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Courtside Acquisition Corp. Completes Acquisition of American Community Newspapers
7/2/2007
New York, NY – July 2,
2007 – Courtside Acquisition Corp. (AMEX: CRB; CRB.U;
CRB.WS) (“Courtside”), a public company
formed to effect a merger, capital stock exchange, asset purchase or other
similar business combination with an operating business, announced the
completion of its asset purchase agreement of American Community Newspapers LLC
following shareholder approval at the Special Meeting of Stockholders held on
June 28, 2007.
The Company is changing its name to American Community
Newspapers Inc. (“ACN”). ACN will
continue to trade initially under the ticker symbol “CRB.”
“Our new status as a public company provides us with access
to the capital markets and additional resources to continue to execute on our
growth plan,” stated Gene Carr, Chairman and CEO of ACN. “ACN is building a successful media franchise
that underscores the value and growth potential that newspapers offer as the
premier advertising platform in local communities. Operating in four affluent markets with 100
publications, our mission is to serve our local market constituents with the
news coverage they desire while providing our advertising customers with
compelling demographics through our controlled free distribution model.”
Mr. Carr continued, “Moving forward as a public company, we will
continue to execute a multi-faceted growth strategy, which includes the
strengthening of our leading positions as a provider of local content, the
development of new print and online products, continued monetization of Web
site traffic, further leveraging of our platform, strategic add-on acquisitions
in existing markets, and new cluster acquisitions such as our recent entry into
the Columbus, Ohio market. The
successful acquisition of the Columbus
cluster in May added 22 weekly newspapers and 4 niche publications with total
circulation over approximately 412,000 to ACN's portfolio. We look forward to
building on our track record of growth, both organically and through
acquisition, in the interests of our customers, employees, and shareholders.”
Richard Goldstein and Bruce Greenwald, former Chairman and
President, respectively, of Courtside, commented, “As members of ACN's Board,
we look forward to working with Gene and his world-class team to advance ACN's leading
role in the local community newspaper market.
With an impressive portfolio of publications, strong leadership, clear
strategic direction, and a successful track record of organic growth and
acquisitions, ACN's future looks bright and we are excited to contribute to the
Company’s development.”
About American Community Newspapers, Inc. (“ACN”)
ACN is a community newspaper
publisher in the United States,
operating within four major U.S.
markets: Minneapolis - St.
Paul, Dallas, Northern Virginia
(suburban Washington, D.C.) and Columbus,
Ohio. These markets are some of the most affluent,
high growth markets in the United
States, with ACN strategically positioned in
the wealthiest counties within each market. ACN's goal is to be the preeminent
provider of local content and advertising in any market its serves. In these markets, ACN publishes three daily
and 83 weekly newspapers, each serving a specific community, and 14 niche
publications, with a combined circulation of approximately 1,386,000 households
as of April 30, 2007. In addition, ACN’s
locally focused websites have average monthly page views and visitors of
approximately 3.4 million and 1.1 million, respectively, extending the reach
and frequency of its products beyond their geographic print distribution area.
Forward-Looking Statements
This
press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act, with respect to Courtside’s future
financial or business performance, strategies and expectations. Forward-looking
statements are typically identified by words or phrases such as “trend,”
“potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,”
“anticipate,” “current,” “intention,” “estimate,” “position,” “assume,”
“outlook,” “continue,” “remain,” “maintain,” “sustain,” “ seek, ” “achieve,”
and similar expressions, or future or conditional verbs such as “will,” “
would,” “should,” “could,” “may” and similar expressions.
Contacts
American
Community Newspapers Inc.
Gene
Carr
972-628-4081
Brainerd
Communicators, Inc.
Corey
Kinger or Jonathan Schaffer (investors)
212-986-6667
Joe
LoBello (media)
212-986-6667
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