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TM Entertainment and Media, Inc. Receives Notice of Delisting from NYSE

^{Published on 2009-02-13 12:29:07, Last Modified on 2009-02-13 12:30:33 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--TM Entertainment and Media, Inc. (AMEX: TMI) (the "Company") today announced that on February 10, 2009 it received a notice from NYSE Alternext US (the "Exchange") indicating that the Company is below certain of the Exchange's continued listing standards due to its failure to hold an annual meeting of stockholders in 2008 as set forth in Section 704 of the Exchange's Company Guide. The Company was afforded the opportunity to submit a plan of compliance to the Exchange by March 10, 2009 that demonstrates the Company's ability to regain compliance with Section 704 of the Company Guide by August 11, 2009. If the Company does not submit a plan or if the plan is not accepted by the Exchange, the Company will be subject to delisting procedures as set forth in Section 1010 and part 12 of the Company Guide.

The Company has previously announced that it has set an annual meeting of stockholders for April 14, 2009. The Company has responded to the Exchange's notice and anticipates that the Exchange will accept the Company's plan to hold an annual meeting as its plan of compliance. If the Exchange accepts the Company's plan of compliance, the Company's listing will be continued until the annual meeting. Following the annual meeting, the Company expects that the Exchange will determine that the Company is in compliance with the Exchange's listing standards.

About TM Entertainment and Media, Inc.

TM Entertainment and Media, Inc. (the "Company") is a Delaware blank check company incorporated on May 1, 2007 in order to serve as a vehicle for the acquisition of an operating business in the entertainment, media, digital and communications industries and to seek out opportunities both domestically and internationally to take advantage of the Company's management team's experience in these markets.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 (the "Securities Act"), as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements include, but are not limited to statements regarding expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this report may include, for example, statements about the Company's:

The forward-looking statements contained in this press release are based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company and speak only as of the date of such press release. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company's control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading "Risk Factors" in the Company's Annual Report on Form 10-K. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

References in this press release as to "we," "us" or "our Company" refer to TM Entertainment and Media, Inc. References to "public stockholders" refer to holders of shares of common stock sold as part of the units in our initial public offering, including any of our stockholders existing prior to our initial public offering to the extent that they purchased or acquired such shares.