Glacier Media Offers to Acquire Shares of GVIC Not Already Owned
VANCOUVER, British Columbia, Jan. 12, 2021 (GLOBE NEWSWIRE) — Glacier Media Inc. (“Glacier” or the “Company”) announced today that it has made an offer to acquire all of the Class B voting and Class C non-voting shares of GVIC Communications Corp. (“GVIC”) not currently held by Glacier. Glacier currently owns 37.9% of the Class B voting shares and 97.7% of the Class C non-voting shares of GVIC.Under the offer, each GVIC shareholder will receive 0.8 Glacier common shares for each Class B or Class C GVIC share held.If the transaction is completed, the elimination of the current dual public company structure is expected to 1) reduce operating costs, 2) provide a simpler structure for public investors and allow for easier marketing efforts to increase investor demand, and 3) resolve the inter-company loans that are owed by GVIC to Glacier.If completed, the transaction will result in the Company issuing 7,742,217 Glacier common shares, or 5.7% of the shares outstanding after giving effect to the proposed transaction.The transaction will be subject to certain conditions, including the review and favorable recommendation by the special committee of GVIC, boards of directors approval, approval by the shareholders of GVIC and the negotiation of a definitive agreement. Any definitive agreement is expected to contain customary closing conditions. There can be no assurance that any transaction will be consummated or will be consummated on the terms described in this news release.Related announcements will be made as and when appropriate.Shares in Glacier are traded on the Toronto Stock Exchange under the symbol GVC.For further information please contact Mr. Orest Smysnuik, Chief Financial Officer, at 604-708-3264.ABOUT THE COMPANYGlacier Media Inc. is an information & marketing solutions company pursuing growth in sectors where the provision of essential information and related services provides high customer utility and value. The Company’s products and services are focused in two areas: 1) data, analytics and intelligence; and 2) content & marketing solutions.FORWARD LOOKING STATEMENTS