Espial Closes $4 Million Financing Round
OTTAWA, Nov. 15, 2013 /CNW/ - Espial® Group Inc. ("Espial" or the "Company"), (TSX: ESP), a leader in the delivery of on-demand TV software and services, today announced that it has completed a private placement ("the Financing") of 5,714,286 units for gross proceeds of $4,000,000. Each unit was issued at a price of $0.70 per Unit and consists of one common share of the Corporation and one half of one common share purchase warrant. Each whole warrant entitles the holder thereof to acquire one common share of the Company at a price of $0.72 per share for a period of twelve months from today. Global Maxfin Capital Inc. acted as exclusive agent in connection with the Offering.
"We are very pleased with the significant investor interest in Espial that helped close this financing in a very short timeframe. In the last few months, we have made big strides winning a major Cable Operator and Smart TV manufacturers" said Jaison Dolvane, CEO, Espial. "Our leading HTML5 user experience products are being recognized as critical enablers for Service Providers and Smart TV manufacturers to innovate and thrive in the Internet video generation. This financing further strengthens Espial's capabilities to execute on our strategy and increase our industry leadership."
About Espial (www.espial.com)
Espial is a leading supplier of digital TV and IPTV software and solutions to service providers as well as consumer electronics manufacturers. Espial's middleware, video-on-demand, and browser products power a diverse range of pay-TV and Internet TV business models. Over 35 million licenses of its patented software are in use across the world. Espial is headquartered in Ottawa, Canada and has offices in the United States, Europe, and Asia. Visit www.espial.com or contact us via phone at +1 613 230 4770.
Forward Looking Statement
This press release contains information that is forward looking information with respect to Espial within the meaning of Section 138.4(9) of the Ontario Securities Act (forward looking statements) and other applicable securities laws. In some cases, forward-looking information can be identified by the use of terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or the negative of these terms or other similar expressions concerning matters that are not historical facts. In particular, statements or assumptions about, anticipated use of proceeds in connection with the private placement, Espial's business moving forward, Espial's ability to capitalize on Service Provider and Smart TV opportunities to build and deliver their next generation video & TV services and any other statements regarding Espial's objectives (and strategies to achieve such objectives), future expectations, beliefs, goals or prospects are or involve forward-looking information.
Forward-looking information is based on certain factors and assumptions. While the company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward-looking information, by its nature necessarily involves known and unknown risks and uncertainties. A number of factors could cause actual results to differ materially from those in the forward-looking statements or could cause our current objectives and strategies to change, including but not limited to changing conditions and other risks associated with the on-demand TV software industry and the market segments in which Espial operates, competition, Espial's ability to effectively develop its distribution channels and generate increased demand for its products, economic conditions, technological change, unanticipated changes in our costs, regulatory changes, litigation, the emergence of new opportunities, many of which are beyond our control and current expectation or knowledge.
Additional risks and uncertainties affecting Espial can be found in Management's Discussion and Analysis of Results of Operations and Financial Condition for the fiscal year ended December 31, 2012 filed on SEDAR at www.sedar.com. If any of these risks or uncertainties were to materialize, or if the factors and assumptions underlying the forward-looking information were to prove incorrect, actual results could vary materially from those that are expressed or implied by the forward-looking information contained herein and our current objectives or strategies may change. Espial assumes no obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
SOURCE ESPIAL GROUP