LeoNovus Introduces Smart Home Connect powered by the WISE Network™
Updates to Private Placement Closing
SUNNYVALE, Calif., May 18, 2012 /CNW/ - LeoNovus Inc. ("LeoNovus" or the "Company") (TSXV: LTV), a leading Internet developer with its high performance browser-based Internet software platform announces today the addition of high value functionality and feature enhancements to its LeoNovus platform. LeoNovus is developing a high performance browser-based Internet software platform with a managed system called the WISE Network™ that provides personalized access to all the features, content, and functionality available on the Internet without the malware, security and support issues of a PC.
The WISE Network is a key cloud component to the LeoNovus offering providing support and upgrades, full analytics, and a multiplicity of revenue generating services, including content, applications, targeted advertising and micro-transactions. It is also a platform for third party developers. These capabilities allow for scalability and the ability to offer new programs such as the SMART Home Connect.
"Our customers have asked us to add services and applications in the area of Home Management," stated Dan Willis, Chief Architect of LeoNovus. "The way we have designed the WISE Network allows us to add both hard and soft applications to support home management including temperature settings, IP video surveillance, motion sensors, lighting, etc. leveraging the capabilities of the WISE Network. We can add this utilizing Wi-Fi so that the cost to the home owner is significantly less than traditional approaches where you need to add new wiring. We are currently working with key customers in defining their programs and are very excited to add yet another dimension to our offering."
LeoNovus will be announcing more details in the months to come.
Update to the Private Placement
On February 21, 2012 LeoNovus ("LeoNovus" or the "Company") (TSX-V: LTV) announced an agreement with MGI Securities Inc. ("MGI") for a brokered private placement of CDN$3,000,000 gross proceeds (the "Offering") based on 20,000,000 units (the "Units") priced at CDN$0.15 per Unit. Each Unit comprises one (1) common share in the capital of the Company (the "Common Share") and one (1) Common Share purchase warrant entitling the holder to purchase one (1) Common Share for a period of three (3) years from the closing date of the Offering at an exercise price of CDN$0.24 per Common Share. The Company also agreed, subject to regulatory approval, to grant MGI an agent's option (the "Agent's Option") to increase the size of the Offering by up to an additional fifteen percent (15%) of Units, exercisable at any time on or before the date that is two days prior to the closing date of the Offering at the same price. The Offering was originally anticipated to close on or before April 23, 2012 and a notice was filed with the TSX Venture Exchange to that effect (the "Original Notice"). The Company is still working to complete the Offering on the same terms as previously described; however it now anticipates that the Offering will close as soon as practicable and in any event not later than June 15, 2012.
The securities to be issued pursuant to the Offering will be subject to a four (4) month and one (1) day hold period from the date of issuance. Completion of the Offering is subject to regulatory approval, including acceptance and approval of the TSX Venture Exchange.
LeoNovus is committed to high quality personalized next generation products to deliver "all the video, all the web, all the games, at any time" in a very personalized consumer friendly way. The LeoNovus approach to Internet TV introduces a unique "profitability" component that has been missing from current attempts to expand the Web onto the TV– an integrated management system, the WISE Network, that will deliver carefully targeted ads, marketing campaigns, services and applications and now Home Management that are linked to individual viewer preferences and interests. This combination of an intuitive smart client and WISE Network is expected to bring a new level of specificity and accountability to revenue models.
About LeoNovus Inc. (www.LeoNovus.com)
LeoNovus is developing a high performance browser-based Internet platform with a managed system approach that will provide HDTVs and other consumer electronic devices with access to all the features, content, and functionality available on the Web without the malware, security and support issues of a PC. LeoNovus seeks to change the way high-value Internet content is organized, monetized, and delivered on HDTVs, providing a true consumer electronics experience to the largest monitor in the house.
The Company is issuing this news release to disclose that, pursuant to TSX Venture Exchange regulations, the Original Notice has been deemed withdrawn by the TSX Venture Exchange. This deemed withdrawal does not affect either the Company's ability or its intent to continue and complete the Offering as described previously.
The securities offered in the Offering have not been and will not be registered under the U.S. Securities Act as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, sale or solicitation would be unlawful.
LeoNovus shares have traded on the TSX Venture Exchange since June 10, 2009. Further information about LeoNovus can be found in its filings with Canadian securities regulators, which filings are available at http://www.sedar.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information included in this press release is forward-looking and may involve risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors that might cause a difference include, but are not limited to, competitive developments, risks associated with LeoNovus' growth, the state of the financial markets, regulatory risks and other factors. Forward-looking statements included or incorporated by reference in this press release include statements with respect to proposed terms of, and the intended use of proceeds of, the Offering. There can be no assurance that any statements of forward-looking information contained in this release will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral statements containing forward-looking information are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Unless otherwise required by applicable securities laws, LeoNovus disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on any statements of forward-looking information that speak only as of the date of this release. More detailed information about potential factors that could affect LeoNovus' financial and business results is included in public documents LeoNovus files from time to time with Canadian securities regulatory authorities and which are available at www.sedar.com.
All trademarks and brands mentioned in this release are the property of their respective owners.
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