Santa Monica Media Corporation Receives Notice From Exchange
April 15 2009 - 8:00AM
PR Newswire (US)
LOS ANGELES, April 15 /PRNewswire-FirstCall/ -- Santa Monica Media
Corporation (NYSE Alternext US: MEJ.U, MEJ, MEJ.WS) announced today
that it received notice from the NYSE Alternext US, LLC
("Exchange") indicating that it was below certain additional
continued listing standards of the Exchange, specifically that the
Company does not have a majority of independent directors as set
forth in Section 802(a) of the Exchange's Company Guide as a result
of the resignation of Scott Sassa as a director. The notification
from the Exchange indicates that the Company will have until the
earlier of the next annual shareholders' meeting or one year from
the occurrence of the event that caused the failure to comply with
this requirement; provided, however, that if the annual
shareholders' meeting occurs no later than 180 days following the
event that caused the failure to comply with this requirement, the
Company shall instead have 180 days from such event to regain
compliance with Section 802(a) of the Exchange's Company Guide.
Santa Monica Media Corporation is a blank check company organized
for the purpose of acquiring through a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination one or more operating businesses in
the in the communications, media, gaming and/or entertainment
industry. The Company plans to seek stockholder approval to
distribute the funds in its trust account to its stockholders. This
release contains forward-looking statements including financial
projections as to operating cost savings and the Company's plans.
These forward-looking statements are not historical facts but
rather are based on current expectations and projections about the
Company and management's beliefs and assumptions. Words such as
"may," "will," "anticipates," "expects," "intends," "plans,"
"believes," " seeks" and "estimates" and variations of these words
and similar expressions are intended to identify forward-looking
statements. The Company's actual results may differ materially from
those projected in these forward-looking statements as a result of
a number of factors. Readers of this release are cautioned not to
place undue reliance on these forward-looking statements.
DATASOURCE: Santa Monica Media Corporation CONTACT: David M.
Marshall, Chief Executive Officer, Santa Monica Media Corporation,
+1-310-526-3222
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