US Patent and Trademark Office (USPTO) allows LeoNovus claims for a third "Action Media Scripts" Patent
SUNNYVALE, Calif., Jan. 28, 2013 /CNW/ - LeoNovus Inc. ("LeoNovus" or the "Company") (TSXV: LTV), a leading developer with its high performance browser-based Internet software platform today announced it is thrilled that its active partner for LeoNovus LTV and distributed data centre products, the City of Stratford, Ontario, has been selected as one of the Top 7 Intelligent Communities of the Year by the Intelligent Community Forum (ICF). The ICF is a New York-based think tank, which recognizes communities across the globe that use information and communication technologies, and specifically high-speed or broadband Internet connectivity, to power economic and social development.
"We congratulate Mayor Dan Mathieson and his city of Stratford for continuing to take a leadership role in driving forward on initiatives that recognize the importance of SMART connected technologies as drivers of economic competitiveness and environmental sustainability," stated Gordon Campbell, CEO of LeoNovus. "We are delighted to be a partner as they continue to be a role model on the global stage in proving out new technologies to drive scalable growth while preserving and promoting the local culture."
LeoNovus also announces that the U.S. Patent and Trademark Office ("USPTO") has allowed the claims for an additional third patent covering the software and hardware acceleration of processor intensive "action media scripts" such Adobe Flash, HTML 5, Java Script, Silverlight among others to deliver full screen high quality multi-screen display to the largest screen in the house, the TV or the smallest mobile smartphone display. This further expands upon the Company's intellectual property specifically relating to quality full multi-screen delivery of web 2.0 multimedia, which includes social media sharing and social networking on a multiplicity of connected devices.
Private Placement Update
LeoNovus expects to move forward, subject to approval from the TSX Venture Exchange, with a non-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 is expected to be 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 two (2) years from the closing date of the Offering at an exercise price of CDN$0.24 per Common Share. The Offering is anticipated to have an initial close on or about January 31, 2013, subject to the agreement of the TSX Venture Exchange.
The Company plans to use the proceeds to finance further growth into the market.
About LeoNovus Inc. (www.LeoNovus.com)
LeoNovus is a leading developer of a high performance browser-based Internet platform with a managed system approach that provides 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 personalized consumer electronics experience to the largest monitor in the house.
LeoNovus adds its proprietary break-through dark core technologies enabling the ability to leverage unused idle processors for purposes of building SMART Networks and edge computing to reduce costs increase performance and deliver additional revenue streams via distributed networks.
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.
 Original patent was filed under LeoNovus' former name, Personal Web Systems.
SOURCE: LeoNovus Inc.
For further information:
Jim Fredrickson, Chief Financial Officer, T: (408) 541-9400, F: (408) 541-9410, [email protected]