Shares his perspectives on how Organizations and Communities become Innovators
SUNNYVALE, Calif., June 15, 2012 /CNW/ - LeoNovus Inc. ("LeoNovus" or the "Company") (TSXV: LTV), a leading Internet developer with its high performance browser-based Internet software platform announced that its CEO, Gordon Campbell shared his perspective on how organizations become innovators both in the enterprise and in the community. He pointed to Stratford Ontario, named one of the top 7 Intelligent Communities by the Intelligent Community Forum (ICF), as an example on how communities have become the drivers of innovation with its "Living lab" program, allowing inventive technologies to be proven in Stratford and replicated in communities globally.
LeoNovus is a partner in this project along with Cisco, Toshiba and others.
The Intelligent Community Forum is a New York-based think tank that studies the economic and social development of the 21st Century community. Whether in industrial or developing nations, communities are challenged to create prosperity, stability and cultural meaning in a world where jobs, investment and progress increasingly depend on broadband communications and other access technologies. The annual invitation-only conference was attended by nearly "300 thought leaders" from around the world, including the world's Top Seven Intelligent Communities.
"Gordon was a great addition to the agenda this year," stated Robert Bell, co-founder of the ICF. "Our theme focused on Intelligent Communities as platforms for innovation. And Gordon has a track record at seeing significant landscape changes in the market, then pioneering disruptive technologies such as the PC chipset and the first Ethernet chip that have changed the way we work and live today. And, he is not finished yet, embarking on the next "Big Thing" working with one of our SMART cities, Stratford, to prove the model. We look forward to working closely with him to learn the outcome."
"I enjoyed the opportunity to participate in the ICF event this year," said Gordon Campbell. "I am very excited to see this initiative scale with participation from a wider array of global cities. It provides a great forum to share achievements as well as problems providing for collaborative interaction for solutions. I believe very strongly in the opportunity of creating SMART cities."
LeoNovus will continue to support the living lab program in Stratford and will be disclosing details on its next generation technologies to leverage dark silicon for on demand computing resources utilizing its cloud-based managed system, the WISE Network.
Update on Private Placement
On February 21, 2012 announced an agreement with MGI Securities Inc. ("MGI") for a brokered private placement of up to CDN$3,000,000 in gross proceeds (the "Offering") based on the sale of up to 20,000,000 units (the "Units") priced at CDN$0.15 per Unit. Each Unit comprised 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 anticipated to close as per an extension on or before June 15, 2012 with the agreement of the TSX Venture Exchange. The Company announces the existing price has expired and intends to continue with the private placement with the same pricing subject to the approval of the TSX Venture Exchange.
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 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.
SOURCE LeoNovus Inc.
For further information:
Jim Fredrickson, Chief Financial Officer, +1-408-541-9400, Fax, +1-408-548-9910, [email protected]