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
