Pico Digital Inc., a worldwide leader in providing multimedia delivery solutions to customers in the broadcast, cable, satellite, and broadband markets, today announced that it has entered into an agreement to acquire the broadcast products business from International Datacasting Corporation (TSX:IDC), a technology provider for the world's premier broadcasters in radio, television, data and digital cinema. The acquisition includes IDC's product portfolio, customers, and supplier relationships; following closing of the acquisition, the majority of IDC's employees are expected to join Pico Digital.
"IDC has been at the forefront of innovation in the satellite industry for many years," said Ian Lerner, Chief Executive Officer of Pico Digital Inc. "We are very excited to add IDC's product portfolio to our line-up of market leading solutions." He added, "We are committed to building on our combined portfolio to create the most compelling and comprehensive offering for both current and new customers."
The combined business will benefit from an expanded global footprint, including offices in the United States, Canada, Mexico, Argentina, Bolivia, Panama, Taiwan, Japan and the Netherlands as well as a worldwide base of more than 500 customers. Pico Digital and IDC have highly complementary product portfolios, and together will provide the industry's leading solutions for data broadcasting, audio distribution, and digital cinema, as well as enjoying significantly increased scope as a video solutions provider.
"Combining forces with Pico Digital is great news for IDC's customers, as they will immediately be offered a broader range of solutions, supported by an even stronger worldwide team," stated Doug Lowther, President and CEO of IDC. "This acquisition will also enable the acceleration of the roadmap and planned deployment of IDC's flagship LASER(TM) solution, which is part of our long-term vision."
IDC's LASER(TM) Multi Program Splicer (MPS) is the industry's most cost-effective solution for performing seamless broadcast program and ad insertion on multiple channels simultaneously. LASER MPS is particularly suited for regionalization of content in digital terrestrial networks, cable networks, or satellite content distribution networks. As the ad market becomes both more lucrative and increasingly competitive, LASER(TM) empowers broadcasters to deliver a more relevant and compelling advertising solution, positioning television broadcasters for increased success.
The proposed acquisition is expected to close in June 2015, subject to obtaining the approval of IDC's shareholders.
About Pico Digital
Pico Digital is an international telecommunications technology company serving radio and television broadcasters, content providers, hospitality, and commercial markets in more than 30 countries. Headquartered in San Diego, California, the company is privately held and dedicated to developing best-in-class communication products, systems, and services. Pico Digital products are designed and manufactured in San Diego, California. Additional information about Pico Digital Inc. is available at www.picodigital.com.
About International Datacasting Corporation:
International Datacasting Corporation (TSX: IDC) is a technology provider for the world's premiere broadcasters in radio, television, data and digital cinema. IDC's products and solutions are in demand for radio and television networks, targeted ad insertion, digital cinema, 3D live events, satellite news gathering, sports contribution, VOD, and IPTV. IDC is headquartered in Ottawa, Canada, with regional offices in Arnhem, the Netherlands and in San Diego, California. For more information visit: www.datacast.com.
This press release contains certain information that may constitute "forward-looking information" and/or "forward-looking statements" within the meaning of applicable Canadian securities laws including, without limitation, statements as to the acquisition of IDC's key assets, the employment by Pico Digital of former employees of IDC, the benefits of the acquisition to customers of IDC and the effect of the acquisition on the roadmap and planned deployment of IDC's LASER(TM) solution. All forward-looking information and forward-looking statements are subject to risks and uncertainties. In particular, there can be no assurance that the proposed acquisition of IDC's key assets will be completed or that IDC shareholder approval will be obtained. As a result of this risk and other risks and uncertainties, forward-looking statements may not prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. More detailed information about potential factors that could affect forward-looking statements is included in the public documents IDC files from time to time with Canadian securities regulatory authorities and which are available on SEDAR at www.sedar.com, including, without limitation, IDC's Annual Information Form and MD&A for the year ended January 31, 2014, and our MD&A for the quarter ended October 31, 2014.
Except as expressly required by applicable law, we undertake no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements are provided help external stakeholders to understand IDC's expectations as at the date of this release and may not be appropriate for other purposes. Readers are cautioned not to place undue reliance on such statements.