EX-99.1
2
ex991.txt
PRESS RELEASE
Exhibit 99.1
FOR IMMEDIATE RELEASE
For Further Information
Contact: Angela D. Toppi
Executive Vice President & CFO
203.642.5903
TRANS-LUX REPORTS SALE OF ENTERTAINMENT DIVISION
NORWALK, CT, July 21, 2008 - Trans-Lux Corporation (AMEX: TLX), a leading
supplier of programmable electronic information displays and operator of
cinemas, announced today that the company has sold its Entertainment division
as planned to private equity firm Marwit Capital of Newport Beach, CA effective
July 15th. Jesup & Lamont Securities Corporation acted as exclusive financial
advisor for the Company in connection with this transaction. It is anticipated
that Stephen J. DeGroat, former Chairman and CEO of Jesup & Lamont will continue
advising on a non-exclusive basis on certain financial matters to assist in the
Company's future growth plan for the Display Division.
The assets of the Entertainment division sold included 10 theatres and 69
screens in New Mexico, Colorado, Arizona and Wyoming. The purchase price of
$24.5 million includes the assumption of approximately $16.7 million in debt,
and with potential additional purchase price of up to $2.3 million based on the
performance of increased theatre operations at the DreamCatcher Cinema, which
was expanded from a six-plex to a 10-plex in May 2008. Marwit Capital also has
a six-month option to purchase raw land from the Company in Silver City,
New Mexico. Matthew Brandt and Thomas Brandt, executive officers of the
Company, will become full time officers of the Buyer managing the theatre
business purchased. The Company has agreed not to compete in the theatre
business in the Western states of the United States for five years and has
licensed the name "Trans-Lux Theatres" in connection with such movie theatre
circuit. The Company has received an opinion from an independent third party
that the transaction is fair to the stockholders of the Company from a financial
point of view. The net proceeds of the sale are being utilized to prepay long-
term debt of the Company to People's United Bank.
Trans-Lux / 2
Trans-Lux is a full service, worldwide leader in the design, manufacture,
installation and service of large-scale indoor and outdoor LED electronic
display systems for applications in the financial, banking, gaming,
advertising, corporate, retail, transportation, entertainment and sports
industries. For more information, please visit our web site at
www.trans-lux.com.
###
Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995
The Company may, from time to time, provide estimates as to future
performances. These forward-looking statements will be estimates and may or
may not be realized by the Company. The Company undertakes no duty to update
such forward-looking statements. Many factors could cause actual results to
differ from these forward-looking statements, including loss of market share
through competition, introduction of competing products by others, pressure on
prices from competition or purchasers of the Company's products, interest rate
and foreign exchange fluctuations, terrorist acts and war.

EX - 99 . 1 2 ex991 . txt PRESS RELEASE Exhibit 99 . 1 FOR IMMEDIATE RELEASE For Further Information Contact : Angela D . Toppi Executive Vice President & CFO 203 . 642 . 5903 TRANS - LUX REPORTS SALE OF ENTERTAINMENT DIVISION NORWALK , CT , July 21 , 2008 - Trans - Lux Corporation ( AMEX : TLX ) , a leading supplier of programmable electronic information displays and operator of cinemas , announced today that the company has sold its Entertainment division as planned to private equity firm Marwit Capital of Newport Beach , CA effective July 15 th . Jesup & Lamont Securities Corporation acted as exclusive financial advisor for the Company in connection with this transaction . It is anticipated that Stephen J . DeGroat , former Chairman and CEO of Jesup & Lamont will continue advising on a non - exclusive basis on certain financial matters to assist in the Company 's future growth plan for the Display Division . The assets of the Entertainment division sold included 10 theatres and 69 screens in New Mexico , Colorado , Arizona and Wyoming . The purchase price of $ 24.5 million includes the assumption of approximately $ 16.7 million in debt , and with potential additional purchase price of up to $ 2.3 million based on the performance of increased theatre operations at the DreamCatcher Cinema , which was expanded from a six - plex to a 10 - plex in May 2008 . Marwit Capital also has a six - month option to purchase raw land from the Company in Silver City , New Mexico . Matthew Brandt and Thomas Brandt , executive officers of the Company , will become full time officers of the Buyer managing the theatre business purchased . The Company has agreed not to compete in the theatre business in the Western states of the United States for five years and has licensed the name " Trans - Lux Theatres " in connection with such movie theatre circuit . The Company has received an opinion from an independent third party that the transaction is fair to the stockholders of the Company from a financial point of view . The net proceeds of the sale are being utilized to prepay long - term debt of the Company to People 's United Bank . Trans - Lux / 2 Trans - Lux is a full service , worldwide leader in the design , manufacture , installation and service of large - scale indoor and outdoor LED electronic display systems for applications in the financial , banking , gaming , advertising , corporate , retail , transportation , entertainment and sports industries . For more information , please visit our web site at www.trans-lux.com . # # # Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 The Company may , from time to time , provide estimates as to future performances . These forward - looking statements will be estimates and may or may not be realized by the Company . The Company undertakes no duty to update such forward - looking statements . Many factors could cause actual results to differ from these forward - looking statements , including loss of market share through competition , introduction of competing products by others , pressure on prices from competition or purchasers of the Company 's products , interest rate and foreign exchange fluctuations , terrorist acts and war .
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