TORONTO, Aug. 20 /CNW/ - iseemedia Inc. (TSX-V: IEE) announced today, that it entered into a binding agreement (the "Sale Agreement") with Ackren Ltd. pursuant to which iseemedia has agreed to sell its interest in its majority owned U.S. subsidiary, RealBiz360 Inc., along with certain other non-core assets which are not related to the Company's wireless business.
As a condition to the offer (the "Offer") made by Synchronica plc to acquire all of the issued and outstanding common shares and warrants of iseemedia which was previously announced in a press release dated July 20, 2010, iseemedia is required to dispose of its interest in RealBiz360 and certain other non-core assets. The sale of the Company's interest in RealBiz360 is expected to close concurrently with, Synchronica taking up and paying for the securities of iseemedia that have been tendered to the Offer. The sale of RealBiz360 and the Company's other non-core assets to be sold in accordance with the terms of the Sale Agreement will satisfy the condition of the Offer noted above. In the event, however, that all other conditions of the Offer have not been either satisfied or waived and Synchronica does not take-up and pay for the securities of iseemedia tendered to the bid, the sale of RealBiz360 will not be completed and the Sale Agreement will be terminated.
The sale has been approved by the board of iseemedia Inc.
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 TSX-V in Toronto since June 2005.
For more information, please visit: www.iseemedia.com.
(C) 2009 iseemedia Inc. All rights reserved. iseemedia and iseedocs are either Registered Trademarks or Trademarks of iseemedia Inc. in the United States and or Canada. All other trademarks and trade names are the property of their respective owners.
This news release includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with iseemedia's business and the environment in which the business operates. 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 the Company or its management. The forward-looking statements are not historical facts, but reflect iseemedia'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 under "Risks and Uncertainties" in the Filing Statement filed on March 31, 2009 with the regulatory authorities. iseemedia 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.
Neither 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 ISEEMEDIA INC.
For further information: For further information: David Berman, CFO, iseemedia Inc., Tel: 905-761-5293, firstname.lastname@example.org