SOURCE: Orion Equity Holdings PLC
ISLE OF MAN, UNITED KINGDOM--(Marketwire - Jul 19, 2012) - Orion Equity Holdings PLC, (ISIN: IM00B54QZJ20) (WKN: A1JMPH) (FRANKFURT: OR2) announces it has signed an Asset Purchase Agreement with Reach Media Group (RMG) to acquire the assets and broadcasting agreements of the company's Fitness Entertainment Network (FEN). Orion and RMG intend to close the transaction within 30 days. The company expects the closed transaction to be immediately accretive.
The acquired Fitness Entertainment Network provides advertisers' access to highly desirable, elusive audiences through some of the most attractive and engaging media opportunities available today. The network delivers broadcast advertising units within live cable television, shown in the cardio areas of health clubs across the US. Orion will add its inventory and local ad insertion technology to increase the number of impressions and allow advertisers to target campaigns regionally.
Matthew B. Stuart III, COO of Orion, commented, "We are extremely excited to acquire significant digital out-of-home assets which will further position the company as a market leading provider in the digital media space."
About Orion Equity Holdings, PLC
Orion Equity Holdings PLC is an Isle of Man holding company, publicly listed on the Deutsche Boerse (Frankfurt Open Market Exchange) ("Orion" or the "Company") with the stock symbol 'OR2'. Orion invests in 'cutting edge' digital media assets including companies in the digital out of home sector. Orion's wholly owned subsidiaries are focused on building a prominent, multi-faceted digital media offering, which marries content consumption with retail consumption.
About Reach Media Group
Reach Media Group is a digital media company that owns and operates a portfolio of digital place-based networks that reach affluent executive travelers throughout their travel experience. The company controls advertising supported networks delivering more than 30 million highly desirable and elusive viewers each month, through a network of over 120,000 digital place-based screens. As a recognized leader, RMG provides technology and professional services for global companies looking to enter the digital signage market. RMG works with leading global advertising agencies and with top US advertisers in key industries such as consumer goods, auto, finance and technology to deliver their target audiences away-from-home. RMG is based in San Francisco, CA and operates offices in New York, Detroit, Chicago, Los Angeles, and Beijing, China. For more information, please visit www.RMGnetworks.com.
Certain statements contained herein, including, without limitation, statements containing the words "believes," "intends" and other words of similar import, constitute "forward-looking statements" within the meaning of Section 7A of Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include but are not limited to that the Company is in the process of furthering several key milestones and creating new growth opportunities. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause actual results to be materially different from any future results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Orion Equity Holdings PLC. disclaims any obligation to publicly update the results of any revision of the forward-looking statements contained or incorporated by reference herein to reflect future events or developments. For avoidance of doubt, this communication does not represent a general solicitation or an offer to purchase securities in Orion Equity Holdings PLC.