VANCOUVER, Feb. 14, 2019 /CNW/ - MediaValet Inc. (TSX-V:MVP)
("MediaValet", "the Company"), a leading provider of cloud-based
enterprise digital asset management (DAM) software, is pleased to
announce that Thomas Kenny and
Jake Sorofman have joined
MediaValet's Board of Directors. Concurrently, the Company has
accepted Barry Jinks' resignation
from the Board.
"We welcome the addition of Thomas and Jake to our Board of
Directors," commented David
MacLaren, Founder and CEO of MediaValet. "As our
business accelerates into 2019, their extensive leadership, sales
and marketing, and high growth tech experience will be invaluable
to our team. Additionally, on behalf of everyone at MediaValet and
all of our investors, I want to thank Barry for his valued support
and guidance over the years."
David continued, "2018 was a tremendous year for MediaValet, we
released several major product milestones, including V4 and
Creative Spaces, delivered a record level of billings in Q3, and in
Q4 we signed a US$150,000 per year
AI-driven DAM customer. We're entering 2019 with unprecedented
momentum and opportunity; setting the stage for an exciting growth
year and one that will benefit from the guidance and support of Mr.
Sorofman, Mr. Kenny and our entire Board."
Thomas Kenny
Thomas
joins MediaValet with a 25+ year career leading sales for
organizations from tech start-ups to large multinational
corporations. Since 2017, Thomas has led the sales strategy and
execution as VP of Sales for GRC, a tech start-up providing
immersion cooling solutions for large data centers, where he has
helped grow revenues by over 400%. From 2012 to 2016, he
served as Senior VP and GM of sales and marketing at the worldwide
level for Absolute Software, a Software-as-a-Service leader in
endpoint security. During his tenure there he was responsible for
the pivot into new market verticals and international growth.
Prior to Absolute, he spent 16 years at HP as SVP of the US
Public Sector division where he grew revenues from $350m to nearly $3.8b. Thomas has also held sales management and
account management roles at Compaq Computer Corp, Digital Equipment
Corp, US Robotics and Zenith Data Systems.
Jake Sorofman
Jake is
currently chief marketing officer of Pendo, a Raleigh, NC-based SaaS company that provides
user insight, user guidance and user communication for digital
product teams. Founded in 2013, Pendo has raised $106 million in venture funding from Battery
Ventures, Spark Capital, Meritech Capital and Sapphire Ventures,
among others, and counts more than 900 customers, including
Zendesk, Salesforce, Coupa, BMC, and Sprinklr. One of the fastest
growing SaaS companies in the world, Pendo was named to the 2018
Forbes Cloud 100 and Next Billion Dollar Start-ups. Before Pendo,
Jake was VP and Chief of Research at Gartner, Inc., a leading
global research and advisory firm, where he advised clients on CMO
topics and marketing trends including digital asset management.
Prior to Gartner, he spent 16 years in progressively responsible
marketing leadership roles with venture-backed software companies,
including rPath (acquired by SAS Institute), Systinet (acquired by
Mercury Interactive, now part of HP Enterprise), and eRoom
(acquired by Documentum, now part of OpenText). Jake holds a BA in
English and Political Science from University
of New Hampshire; an MBA from the McCallum Graduate School
of Business at Bentley University;
and a Master of Liberal Arts and Sciences from University of North Carolina Asheville.
Private Placement
The Company is pleased to
announce a fully subscribed $1,551,350 non-brokered private placement (the
"Offering"), comprised of 10% unsecured convertible debentures (the
"Debentures") of MediaValet at the issue price of $1,000 per Debenture. The Debentures mature three
years after the date of issue and may be converted in whole or in
part, at the sole discretion of the subscribers, at any time prior
to the maturity date into common shares of the Company (each a
"Conversion Share"). The conversion rate is $0.05 for each Conversion Share within the first
twelve months from the issue date, and $0.10 for each Conversion Share thereafter to
expiry of Debentures. Insiders (including Rob Chase, David
MacLaren and Robert Garnett)
have subscribed for $760,000 and new
Directors subscribed for $265,080 of
the Offering.
Each $1,000 Debenure includes
warrants to purchase 20,000 common shares in the Company ("Purchase
Warrants") at an exercise price of $0.05 per share. The Purchase Warrants also
expire three years after the date of issue, subject to the right of
the Company to force their earlier expiry.
The Company has the option to force conversion of the Debentures
should the daily volume weighted average trading price of the
Common Shares be greater than $0.10 for any 10
consecutive trading days within 12 months from the issue date, and
$0.15 per share thereafter. Expirey
of the Purchase Warrants may also be accelerated should the daily
volume weighted average trading price of the Common Shares be
greater than $0.10 for any 10 consecutive trading
days.
The Company intends to use the net proceeds of the Offering to
provide the working capital required to fund its current growth
objectives and to continue executing on its strategic plan.
The completion of the Offering is subject to the approval of the
TSX Venture Exchange.
Stock Option Grant
The Company has granted a total of
13,775,000 stock options to new and existing directors and staff.
The options will have a term of five years expiring on
February 13, 2024. Each option
will allow the holder to purchase one common share in the Company
at a price of $0.05 The options
are subject to vesting over a period of three years in accordance
with the TSX Venture Exchange regulations.
About MediaValet Inc.
MediaValet stands at the
forefront of the enterprise, cloud-based, digital asset management
industry. Built exclusively on Microsoft Azure and available within
140 countries, across 54 Microsoft data center regions around the
world, MediaValet delivers unparalleled enterprise class security,
reliability, redundancy and scalability while offering the largest
global footprint of any DAM solution. In addition to providing all
core DAM capabilities and local desktop-to-sever-to-cloud support
for creative teams, MediaValet offers industry leading integrations
with Slack, Adobe Creative Suite, Microsoft Office 365, Oracle
Marketing Cloud (Eloqua), Wrike, Drupal 8, WordPress, Hootsuite and
many other best-in-class 3rd party applications.
Follow MediaValet: Blog, Twitter and LinkedIn
Surf: www.mediavalet.com
"Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
SOURCE MediaValet Inc.
