CRB American Community Newspapers

NEW YORK, May 11 /PRNewswire-FirstCall/ -- Courtside Acquisition Corp. (AMEX:CRB.UAMEX:CRBAMEX:CRB.W) announced today that for the three months ended March 31, 2007, the Company had net income of $330,467 consisting of interest and dividend income less operating expenses and state and local income and capital taxes. For the three months ended March 31, 2006, the Company had net income of $243,447 consisting of interest and dividend income less operating expenses and state and local income and capital taxes. The following information is being provided in compliance with American Stock Exchange Company Guide Rule 402, which requires disclosure of receipt of an audit opinion that contains a going concern qualification. This announcement does not represent any change or amendment to the Company's 2006 financial statements or to its Annual Report on Form 10-KSB. The Company's financial statements for the fiscal year ended December 31, 2006, included in the Company's Annual Report on Form 10-KSB filed on March 8, 2007, contain a going concern qualification from its independent accounting firm, Goldstein Golub Kessler LLP. The Company's certificate of incorporation provides for mandatory liquidation in the event that it does not consummate a business combination prior to July 7, 2007. As previously announced, on January 24, 2007, the Company entered into an Asset Purchase Agreement to acquire substantially all of the assets of American Community Newspapers LLC. ACN is a community newspaper publisher having operations within four major U.S. markets - Minneapolis - St. Paul, Dallas, Northern Virginia (suburban Washington, D.C.) and Columbus, Ohio. It is expected that the transaction will be consummated prior to July 7, 2007, after the required approval by the Company's stockholders. Accordingly, the Company believes it will not be forced to liquidate. In the Company's initial public offering, which was consummated in July 2005, the Company sold 13,800,000 units, including 1,800,000 units subject to the over-allotment option, generating total gross proceeds of $82,800,000 to the Company. Of this amount, $73,764,000 (or approximately $5.35 per share) was placed in trust. As of March 31, 2007, approximately $77,683,000 (or approximately $5.63 per share sold in the offering) is being held in the trust account. Courtside Acquisition Corp. is a blank check company organized for the purpose of effecting a merger, capital stock exchange, asset acquisition or other similar business combination with an operating business. DATASOURCE: Courtside Acquisition Corp. CONTACT: Richard D. Goldstein, Chairman of the Board of Courtside Acquisition Corp., +1-212-641-5000

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