In a strong vote of confidence in their business, a number of Pixman employees have put their own money on the table and invested in a USD 1 million new funding round. Whilst the individual amounts of the investment from people inside the company is relatively small, it all adds up (see official statement below) but as we say, shows significant faith in the business model and the enterprise itself.
Pixman are starting to be a lot more aggressive in their expansion and we have seen a number of brands take up their weareable media (and other) offers, especially in emerging markets – Tunisia, Morocco etc.
PIXMAN NOMADIC MEDIA ANNOUNCES THAT IT HAS INITIATED A PRIVATE PLACEMENT OF TREASURY SHARES FOR UP TO $1M TO BE COMPLETED ON OR ABOUT APRIL 15, 2008
For Immediate Release
Montreal, April 2, 2008 – Pixman Nomadic Media Inc. (TSXV: “PMN”) (the “Company”) announces a private placement of treasury common shares at a price of $0.12 per share, for an aggregate amount of up to $1 million. Investors have already committed to subscribe for $953,000 of such common shares in connection with this private placement.
Amongst these investors, insiders of the Company will subscribe for approximately 37.0% of the common shares of the Company to be issued in connection with this private placement. Daniel Langlois Investments Inc. has committed to subscribe for $200,000 of common shares of the Company and will hold up to 40.2% of the issued and outstanding common shares of the Company after the closing of the transaction. Mssrs Yves Gougoux, Daniel J. Sawaya and Valier Boivin, directors of the Company, have committed to subscribe for $50,400, $37,000 and $30,000 respectively of the said common shares and will hold up to 1.4%, 1.5% and 1.2% respectively after the closing of the transaction. Finally, Mssrs Michel Garneau, Philippe Gribeauval and Reneault Poliquin, officers of the Company, have committed to subscribe for $20,000, $10,000 and $5,000 of the said common shares and will hold up to 0.4%, 0.9% and 0.1% respectively after the closing of the transaction.
The private placement is expected to close on or about April 15, 2008, subject to applicable regulatory approval, and the Company will use the net proceeds from this transaction for working capital and general operating purposes.
This press release is not an offer to sell nor the solicitation of an offer to buy any securities of the Company.
About Pixman Nomadic Media Inc. Pixman Nomadic Media Inc. (www.pixman.com) is a Montreal-based tactical marketing company. The foundation of Pixman’s business, through its wholly-owned subsidiaries Pixman Corporation, Pixman Europe S.L. and Pixman U.S.A. Inc., is the Pixman® patented wearable multimedia system worn by brand ambassadors. Pixman creates innovative technology-based marketing experiences that bring new ways to promote brands, products and services. Pixman provides turnkey media services throughout North America and Europe, and licenses its products to partners active in over 25 countries around the world. Pixman is listed on the TSX Venture Stock Exchange (www.tsx.com) under the symbol “PMN”.