VANCOUVER, British Columbia--(BUSINESS WIRE)--SoMedia Networks Inc. (TSX-V:VID) ("Somedia" or the "Company"), the pioneer of globally scalable cloud-based video production solutions, has appointed President and COO, Ben Pickering, to the newly created role of co-CEO. Pickering will share the position of co-CEO with SoMedia’s current CEO and founder, George Fleming.
Pickering joined SoMedia as President and COO in September 2013. In his new role as co-CEO, Pickering will continue to manage SoMedia’s day-to-day operations and execution of the Company’s strategic plan while expanding his responsibilities to include strategic development and capital markets activities. Fleming, as co-CEO and Chairman of the Board, will continue to focus his efforts on capital markets, strategic and corporate development.
With more than 15 years of experience in the online media and software industries, Pickering has worked with both start-ups and Fortune 500 companies. Prior to joining SoMedia he served as Chief Executive Officer at Strutta, where he built the company into a leading SaaS social media marketing platform.
Before joining Strutta, Pickering held several strategic roles at Yahoo! (NASDAQ:YHOO), where his responsibilities included business development, product strategy, and operations in both the Audiences and Advertising divisions. Pickering also served in the strategic partnerships group at eBay (NASDAQ: EBAY), and was an early employee at Spinway, a pioneering free Internet service provider that was later acquired by United Online (NASDAQ: UNTD).
He has contributed extensively on the topic of digital and social media for websites like the Huffington Post, and Mashable, and was named a Top 40 Digital Strategist by the Online Marketing Institute. Pickering holds an Economics degree and MBA from Stanford University.
“Our success this year has been in large part due to Ben’s leadership and focus on go to market efforts,” stated Fleming, co-CEO and Chairman of the Board. “I am very pleased to have him join me as co-CEO and begin taking on strategic development and capital markets responsibilities, and look forward to working with him as we continue leveraging our Scalable Video platforms and technologies to meet the growing demand for video production services.”
Pickering added: “SoMedia continues to make tremendous progress, highlighted by the growth we’re seeing in partner development and activation and most recently in the launch of our integrated video production solution for large marketing and B2B SaaS platforms like Web.com and Marketo. I look forward to working with George and the rest of the SoMedia team to capitalize on our first mover advantage and the tremendous opportunities on the horizon.”
As part of Mr. Pickering’s compensation, the Company will grant him 500,000 stock options, of which 250,000 of the options will be exercisable at a price of $0.18 and the remaining 250,000 options exercisable at a price of $0.25. All options will vest quarterly over a period of two years, with the $0.18 options vesting first.
SoMedia further announces that it will re-price a total of 85,000 outstanding options, held by employees and consultants of the Company, to an exercise price of $0.35 per share. Options being granted to Mr. Pickering and options being re-priced are subject to the consideration and approval by the TSX Venture Exchange (the "Exchange").
Further, the Company has received approval from the Exchange of a share based compensation arrangement whereby the Company will compensate its independent directors for their services during the quarter ended March 31, 2014 by way of 50% cash base and 50% shares in lieu of cash. Accordingly, the Company will issue a total of 9,676 shares to its independent directors as of today's date. All shares are being issued at the closing share price on March 31, 2014 of $0.31 and the shares will be subject to a four month hold period expiring December 23, 2014.
SoMedia is also amending the terms of its previously announced non-brokered private placement offering (the “Offering”) of up to 3,750,000 units (“Units”) at a price of $0.20 per Unit for gross proceeds of up to $750,000. The amended Offering will be a non-brokered private placement offering (the “Amended Offering”) of up to 4,722,223 units at a price of $0.18 per Unit for gross proceeds of up to $850,000. Each Unit will consist of one common share of the Company and one half of one share purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder thereof to purchase one common share of the Company at a price of $0.30 per share for a period of two years from the date of issuance. The proceeds of the Amended Offering will be used for general working capital purposes.
About SoMedia Networks Inc.
SoMedia, the creator of Scalable Video, has reengineered how businesses access video content creation, production and deployment. The cloud-based SoMedia Platform allows businesses, brands and media to easily order the production of custom video content at scale and volume, anywhere, on demand, with rapid turnaround, and at a fraction of current costs.
SoMedia provides Scalable Video as an integrated solution to corporate partners, as a resale solution through thousands of web marketing firms and directly to digital agencies and millions of SMBs across North America. To learn more visit: www.somedia.net.
Neither the 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. This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.