Bassett Media Group Corp. is no longer pursuing the acquisition of certain assets from Sidetrack Technologies Inc. nor the acquisition of Haizou Media Corporation.

Bassett Media had announced the signing of letters of intent with Sidetrack in August 2009 and with Haizou in October 2009.

Bassett Media President and CEO Matthew Bassett said that “after a period of further due diligence, it was determined that the proposed acquisitions were not a strategic fit for the company”. However, “Bassett Media continues to explore opportunities for accretive acquisitions in the media space”.

Bassett Media has also announced the resignation of Chief Operating Officer Joseph Arcuri, effective immediately. “The company is restructuring its executive management and will make further announcements in due course” according to Mr. Bassett.