Update to Tender for iseemedia Inc.
September 15 2010 - 8:45AM
PR Newswire (Canada)
TORONTO and LONDON, Sept. 15 /CNW/ -- TORONTO and LONDON, Sept. 15
/CNW/ - iseemedia Inc. ("iseemedia" - TSX-V: IEE) and Synchronica
plc ("Synchronica" - AIM: Sync) announce that as of close of
business (EST) on September 14, 2010, 54,301,342 common shares of
iseemedia have been tendered to the Offer, representing in excess
of 74% of the total issued and outstanding shares of iseemedia,
sufficient to satisfy the minimum tender condition of the Offer and
for Synchronica to take control of iseemedia. Additionally,
7,373,750 common share purchase warrants have been tendered to the
Offer. In order to further expedite the second-stage going private
transaction of iseemedia and acquire 90% or more of the issued and
outstanding common shares of iseemedia, Synchronica has extended
the Offer until 5:00 pm (Toronto time) on September 24, 2010.
iseemedia announces that a definitive purchase agreement for the
sale of iseemedia's subsidiary, RealBiz360 Inc., has been entered
into, for a sale price of CDN $1.53 million. The closing of this
sale is expected to be completed today, subject to receiving final
approval from the TSX Venture Exchange. Synchronica and iseemedia
are also pleased to announce that Synchronica has received
conditional approval to list its ordinary shares on the TSX Venture
Exchange. It is expected that the previously announced private
placement financings of both Synchronica and iseemedia will be
completed concurrently with the listing of Synchronica's ordinary
shares on the TSX Venture Exchange or shortly thereafter.
Synchronica and iseemedia continue to work towards full completion
of the transaction. About iseemedia Inc iseemedia Inc. is a mobile
software company focused on the commercialization of a Service
Delivery Platform (iseemail TM) for delivering push Email services
to the mass market and an advanced Content Delivery Platform
(iseedocs TM) for rich media adaptation and extremely
cost-efficient network delivery to mobile devices. The company
maintains a broad portfolio of issued and pending patents that
cover content authoring, streaming and interactive viewing on
mobile devices. iseemedia was founded in March 2002 and has been
traded on the TSXV in Toronto since June 2005. For more
information, please visit: www.iseemedia.com. About Synchronica plc
Synchronica plc is a leading developer of next-generation mobile
messaging solutions based on open industry standards. The
award-winning product portfolio includes the flagship product
Mobile Gateway, providing push Email, synchronization, instant
messaging (IM), backup and restore, and mobile connectivity to
social networks. Synchronica's products are white-labelled and
offered by mobile operators and device manufacturers in emerging
and developed markets to provide mass market messaging services,
increasing data revenues and reducing churn. Synchronica Mobile
Gateway provides a unique multi-protocol gateway combining Push
IMAP, SyncML, ActiveSync, Email-to-MMS, and Email-to-SMS,
delivering messaging services to literally any mobile phone
currently in the market without requiring an additional client to
be downloaded. Expanding instant messaging to mobile devices,
Mobile Gateway establishes carrier-branded IM communities, using
the industry standard XMPP and provides gateways to popular
internet IM communities, connecting any IMPS-enabled handset.
Headquartered in England, Synchronica also maintains development
centres in Germany and the Philippines in addition to a regional
presence in the USA, Hong Kong, Madrid and Dubai. Synchronica plc
is a public company traded on the AIM list of the London Stock
Exchange (SYNC.L). For further information, please visit
www.synchronica.com. Forward-Looking Statements: This news release
includes certain forward-looking statements that are based upon
current expectations, which involve risks and uncertainties
associated with Synchronica's business and the environment in which
those businesses operate. Any statements contained herein that are
not statements of historical facts may be deemed to be
forward-looking, including those identified by the expressions
"anticipate", "believe", "plan", "estimate", "expect", "intend",
and similar expressions to the extent they relate to either
Synchronica or its management. The forward-looking statements are
not historical facts, but reflect Synchronica's current
expectations regarding future results or events. These
forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results or events to differ
materially from current expectations, including the matters
discussed in Section 8 (under the heading "Risk Factors Related to
the Offer") of the Circular contained in the take-over bid circular
dated July 22, 2010 filed with respect to the Bid at www.sedar.com,
as amended pursuant to related notices filed at www.sedar.com.
Synchronica assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those reflected in the forward-looking statements.
%SEDAR: 00020202E iseemedia Inc., David Berman, CFO, +1 905 761
5293; Synchronica plc, Carsten Brinkschulte, +44 (0) 7977 256 406,
CEO, Angus Dent, CFO, +44 (0) 7977 256 347, Nicole Meissner, COO,
+44 (0) 7977 256 412, www.synchronica.com; finnCap, Clive Carver,
Nomad, +44 (0) 20 7600 1658, Charlotte Stranner, Corporate Finance,
+44 (0) 20 7600 1658, Stephen Norcross, Corporate Broker, +44 (0)
20 3207 3211; Walbrook PR Ltd, Paul McManus, +44 (0) 20 7933 8787,
+44 (0) 7980 541 893, paul.mcmanus@walbrookpr.com
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