VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 28, 2014) -
This document corrects and replaces the release sent earlier today at 8:00 AM EST.
LX Ventures Inc. (TSX VENTURE:LXV) ("LXV" or the "Company") and Copper.io, Inc. ("Copper") are pleased to jointly announce that over the holiday period the team at Copper provided support for encoding videos in a number of formats for the top downloaded app on the Apple App Store, Flipagram. Flipagram's technical team used the Copper Pandastream service among the tools in their technology stack that allowed them to successfully scale their app to millions of users.
Pandastream provides a unique development application that allows for real time, dedicated video encoding in the cloud. Its unique model for deployment can provide cost savings of up to 70% for its rapidly expanding user base.
Ed Byrne, CEO of Copper, said "We were delighted to work with Flipagram and congratulate them on their success. It is a real testament to the power of the platform and team we are putting together in Copper that we were able to collaborate with Flipagrams technical team while they were scaling the app over the holiday period."
"This is an example of why LX Ventures is acquiring Copper. Copper is showing how quickly and profitably their business can scale. We are excited to accelerate the disruption of the way that companies deploy applications globally by using the Copper platform. This is just the start from a great team and great product," said Mike Edwards, CEO of LX Ventures.
About LX Ventures
LX Ventures is a publicly traded technology accelerator that acquires, integrates and accelerates high growth technology companies. We are vertically integrated with internal best-in-class practice area teams in sales, marketing, engineering and finance that are leveraged to turn our portfolio companies into industry leading organizations, one by one. We are in the business of building businesses. For further information about LX Ventures, please visit: www.lxventures.com.
Cloud computing is where businesses are going. Copper provides full stack business application cloud deployment & monitoring in one place. Having deep roots in cloud usage and analytics reporting, Copper has assembled a full stack developer toolset to help deploy, operate and monitor apps in the Cloud. Their focus has and will continue to be producing best-in-class Cloud deployment tools - by developers, for developers. For further information about Copper please visit: www.copper.io.
ON BEHALF OF THE BOARD
LX VENTURES INC.
Mike Edwards, CEO
CAUTIONARY NOTE: FORWARD-LOOKING STATEMENTS. Other than statements of historical fact, all statements included in this news release, including, without limitation, statements regarding future plans and objectives of LX are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those expected by LX are those risks described herein and from time to time, in the filings made by LX with Canadian securities regulators. Those filings can be found on the Internet athttp://www.sedar.com.
Neither the TSX Venture Exchange nor its Regulatory 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.