Press Release 2007
The service will allow Costco Members to easily upload and place orders for prints, greeting cards, calendars and other photo gift items and pick them up at the selected Costco locations.
Aaron Rallo, Chief Operating Officer, and Robert Chisholm, Chief Financial Officer, will discuss the Company’s market positioning and growth strategies. A live audio webcast of the presentation will be broadcast at the following link: http://www.wsw.com/webcast/mcm7/pnwif.ob/.
New Photobooks Powered By Pni Digital Media Available Online
The new photobook application features a wide variety of exclusive templates, custom designs and an array of cover options that allow customers to upload their photos and create their own custom book.
Company Provides Update On Pixology Acquisition
PhotoChannel continued to see year over year growth in the usage of its retail partners’ online photofinishing offerings in the third quarter of fiscal 2007. The company believes this growth will continue throughout 2007, as retailers attempt to maintain and increase their market share in the online provision of photo services.
Photochannel To Take Immediate Control Of Pixology
Funds for the acquisition of the Pixology shares tendered will be delivered to Pixology shareholders within the next fourteen days from existing cash. PhotoChannel will take immediate control of Pixology, and has begun day to day direction of the business, effective July 2, 2007.
Extends Offer For All Outstanding Shares Until June 25
Peter Fitzgerald, Chairman, President and CEO of PhotoChannel Networks, said: “The Board of PhotoChannel Networks is delighted to have received the support for our offer from shareholders representing over 80 percent of the outstanding Pixology Shares. With the recommendation of our offer by the Board of Directors of Pixology, we are pleased to see such an overwhelming initial response. Accordingly, we are pleased to extend our offer for an additional two weeks.”
Fujifilm Customers Get Ready To Deploy Photochannel’s Pni Digital Media
PhotoChannel Networks Inc. (TSX-V: PN and OTCBB: PNWIF) (“PhotoChannel”) the leading innovator in Online Digital Media Solutions for retailers announces that it has reached an agreement with FUJIFILM Canada Inc. to operate Online Photo Services for FUJIFILM retailers. As part of this agreement, PNI will work with FUJIFILM Canada to immediately start the process of converting the site platform of its key retailers; towards full-completion in the coming months.
Record Revenue For The 6 Months Ending March 31, 2007
During the first six months, the Company saw continued year over year growth from its retail partners’ online photofinishing offerings. The Company believes this will continue throughout 2007, as retailers attempt to maintain and increase their market share in this new consumer offering. The marketplace, where PhotoChannel provides one of the dominant online solutions for photofinishers, continues to accelerate rapidly.
The Offer Price represents a premium of approximately: 55.3 per cent. to the closing price of 25.75 pence per Pixology Share on 25 April 2007, the last Business Day prior to the announcement of the Offer; and 19.4 per cent. to the Closing Price of 33.5 pence per Pixology Share on 24 October 2006, being the last Business Day prior to the commencement of the offer period. PhotoChannel Networks will use its currently available cash reserves to complete the acquisition.
PhotoChannel Networks Inc. (TSX-V: PN and OTCBB: PNWIF) (“PhotoChannel” or “Company”) has completed the initial closing of its private placement units previously announced on March 28, 2007. This closing was for 4,265,588 units for proceeds of US$14,502,999.20.
The Private Placement Is Being Conducted Partly Through Placement Agents And Is Expected To Close Within The Next Several Days.
Completion of the private placement is subject to the approval of the TSX Venture Exchange and to the execution of definitive documentation with the investors. The Company will pay its placement agents commissions in cash and in warrants in amounts permitted by the TSX Venture Exchange. The proceeds will be used for general corporate purposes and to take advantage of potential corporate opportunities as they may arise.