LOS ANGELES, Nov. 17, 2011 (GLOBE NEWSWIRE) -- Convenience TV Inc. (OTCBB:CRPZ) is pleased to announce a Preliminary Financing Commitment of US$5,000,000 from Hyperscale Computing Group, LLC. in connection with Convenient TV's proposed acquisition of the Go Media business division currently operated by HFT Management Inc. The loan would mature in 3 years, carry an interest rate of 6.5% and be secured by all assets of Go Media.
A 30-day Due Diligence period began on November 1, 2011 with the acceptance of the Financing Commitment from Hyperscale. This due diligence period provides for Hyperscale's review and inspection of material transaction documentation, existing business contracts/arrangements, financial statements and operational projections by Go Media, as well as those of Convenience TV.
Unless otherwise mutually agreed, all documentation contemplated by Financing Commitment is expected to be executed and delivered on December 16, 2011, and the transaction closed on or before December 30, 2011 (the "Closing Date").
About Convenience TV Inc.
Convenience TV is focused on the Convenience Store Industry and provides their clients with an "in-location" TV network. The Network is designed to deliver both entertaining content and targeted advertising on a demographic basis to each retail location. In addition, the Network delivers promotional advertising tied to products within the retail location. The programming can be up-dated quickly and is tailored to meet the specific clients' need for increased sales, customer enjoyment and brand reinforcement.
Safe Harbor Statement
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to Convenience TV or its management, and specifically the closing of the financing for the acquisition of the Go Media advertising division, and the closing of the acquisition itself, identify forward-looking statements. There can be no assurance that we will be able to close the funding of the Go Media acquisition or the acquisition itself. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, the amount of sales of Convenience TV's products, the competitive environment within the industry, the ability of Convenience TV to continue to expand its operations, the level of costs incurred in connection with Convenience TV's expansion efforts, economic conditions in the industry and the financial strength of Convenience TV's customers and suppliers. Convenience TV does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.