SANTA ANA, Calif., April 2, 2013 (GLOBE NEWSWIRE) -- ACME Communications, Inc. (Pink Sheets:ACME) today announced that it has completed the sale of its last operating asset, The Daily Buzz, LLC, to Mojo Brands Media, LLC ("Mojo") for $1.5 million in an all-cash asset purchase transaction. In connection with the sale, the Board has approved a special cash distribution of $0.08 per share, payable on April 24, 2013 to shareholders of record as of April 16, 2013. Pursuant to the 2012 approved plan of liquidation, the distribution is being treated as a return of capital.
The Company will now turn its attention to winding up affairs while it waits for its few remaining escrow deposits to mature. In addition to a six-month escrow fund of $150,000 established as an indemnification deposit to Mojo, the Company has $1.0 million in an escrowed indemnification deposit to Lin Media related to the 2012 sale of ACME's New Mexico stations which expires on December 10, 2013 and $290,000 in an escrowed deposit to the Federal Communications Commission related to pending viewer complaints at stations previously sold by ACME which expires on December 10, 2014.
The Company also announced that it expects to release and post its year-end 2012 unaudited financial report on its Web site (www.acmecommunications.com) by the end of April 2013.
About ACME Communications, Inc.
ACME Communications, Inc. shares are traded over-the-counter under the symbol: (Pink Sheets:ACME).
The matters discussed in this press release include forward-looking statements. In addition, when used in this press release, the words "will", "expects" and similar expressions are intended to identify forward-looking statements. Such statements are subject to a number of risks and uncertainties. Many factors could cause actual results in the future to differ materially and adversely from those described in the forward-looking statements. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances.
CONTACT: ACME Communications, Inc. Doug Gealy Chief Executive Officer 314-306-1376