hybrid Beverage(TM) and NUI Island Eco-Logical
Adventures book series. DATASOURCE: Santa Monica Media Corporation
CONTACT: Kurt Brendlinger, +1-310-526-3222, for Santa Monica Media
Corporation
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