Centiva Capital Inc.

Centiva Capital Inc.

April 22, 2008 16:24 ET

Centiva Investee Completes $13.5 Million Financing

TORONTO, ONTARIO--(Marketwire - April 22, 2008) - Centiva Capital Inc. (TSX VENTURE:CVC) announces that its investee company, VFM Interactive Inc. ("VFM"), has completed a financing of $13.5 million, which will be used for working capital purposes and to fund the expansion of its business.

The majority of the financing was provided by Lake Capital, a Chicago based private equity firm that invests exclusively in service-based companies. As part of the financing, Centiva converted $600,000 in VFM convertible debentures it acquired in March 2007 into Series A Convertible Preferred Shares.

Based on the pre-money valuation applied to VFM by this financing, Centiva's investment in VFM has a value of approximately $4.69 million should all options and warrants be exercised, up from the current carrying value of $1.76 million.

VFM is the leading online video and rich media producer and distributor for the hotel and travel industry. VFM has made significant progress in advancing its business plan over the past year by signing key strategic media management and distribution deals with Sabre/Travelocity and Galileo, two of the world's largest travel companies. As a result of these deals, VFM now distributes visual content for over 35,000 hotels worldwide.

Centiva Capital Inc. is a TSXV listed company with investments in early-stage businesses with high growth potential and a portfolio of marketable securities.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Centiva Capital Inc.
    John Pennal
    (416) 956-4926