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July 19 – July 26, 2007 Edition
CEDAR KNOLLS, NJ/7/11/07–MediaBay, Inc. (OTC Bulletin Board: MBAY.PK) announced that it has been unsuccessful in its attempt to sell the company and has no viable alternative, except to cease operations and liquidate its assets. MediaBay intends to wind down its operations in an orderly manner and seek to sell its assets at auction and distribute its remaining cash to its creditors. It is anticipated that this process will conclude by early September 2007.
MediaBay has invested millions of dollars in the developmnet of a digital download system for audio, offering downloads and digital recordings on several websites. However sales began spiraling down in 2005 from a high of $45 million in 2002. The co9mpany shifted its strategy from traditional direct mail to digital distribution in 2004, kicking off a steady downard spiral to a low of $9 million in 2005 and acculated losses of $163 million.
MediaBay is a digital media and publishing company specializing in spoken word audio entertainment. We maintain a library of more than 75,000 hours of audio content, which it distribute through consumer brands, Soundsgood.com, AudioBookClub, Radio Spirits and Radio Classics. Content is distributed on the internet via its digital download subscription services, websites, mail order, some of the nation’s largest retailers, and to cell phones via our ring tone offering. The company is also MSN Music’s exclusive provider of spoken word products for downloading via the Web. Its digital distribution partners include Real Networks, Loudeye, and XM and Sirius Satellite Radio. During MediaBay’s 12 years of operations, the company has serviced 2.9 million customers who have purchased our spoken word products.
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