AllDigital Issues Response to Abacast, Inc.
January 24, 2014 --
IRVINE, Calif., Jan. 24, 2014 (GLOBE NEWSWIRE) -- AllDigital Inc., (OTCBB:ADGL), a leader in digital broadcasting solutions, has issued the following statement in response to an unsolicited proposal by Abacast Inc., on January 12, 2014:
"AllDigital's Board of Directors (the "Board") has acknowledged receipt of an unsolicited offer made by Abacast Inc. on January 12, 2014, by means of press release, to merge Abacast with and into AllDigital Holdings, Inc. with the stockholders of Abacast controlling AllDigital Holdings upon the effectiveness of the merger. The Board has considered this offer and has determined that pursuing the offer is not in the best interests of AllDigital Holdings and its stockholders and, as a result, has elected to terminate any further merger discussions with Abacast at this time."
AllDigital Inc. offers secure digital broadcasting solutions across multiple devices including mobile, desktop and digital television that provide our clients with total control over the global distribution of digital media assets. The company's content management system ("CMS"), branded AllDigital Cloud, provides high-speed data transfer, scalable storage, encoding / transcoding, VoD and linear programming, and real time reporting. AllDigital Cloud can be used as a cloud-based service or as an on-premises content management tool to power private or public facing virtual digital broadcasting networks. For more information on AllDigital, please visit http://www.alldigital.com/.
This release may contain forward-looking statements as well as historical information. Forward-looking statements, which are included in accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, may involve risks, uncertainties and other factors that may cause the AllDigital's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this release. In addition, other risks are identified in the company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the SEC. Such forward-looking statements speak only as of the date of this release. AllDigital expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in company expectations or results or any change in events.
CONTACT: Leslie Licano, Beyond Fifteen Communications