MANDALAY
MEDIA, INC.’S PROPOSAL TO MERGE WITH
WORLD
POKER TOUR IS REJECTED
LOS ANGELES – November 3, 2009 – Mandalay Media, Inc.
(OTC Bulletin Board: MNDL) announced today
that its previously announced bid to merge with WPT Enterprises, Inc.
(“WPT”) was rejected by the board of directors of WPT.
“We are
very disappointed by this decision” said Ray Schaaf, President of Mandalay
Media. “ However, we remain interested in pursuing similar opportunities to
expand our business and enhance shareholder value in the future.”
About
Mandalay Media, Inc.:
Managed
by leading media and technology industry executives, the Company's mission is to
build a unique combination of new media distribution and content companies
through acquisitions with domestic and foreign businesses with strong management
teams and historical financial performance. Through its wholly-owned subsidiary
Twistbox Entertainment, Inc., the Company is a leading global producer and
publisher of mobile entertainment. Twistbox has exclusive licenses with
industry-leading brands, direct distribution with more than 120 wireless
operators in over 45 countries and provides an extensive portfolio of
award-winning games, WAP sites and mobile TV channels. Its wholly-owned
subsidiary AMV Holding Limited is a European leader in direct-to-consumer mobile
Internet content and services.
For more
information, please visit www.mandalaymediainc.com.
Safe Harbor: This press
release contains forward-looking statements about the Company within the meaning
of the Private Securities Litigation Reform Act of 1995. Statements including
words such as "estimate", "expect", "anticipate" or "believe" and statements in
the future tense are forward-looking statements. These forward-looking
statements are subject to risks and uncertainties that could cause actual events
or actual future results to differ materially from the expectations set forth in
the forward-looking statements. Some of the factors which could cause the
Company's results to differ materially from the expectations include the
following: consumer demand for the Company's products; consumer spending trends;
fluctuations in the currencies of the countries in which the Company operates
against the US dollar; timely development and release of the Company's products;
competition in the industry; the Company's ability to manage expenses; the
Company's ability to manage and sufficiently integrate acquisitions of other
companies; adverse changes in the securities markets; and other factors
described in our filings with the SEC, including our Annual Report on Form 10-K
for the fiscal year ended March 31, 2009. The Company does not undertake, and
specifically disclaim any obligation, to release publicly the results of any
revisions that may be made to any forward-looking statements to reflect the
occurrence of anticipated or unanticipated events or circumstances after the
date of such statements.