Company's shares to commence trading on the TSX Venture Exchange under the symbol "HIT"
VANCOUVER, June 16, 2015 /CNW/ - HIT Technologies Inc. (TSXV:HIT) ("HIT" or the "Company"), makers of the HITCASE PRO, the world's most advanced adventure product for iPhone. HIT, who designs, develops, manufactures and distributes the shockproof, waterproof HITCASE® PRO and professional lens and mounting systems for the iPhone, has completed the previously announced Qualifying Transaction (the "Transaction") to amalgamate with a wholly-owned subsidiary of Friday Capital Corp ("Friday"). The Transaction is described in the Filing Statement filed by HIT, formerly Friday Capital Corp on May 27, 2015 on www.sedar.com. The common shares of HIT (the "Common Shares") resume trading today on the TSX Venture Exchange (the "TSX-V") under the trading symbol, HIT.
"We are very excited to be entering our next phase of growth," said, Brooks Bergreen, CEO of HIT Technologies Inc."We believe in the opportunities in front of HIT, and believe as a public company we will be better positioned to capitalize on them and accelerate the expansion of our HITCASE user base. Our mission is to extend the use case for the iPhone. With HITCASE, customers can take their phone anywhere they go, capture unique content and instantly share their experiences. No more waiting until later to upload and edit. No more fussing with multiple devices, chargers, plugs, cords, etc. We are proud of the traction we have gained in the market so far, and are confident in our continued long-term growth prospects."
About HIT Technologies Inc.
HIT develops and markets a portfolio of products for use on Apple iPhones across the globe. HIT believes that there is a significant opportunity in helping people get Ready for Adventure™ with the best camera they already have, their iPhone. HITCASE PRO allows people to create exciting photo and video content using soon to be patented Railslide™ mounts without the need for additional cameras, or gear that get in the way of the fun. With a combination of software, professional quality lenses, patented waterproofing and mounting technologies for every conceivable activity, The HITCASE PRO makes it fun and easy for users to capture and share a day at the beach, on the mountain, in the backyard, or anywhere else life takes you.
The Company's Board of Directors comprises Rob Chase (Chairman of the Board for HIT, and Former COO of Absolute Software (TSX:ABT) and Director of PNI Digital Media (TSX:PN) Brooks Bergreen (Co-Founder and CEO of HIT), Ian Wilkinson, Robert Chalmers, and Michael Liggett (CFO of HIT). Their biographies and further information on the Transaction are set out in the Filing Statement, which is available at www.sedar.com.
Over the last six months, following completion of a CDN$5.3 million financing round, HIT began its designing and precision engineering process to develop the HITCASE PRO 6 for the iPhone 6, and, at the same time, commenced an aggressive campaign to build a world-class action brand.
The Company has been successfully building its content and online community, now with more than 200,000 online followers (up from 40,000 in January 2015). This online content is growing daily with videos and pictures from customers and sponsored athletes.
HIT is pleased to announce that in June 2015, it began shipments to pre-order customers of its completely re-engineered flagship product, the HITCASE PRO 6. The HITCASE PRO 6 is now designed in Vancouver, Canada, and made in the USA, and is easier to use, more streamlined and more versatile than its predecessor.
The HITCASE PRO includes the Company's soon to be patented Railslide technology, which enables a HITCASE PRO protected iPhone to be mounted to almost anything for optimal filming. The Railslide also attaches to mounts for the GoPro camera, making HITCASE an everyday complement for GoPro enthusiasts.
HIT also offers a variety of proprietary lenses and a camera App that extends the capability of the iPhone. With these accessories, customers can capture and share unique angles and footage that are not possible with a naked iPhone. Management believes that the user experience is so compelling and simple to use that the HITCASE PRO can truly change people's relationship with their iPhones and how they capture and share their world - it truly makes them "Ready for Adventure™".
The Company's branding campaign centers on its "Ready for Adventure™" vision and a sponsored team of athletes that includes some of the world's best skiers, snowboarders, surfers, mountain bikers, skateboarders and more. Together with Freeride Entertainment, HIT has created an official launch video filmed entirely on an iPhone equipped with a HITCASE that will be included in a large media outreach campaign. The campaign is coming soon, and will be launched together with general availability of the new HITCASE PRO 6.
Having seen some early success with the use case of prior HITCASE offerings, management believes the timing is now right to aggressively pursue launch of the HITCASE PRO 6 into the general iPhone and action camera market. With iPhone shipments at all-time highs, and with Apple's continued advancement of the iPhone's camera capability, the device has become a go-to camera device for millions of iPhone users. With HITCASE PRO, the iPhone can now become a go-to action camera as well. This is timely as film industry experts believe that the iPhone could become the go-to camera for filming movies.
The Company believes the market opportunity for HITCASE is significant. Its addressable market is at the intercept of the multi-billion dollar action camera market, the multi-billion dollar smartphone accessory market and the multi-billion dollar social media and content market. With iPhone now shipping more than 200 million units annually, the Company believes the trends toward media and social content creation with iPhones have created a robust long-term market for HIT.
In January and April 2015, the Company completed two tranches of a private placement for total gross proceeds of approximately CDN$5.3 million, issuing 8,861,266 subscription receipts at a price of $0.60 each with each subscription receipt exchangeable into common shares for additional consideration. The proceeds are being used to fund development and distribution of the HITCASE PRO 6, market the HITCASE brand, produce exciting content and to build an online social media following.
The Financing was led by Dundee, and was syndicated with Mackie Research Capital Corp. (collectively, the "Agents"). Pursuant to an agency agreement between HIT and the Agents dated January 16, 2015, HIT paid a cash commission of CDN$292,000.
The Filing Statement filed on www.sedar.com on May 27, 2015 contains more information on the Company's prior financings.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy of this release.
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. The information in this release about the Company's anticipated use of available funds, and the future plans and objectives of the Company are forward-looking information.
Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.
This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, global economic climate; dilution; the Company's limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; theft and risk of physical harm to personnel; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.
SOURCE HIT Technologies Inc
Image with caption: "Pro Skier Sean Pettit using HITCASE PRO 6 (CNW Group/HIT Technologies Inc)". Image available at: http://photos.newswire.ca/images/download/20150616_C3472_PHOTO_EN_18122.jpg
For further information: For additional investor information, contact: Brooks Bergreen, CEO HIT Technologies Inc., [email protected], www.hitcase.com/invest; For media inquiries, contact: Kelly Cutrone, Peoples Revolution PR, [email protected]