RLJ Entertainment Chairman Robert L. Johnson Announces $2 Million Stock Purchase Plan
SILVER SPRING, Md.--(BUSINESS WIRE)-- RLJ Entertainment Inc., (NAS: RLJE) , announced today that Robert L. Johnson, the company's Chairman, has adopted a Rule 10b5-1 plan under which he can purchase up to $2 million worth of RLJ Entertainment's common stock.
RLJ Entertainment, founded by Robert L. Johnson, founder of Black Entertainment Television and The RLJ Companies, is a leading creator, owner and distributor of media content across digital, broadcast and physical platforms. The company leverages its branding expertise, access to content and direct to consumer skills to optimize the value of its programs for distinct audiences. RLJ Entertainment was formed in October, 2012 through the business combination of RLJ Acquisition, Inc., Image Entertainment, Inc. and Acorn Media Group, Inc.
Mr. Johnson commented, "My decision to acquire additional RLJ Entertainment stock reflects my belief that the current value of the company's shares do not represent the long-term growth prospects of the business. I have strong confidence in RLJ Entertainment's management, Miguel Penella, CEO, and Drew Wilson, CFO, and their ability to maximize long-term shareholder value."
Under the plan, Mr. Johnson may purchase up to $2 million of the company's outstanding shares from time to time over the next 24 months. The share purchases will be made in the open market or in privately negotiated transactions in compliance with applicable laws and regulations, and purchases on the open market will be conducted within the safe harbor provisions of Regulation 10b-18 under the Securities Exchange Act of 1934, as amended.
As of June 19, 2013 Mr. Johnson beneficially owns 6,974,178 shares of the company's common stock which constitutes approximately 40.56% of the shares of the company's common stock outstanding. The stock purchase program does not obligate Mr. Johnson to purchase shares of the company's common stock and the program may be modified or terminated at any time without prior notice.
Forward Looking Statements
This press release may include "forward looking statements" within the meaning of the "safe harbor" provisions of the United Stated Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Investors are cautioned that such forward looking statements with respect to revenues, earnings, EBITDA, performance, strategies, prospects and other aspects of the business of RLJ Entertainment is based on current expectations that are subject to risks and uncertainties.
Readers are referred to the most recent reports filed with the SEC by RLJ Entertainment. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
About RLJ Entertainment - RLJ Entertainment, Inc. (NAS: RLJE) is a premier independent licensee and distributor of entertainment content and programming in North America, the United Kingdom and Australia with over 5,300 exclusive titles. RLJE is a leader in numerous genres via its owned and distributed brands such as Acorn (British TV), Image (stand-up comedy, feature films), One Village (urban), Acacia (fitness), Slingshot (faith), Athena (educational), Criterion (art films) and Madacy (gift sets). These titles are distributed in multiple formats including DVD, Blu-Ray, digital download, digital streaming, broadcast television (including satellite and cable), theatrical and non-theatrical.
Via its majority-owned subsidiary Agatha Christie Limited ("ACL"), RLJE manages the intellectual property and publishing rights to some of the greatest works of mystery fiction, including stories of the iconic sleuths Miss Marple and Poirot. And through its direct-to-consumer business, RLJE has direct contacts and billing relationships with millions of consumers.
RLJE leverages its management experience to acquire, distribute, and monetize existing and original content for its many distribution channels, including its nascent branded digital subscription channels, and engages distinct audiences with programming that appeals directly to their unique viewing interests. RLJE has proprietary e-commerce web sites for the Acorn and Acacia brands, and owns the recently launched Acorn TV digital subscription service.
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