It is not often you find something like this:

• A sub $5 million market cap company entered into a contract to sell a negative EBITDA business for $64 million.

• The stock went up over 150% and remains undervalued with a market cap of only $13 million.

• Pro forma results should improve to over $45 million of EBITDA should national advertising remain unchanged.

• Additional upside as corporate costs come down.

• Pro forma net debt to EBITDA leverage will decline from 7.51x to 5.26x should the transaction close.

• The valuation remains in equity stub land.

• If management can continue to execute, buy the debt below par and de-lever the balance sheet there is meaningful upside.