Stingray Grows its Global In-store Music and Digital Display Solutions with the Acquisition of Marketing Sensorial México
MONTREAL, May 06, 2020 (GLOBE NEWSWIRE) — Stingray Group Inc. (TSX: RAY.A; RAY.B), a leading music, media, and technology company, today announced that it has acquired its trusted affiliate Marketing Sensorial México (MSM), the Mexican leader in point-of-sale marketing solutions. The agreement furthers Stingray Business’ foothold in Mexico.
As the current partner of Stingray Business for the 1,500 pharmacy locations and additional 1,500 medical clinics operated by Farmacias del Ahorro in Mexico, MSM specializes in digital signage content production, in-store music and the sale and/or lease of audio and visual equipment. The company serves customers in a range of industries (more than 5,800 locations) including banking, retail pharmacy and automotive dealership sectors with clients such as Grupo Financiero Santander México, Scotiabank México and BMW.This strategic acquisition supports Stingray’s business plan and growth strategy by offering Stingray Business customers a “one-stop” shop for digital signage, customized background music, custom messaging and AI-driven customer feedback that can both entertain and inform customers in these unprecedented times. Under the terms of the acquisition agreement, Stingray will fully own and operate the business and assets of MSM with the continued support and direction of the company’s current leadership team. “Improving the in-store customer experience at every level is Stingray Business’ mission,” explained Eric Boyko, President, Co-founder, and CEO of Stingray. “The acquisition of the MSM business adds an important building block to our offering while adding new prestigious brands to our already impressive client portfolio. I look forward to working with our existing and new clients who will benefit from the shared expertise we have built with MSM over the years. I am confident that with the continued support of MSM’s leadership team, we will reaffirm Stingray Business as the leading provider of state-of-the-art digital media solutions.” “We have built over the last 10 years a unique company that has served many of the most important brands in Mexico,” said Jacobo Jafif, Founder and CEO of Marketing Sensorial México. “I’m confident that this acquisition will position Stingray as the leader in the Latin American Market and will continue delivering great content, unmatched creativity and best in class in-store media solutions.”About Stingray
Montreal-based Stingray Group Inc. (TSX: RAY.A; RAY.B) is a leading music, media, and technology company with over 1,200 employees worldwide. Stingray is a premium provider of curated direct-to-consumer and B2B services, including audio television channels, more than 100 radio stations, SVOD content, 4K UHD television channels, karaoke products, digital signage, in-store music, and music apps, which have been downloaded over 150 million times. Stingray reaches 400 million subscribers (or users) in 156 countries. For more information: www.stingray.com.Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable Canadian securities law. Such forward-looking information includes, but is not limited to, information with respect to Stingray’s goals, beliefs, plans, expectations, anticipations, estimates and intentions. Forward-looking information is identified by the use of terms and phrases such as “may”, “would”, “should”, “could”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe”, and “continue”, or the negative of these terms and similar terminology, including references to assumptions. Please note, however, that not all forward-looking information contains these terms and phrases. Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Stingray’s control. These risks and uncertainties could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk factors identified in Stingray’s Annual Information Form for the year ended March 31, 2019, which is available on SEDAR at www.sedar.com. Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that Stingray anticipates will be realized or, even if substantially realized, that they will have the expected consequences or effects on Stingray’s business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and Stingray does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.
For more information, please contact:Mathieu Péloquin
Senior Vice-President, Marketing and Communications
1 514 664-1244, ext 2362