Halifax, NS – 21 July 2008 – DHX Media Ltd (AIM & TSX ticker: “DHX”) (“the Company”), a leading independent international producer and distributor of television programming and interactive content is pleased to announce the closing of its acquisition of imX Communications Inc. and its library of 20 feature films and 26 half-hours of television drama, documentary and animation entertainment.
imX Communications, which is led by Chris Zimmer, is a 23-year-old film production company known for producing such titles as Love and Death on Long Island with John Hurt and Jason Priestley and Margaret’s Museum with Helena Bonham-Carter. imX Communications president Chris Zimmer will join DHX Media under a consulting and non-competition agreement and continue to lead imX Communications in developing and producing feature film projects with a strong focus on family and children’s films.
The total consideration paid at closing for the acquisition of imX Communications is $755,000, consisting of $655,000 in cash and 67,552 common shares of the Company. An application has been made to admit 67,552 new common shares to trading on AIM effective 25 July 2008. Subsequent to the issue of these common shares, the Company will have a total of 42,783,337 common shares in issue.
As previously announced on 11 July 2008, J. William Ritchie, a director of the Company is a shareholder in imX Communications and under terms of the transaction will receive a sum of up to $75,000 in aggregate to be satisfied a) upon closing, by the issue of 33,776 common shares of the Company at a price of $1.4803 each, and b) subject to certain performance criteria being achieved by the imX Communications business, a further 16,888 common shares in the Company at a price of $1.4803 each. J. William Ritchie upon closing now holds in aggregate 547,330 common shares in the Company.
For more information, please contact:
DHX Media Ltd. +1 902-423-0260
David A. Regan – EVP, Corporate Development & IR
AIM Nominated Advisors:
Grant Thornton Corporate Finance +44 (0) 20 7383 5100
About DHX Media Ltd.
DHX Media Ltd. is a leading international producer and distributor of television programming and interactive content with an emphasis on children, family and youth markets. DHX Media Ltd. shares trade on AIM and are listed on the TSX, the Toronto Stock Exchange. DHX Media’s production companies, Decode Entertainment, Halifax Film and Studio B Productions, are the producers or co-producers of 17 original television series and theatrical releases currently commissioned for production and maintain a growing library of over 2,200 half-hours of mostly children and youth-oriented television productions. www.dhxmedia.com
About imX Communications Inc.
imX Communications Inc., is one of Canada’s leading producers and co-producers of international quality feature films. In continuous business and production since 1985, imX Communications Inc., brings an extensive background and expertise to the DHX Media Ltd group of production companies. www.imxcommunications.com
Certain statements herein may constitute forward-looking statements, including those identified by the expressions ‘‘may’’, ‘‘will’’, ‘‘should’’, ‘‘could’’, ‘‘anticipate’’, ‘‘believe’’, ‘‘plan’’, ‘‘estimate’’, ‘‘potential’’, ‘‘expect’’, ‘‘intend’’ and similar expressions to the extent they relate to the Company or its Management. These statements reflect the Company’s current expectations and are based on information currently available to Management. These forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results or events to differ materially from current expectations, including the matters discussed under ‘‘Risk Factors’’ contained in the Company’s prospectus dated May 12, 2006. These forward-looking statements are made as of the date hereof, and the Company assumes no obligation to update or revise them to reflect new events or circumstances.