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NTN Buzztime, Inc. Announces Sale of Wireless Division
NTN Buzztime, Inc. , a leading developer and distributor of Play Along TV(R) entertainment and technology, today announced that it has closed on the sale of the assets of NTN Wireless Communications, Inc., a wholly owned subsidiary of NTN Buzztime, Inc., to HM Electronics Inc. (HME), effective March 30, 2007. NTN Wireless generated $6.1 million in revenue in 2006, with adjusted EBITDA (non-GAAP) of $757,000. The Company expects to receive $2.0 million in net proceeds resulting in a gain of approximately $400,000.
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