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Trader Media East Ltd  -  TME   

Statement re Cessation of Digital Assets

Released 07:00 23-Nov-2017

RNS Number : 2899X
Trader Media East Ltd
22 November 2017
 

CESSATION OF DIGITAL ASSETS

 

Amsterdam, The Netherlands - November 22, 2017

 

By way of our previous press statement, we had informed the public on the considerations of a number of restructuring and strategic options including selling one or more of TME's subsidiaries and/or brands or businesses, wholly or partially to potential investors, as well as with the consideration to develop possible strategic partnership(s).

In this respect, having evaluated the process; TME's indirect subsidiary Pronto Media Holding (PMH) has taken the decision to cease its digital operations, with the board of directors' resolution of PMH dated November 22, 2017, based on the considerations regarding market competitiveness of PMH in which it operates and its performance being under the intended level.

As of 30.09.2017, TME has 5,8M-USD total consolidated revenue, with a net consolidated loss of 19.6M-USD, of which the major part of TME's losses occurred due the operations of PMH.

 

 

Forward-Looking Statements

 

Some of the statements in this document are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of Trader Media East or its officers with respect to various matters. When used in this document, the words "expects," "believes," "anticipates," "plans," "may," "will," "should" and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements. Those factors include, but are not limited to, risks or uncertainties described in our publicly filed documents.

 

These forward-looking statements speak only as of the date of this document. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.

 


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Statement re Cessation of Digital Assets - RNS