PhotoChannel Networks Inc. Raises $2.75 Million

Vancouver based PhotoChannel Networks Inc. has received all commitments and subscription agreements for its non-brokered private placement announced April 20, 2006. Commitments and subscriptions for 27,500,000 units greatly exceeded what the Company initially announced and will result in gross proceeds of $2,750,000. Closing is subject to TSX Venture Exchange and regulatory approval.

As announced previously, each unit is being sold at a price of $0.10 per unit. Each unit consists of one common share and one half of one common share purchase warrant. Each whole common share purchase warrant will entitle the holder to purchase an additional common share at an exercise price of $0.15 for a period of one year from the date of closing. The common shares and the common shares underlying the common share purchase warrants, will each be subject to a four month hold period from the date of issuance of the units.

Insiders participating in this financing were: Peter Fitzgerald, Director 5,000,000 units; Peter Scarth, Director 6,000,000 units

The Company will pay a finder’s fee to third parties in connection with this private placement in accordance with TSX Venture Exchange policies.

Founded in 1995, PhotoChannel operates PNI Digital Media to provide services for major retailers, wireless carriers and content providers. The PNI Digital Media Platform connects consumer ordered digital content with retailers that have on demand manufacturing capabilities for the production of merchandise. Currently PNI Digital Media generates transactions for retailers and their thousands of locations across North America.

 [May 29, 2006]

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Other IT news about PhotoChannel Networks

  • PhotoChannel Signs Agreement with Kodak China (May 29, 2008)
  • PhotoChannel Signs New Contract With Wal-Mart Canada (February 22, 2008)
  • PhotoChannel and FUJIFILM Canada Agree to Online Photo Deal (June 15, 2007)
  • PhotoChannel Announces Second Closing of Financing (April 12, 2007)
  • Wal-Mart Canada Launches Re-Designed Wal-Mart PhotoCentre Online Website Utilizing PNI Digital Media Platform (March 15, 2007)
  • PhotoChannel Launches Integration With Windows Vista (March 12, 2007)
  • PhotoChannel Networks Inc. Signs Agreement with Kmart for Online Photo Service (March 6, 2007)
  • PhotoChannel Releases 1st Quarter Financials Records Second Consecutive Quarter of EBITDA Positive in Q1 (February 21, 2007)
  • PhotoChannel and Kodak’s Qualex Inc. Sign Preferred Partner Agreement (November 8, 2006)
  • PNI’s Digital Media Platform to provide UK’s largest mail order operation with online photofinishing capabilities for their retail stores (September 27, 2006)
  • PhotoChannel Announces Grant of Options (August 14, 2006)

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