International Datacasting Corporation Announces Preliminary Unaudited First Quarter Revenues
Ottawa, Canada, May 14, 2015--International Datacasting Corporation ("IDC") (TSX:IDC), a broadcast technology provider, today announced selected preliminary unaudited financial results for the first quarter of Fiscal 2016. Total revenue was approximately CDN$ 3 million, including approximatelyCDN$ 2.6 million in Products revenue.
Operating results were approximately breakeven, excluding transaction costs associated with the proposed asset purchase transaction with Pico Digital Inc. -- Secured bridge financing of CDN $1.2 million has been received from Pico Digital Inc., pursuant to the Asset Purchase Agreement signed on April 21st, 2015 -- Including the funds received, IDC's cash position was $1.1 million at April 30, 2015
Full financial statement disclosure is scheduled to be made in early June 2015. Because IDC's results of operations for the first quarter of Fiscal 2016 have not yet been finalized, the preliminary results included in this press release are subject to change as a result of the period-end closing process.
Last month, Pico Digital Inc., a provider of multimedia delivery solutions to customers in the broadcast, cable, satellite, and broadband markets, today announced that it has entered into an agreement to acquire the broadcast products business from IDC,
The acquisition includes IDC's product portfolio, customers, and supplier relationships.Upon closing of the acquisition, the majority of IDC's employees are expected to join Pico Digital. Under the terms of the Agreement, IDC will sell its assets to Pico Digital for total cash consideration of US$ 4.1 million or approximately CAD $5.0 million at current exchange rates, subject to certain adjustments and holdbacks of up to US$1.35 million to satisfy certain performance conditions and any potential indemnity claims.
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