Integrity Media Inc. announced the completion of its merger with Kona Acquisition Corp., an entity wholly owned by P. Michael Coleman, Integrity's co-founder, principal stockholder, and president and chief executive officer; this merger is expected to have the effect of making Integrity private.

As part of the going-private transaction, each holder of Integrity's Class A common stock will receive $6.50 in cash for each outstanding share other than shares owned by certain continuing stockholders who are officers of Integrity. Further, Integrity is eligible to terminate the registration of its Class A common stock under the Securities Exchange Act of 1934, as amended, and has requested that its Class A common stock be delisted from the Nasdaq National Market.

"We are pleased to announce the closing of the merger," Coleman said. "The termination of the registration of our Class A common stock and elimination of our ongoing reporting obligations will greatly reduce our administrative expenses and allow management to focus more effectively on Integrity's future."

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