CTM Media Holdings, Inc. (OTC Pink Markets: CTMMA, CTMMB), today announced that it had consummated the previously announced sale of the assets of its WMET radio station to Huffines Media. The buyer paid $1.3 million in cash and issued a promissory note for an additional $2.7 million in payment of the $4 million purchase price.
“We sold WMET because it was not being operated profitably as part of CTM, and we are determined to run our businesses so as to maximize long term value for our shareholders while generating positive operating performance,” said Marc Knoller, CEO. “We will seek to deploy the cash generated in keeping with those goals in our remaining core businesses or in complementary opportunities.”
About CTM Media Holdings:
CTM Media Holdings, Inc., a Delaware corporation, is a holding company consisting of the following principal businesses:
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