Ideation Acquisition Corporation Stockholders Approve Acquisition of SearchMedia International Ltd.
27 Octubre 2009 - 7:27AM
Marketwired
Ideation Acquisition Corp. ("Ideation" or the "Company") (NYSE
Amex: IDI) (NYSE Amex: IDI.U) (NYSE Amex: IDI.WS) announced that
its stockholders have approved all proposals related to the
acquisition of SearchMedia International Ltd. ("SearchMedia") at
its special meeting of stockholders held today. Shareholders
representing 82.9% of the outstanding shares voted to approve the
business combination with SearchMedia and shareholders representing
fewer than 0.4% of shares issued in Ideation's initial public
offering elected to convert their shares to cash. The transaction
is expected to close on or about October 30, 2009, subject to the
satisfaction or waiver of all closing conditions. Upon completion
of the acquisition, Ideation will change its name to SearchMedia
Holdings Limited and its common stock, units and warrants will
continue to trade on the NYSE Amex under the ticker symbols IDI,
IDI.U, and IDI.WS, respectively.
"We are very pleased our stockholders have approved the
transaction with SearchMedia," stated Robert Fried, President and
CEO of Ideation. "We look forward to partnering with SearchMedia's
management team, as it executes its aggressive growth strategy and
leverages its competitive strengths in the highly attractive
outdoor advertising market in China."
"This business combination is a very important milestone for our
Company," stated Garbo Lee, President of SearchMedia. "The capital
and enhanced management resources from this business combination,
along with a U.S. stock market listing, will strengthen our
position in the marketplace and enable us to further pursue our
strategic growth plans."
About Ideation Acquisition Corp.
Ideation is a publicly traded special purpose acquisition
corporation, or SPAC, formed to acquire one or more businesses with
a focus on the media sector. As of June 30, 2009, Ideation has in
its trust account approximately US$78.8 million (including deferred
underwriting fees of US$2.7 million) from the proceeds raised
through its initial public offering in November 2007 and interest
thereon. As of June 30, 2009, the amount per share available upon
liquidation of the trust was approximately US$7.8815. Ideation is
headquartered in Wilmington, Delaware.
About SearchMedia
SearchMedia is a leading nationwide multi-platform media company
and one of the largest operators of integrated outdoor billboard
and in-elevator advertising networks in China. SearchMedia
currently operates a network of over 1,500 high-impact billboards
with over 500,000 square feet of surface display area and one of
China's largest networks of in-elevator advertisement panels
consisting of over 170,000 frames in 57 cities throughout China.
SearchMedia ranked first in market share of in-elevator advertising
displays in 13 out of the 26 most affluent cities in China and
ranked second in an additional nine of these cities, according to a
Nielsen Media Research report published in July 2008. Additionally,
SearchMedia operates a network of large-format light boxes in
concourses of eight major subway lines in Shanghai. SearchMedia's
core outdoor billboard and in-elevator platforms are complemented
by its subway advertising platform, which together enable it to
provide multi-platform, "one-stop shop" services for its local,
national and international advertising clients that numbered more
than 780 cumulatively from its inception to July 31, 2009.
Forward-Looking Statements
Any statements contained in this press release that do not
describe historical facts may constitute forward-looking statements
as that term is defined by the United States Private Securities
Litigation Reform Act of 1995. Any such forward-looking statements
contained herein are based on current expectations, but are subject
to a number of risks and uncertainties that may cause actual
results to differ materially from expectations such as material
adverse events affecting Ideation and SearchMedia, their ability to
complete a business combination and those other risks and
uncertainties detailed in Ideation's filings with the Securities
and Exchange Commission. Ideation and SearchMedia caution readers
not to place undue reliance upon any forward-looking statements,
which speak only as of the date made. Ideation and SearchMedia do
not undertake or accept any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statement
to reflect any change in their expectations or any change in
events, conditions or circumstances on which any such statement is
based.
Contact: Devlin Lander ICR (415) 419-5606
devlin.lander@icrinc.com
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