NewTeeVee Story Clarified

Earlier today, Ryan Lawler wrote a story in NewTeeVee about one of Sorenson Media's shareholders -- a family Trust of the late James Sorenson, Sr. -- exploring alternatives as a result of a long-planned Trust-mandated future transfer of essentially all its assets (including the Trust's shares in Sorenson Media) to a charitable foundation (specifically, the Sorenson Legacy Foundation). The article correctly pointed out that the Trust's exploration was driven solely by potential adverse tax consequences resulting from a for-profit holding (Sorenson Media) being transferred to a non-profit charitable foundation.

In general, the article is factually correct. However, it is worth underscoring:

(1) the Trust's exploration of alternatives, including the sale of its share holdings, is driven solely by the its legal obligation to transfer its shares to a non-profit charitable foundation (and the potential adverse tax consequences resulting therefrom);

(2) this transfer of assets from the Trust of James Sorenson, Sr. to the Sorenson Legacy Foundation was planned and public since the establishment of the charitable foundation long ago;

(3) it is the Trust alone (a shareholder) -- and not Sorenson Media (the company itself) -- that is exploring such alternatives;

(4) Sorenson Media has a long history of profitability; has a very healthy balance sheet; is in no need of cash; and is not looking for new funding;

(5) Sorenson Media just finished its second consecutive quarter of 40% or more revenue growth, with significant growth across all product lines -- including its Sorenson 360 online video platform and overall enterprise business; and

(6) this planned transfer of share-holdings is anticipated to have no impact on the company's customer relationships, partnerships, plans or overall strategy.