Stingray Digital Group, a Montréal-based innovative content provider and broadcaster focused on delivering high-quality music content, has acquired the Canadian commercial accounts of Vancouver’s eMedia Networks International Corp. for over $2 million. According to a report by The Globe and Mail, the deal adds 5,000 retail locations to Stingray’s arsenal of in-store music clients, pushing its total to 61,000 in Canada. Stingray is a portfolio company of Canadian technology buyout fund Novacap Technologies and technology investor Telesystem.
eMedia Networks International Corp. (“eMedia” or the “Company”) (TSX VENTURE:EMM), announced today that the Corporation has agreed to sell, subject to regulatory approval, its Canadian commercial accounts for a cash transaction price of $2,027,879 (subject to adjustment) to Stingray 360, a wholly owned subsidiary of the Stingray Digital Group based in Montreal.
The Company believes the timing is opportune for growth in new markets including in-store messaging and on-hold messaging services, and that the emergence of new and competitive technologies will facilitate expansion into new territories worldwide.
The Company further believes that the Canadian commercial clients of eMedia will benefit from Stingray 360’s extensive expertise with in-store sensorial marketing services including digital signage, scent and sound system design and installation.
About eMedia Networks
eMedia provides custom music programming for in-store retail brands and other consumer environments. Since 1991, eMedia has provided an end-to-end audio solution for retailers that require custom selected music to play in their stores. Through its low-cost emPlayer audio product, eMedia serves over 5,000 subscribers in North America. emPlayer is a proprietary audio player capable of playing CD-quality music and custom audio content from playlists controlled on-site or remotely through the Internet. The Company trades on the TSX Venture Exchange under the symbol EMM. For more information, visit www.emedianetworks.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
eMedia Networks International Corp. – Media and Investors
+1 (604) 742-3344
eMedia Networks International Corp. – President and Founder
+1 (604) 742-3344
Photo courtesy of Shutterstock.