Real Estate — August 1, 2012Blue Ant Media Inc. Completes Acquisition of High Fidelity HDTV Inc.
TORONTO, ONTARIO--(Marketwire - Aug. 1, 2012) - C.A. Bancorp Inc. ("C.A. Bancorp" or the "Company") (TSX:BKP) announced today that the Company, together with other shareholders of High Fidelity HDTV Inc. ("High Fidelity"), have completed the sale of 70.1% of the shares of High Fidelity to Blue Ant Media Inc. ("Blue Ant") (the "Second Closing"). As previously announced, Blue Ant purchased 29.9% of the shares of High Fidelity in December 2011 (the "First Closing"). At the First Closing, the Company received $4.8 million in cash. At the Second Closing, the Company received $9.5 million in cash and $1.9 million in Blue Ant common shares. In aggregate, for the sale of the Company's interests in High Fidelity, C.A. Bancorp received $14.3 million in cash and $1.9 million in Blue Ant shares for total consideration valued at $16.2 million. "High Fidelity was an outstanding investment for C.A. Bancorp and I have been privileged to work with Ken Murphy, John Panikkar, David Patterson and the rest of the High Fidelity team as they built a great business," said Kurt Brands. "We wish High Fidelity continued success as it joins Blue Ant to capitalize on a new set of opportunities."
About High Fidelity HDTV Inc.
High Fidelity is Canada's leading HD broadcaster with four highly popular HD channels: Oasis HD (Love Nature), HIFI HD (Music and Art), eqhd (Ideas and Cultures) and radX (Adventure). These premium channels provide Canadians with some of the best non-fiction programming from around the world, including concerts, movies and special programming.
About Blue Ant Media Inc.
Blue Ant Media is a privately held integrated Canadian media company that creates and distributes great content in lifestyle, travel, documentary, music and entertainment categories. The company owns specialty channels Travel+Escape, Bite TV and AUX TV along with four premium commercial-free high definition channels Oasis HD, HIFI HD, eqhd and radX and their companion websites. Blue Ant Media's digital publishing division produces daily content for its web and mobile sites and recently launched AUX Magazine, a monthly music tablet magazine. Blue Ant also has a minority interest in Cottage Life Media Inc., publishers of Cottage Life, Outdoor Canada, Explore and Canadian Home Workshop.
About C.A. Bancorp Inc.
C.A. Bancorp is a publicly traded Canadian merchant bank and alternative asset manager that provides investors with access to a range of private equity and other alternative asset class investment opportunities. C.A. Bancorp has historically focused on investments in small- and middle-capitalization public and private companies, with emphasis on the industrials, real estate, infrastructure and financial services sectors. The Company is currently executing its Realization Strategy as described in its publicly filed continuous disclosure documents.
This release may include certain forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans" or "continue" or the negative thereof or variations thereon or similar terminology. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These forward-looking statements are subject to a number of risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements. Reference should be made to the risk factors published in the Company's most recent management discussion and analysis and, with respect to the realization strategy, its directors circular, both of which are available at www.sedar.com.
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