MARKETWIRED - Difference Capital Announces Follow-on Social TV Investment in iPowow, Inc.
TORONTO, ONTARIO--(Marketwired - Sept. 25, 2013)- Difference Capital Financial Inc. (TSX VENTURE:DCF), a leading specialty financial services company, is pleased to announce an additional $3 million investment in the form of preferred shares in iPowow Inc. ("iPowow"), a leader in the emerging Social TV space.
The preferred shares carry a right to an 8% cumulative annual dividend and are convertible into common shares at par, bringing DCF's effective stake in iPowow to 32.1%, excluding options. This investment increases DCF's participation in the second-screen industry and will allow iPowow to execute its growth plans.
iPowow is an interactive media company focused on social television via 'participation TV'. iPowow's unique offering to TV broadcasters gives them an integrated, proprietary software platform, which is embedded into the production of the live broadcast.
iPowow's technology provides viewers with the ability to use their second screen or smartphone to interact live with a TV show, with results displaying on the TV screen in real time. The platform also allows unique content or promotions to be pushed to the participating viewers instantaneously to their second screen device.
Significant milestones the company has achieved to date include:
- iPowow's patent pending system filed in 2008 has been broadcast around the world on over 300 live TV shows (1,250 hours) over the last 5 years.
- iPowow's integrated platform results in average audience engagement of 15%, versus typical engagement with second screen technologies of only 1 - 2%.
- In the last four months, iPowow has signed several new contracts with top-tier US networks including with NBC Universal, ESPN and Fox Sports 1.
- TV shows incorporating iPowow's technology include USA's Modern Family, five shows on ESPN including their flagship Sports Center, and Fox Sports 1's new show Crowd Goes Wild!
- Australia's Seven Network, the country's network with the highest ratings, used iPowow's technology during the recent Prime Minister debates and election, allowing viewers to have their voice heard during the election coverage and watch the results unfold in real-time.
Tom Astle, DCF's Head of Investment Strategy, said "iPowow works with leading networks and have a proven software platform that is commercial grade. Our investment will allow them to further entrench their position in broadcast networks wanting to engage their audiences through 'Social TV'. We believe it is timely for iPowow's integrated platform to capitalize on the broadcasters needs towards increasing engagement with television audiences."
Ettienne Fourie, iPowow's CEO, said "We are delighted to announce Difference Capital's significant support for iPowow. We have signed several contracts over the past few months, and this new funding will allow us to better serve and partner with the broadcast industry, and satisfy the increasing demand for our system."
About Difference Capital Financial Inc.
Difference Capital Financial Inc. is a publicly-listed, Toronto-based specialty finance company focused on creating shareholder value through strategic investments in, and advisory services for, growth companies, particularly in the technology, media and healthcare sectors, as well as through opportunistic investments in undervalued financial assets and real property.
About iPowow Inc.
iPowow is an interactive media company focused on participation television and second screen content. iPowow gives broadcasters, TV producers and advertisers the power to create a new breed of participation television that engages the viewer. The company has projects underway with many major networks in the US and Australia. For more information on iPowow please visit www.ipowow.com.