OTTAWA, ONTARIO--(Marketwired - April 4, 2013) - International Datacasting Corporation (TSX:IDC) ("IDC" or the "Corporation") today announced that Doug Lowther has been named as the Corporation's new CEO. Mr. Lowther is presently Executive Vice-President at Irdeto, a leading global supplier of Digital TV technology and services. Currently based in Beijing, Mr. Lowther will relocate to Ottawa when he begins his work with IDC which the Corporation expects to be in the last week of May 2013.
Mr. Lowther has extensive experience developing and executing successful business growth strategies in the fields of digital television, wireless networking, IP-based services and software security. He started with Irdeto as Vice President of Marketing in 2004 and during the next several years led the creation of a product portfolio that achieved substantial revenue growth. More recently, Mr. Lowther was responsible for Irdeto's business with Pay TV operators worldwide. He currently heads Irdeto's Sales, Marketing, and Corporate Development teams.
Prior to joining Irdeto, Mr. Lowther was an independent consultant and strategy advisor. His previous positions include several executive roles with Nortel Networks, where he was Vice President and General Manager of Wireless Applications and the Vice President of Strategic Marketing. He began his career building network planning and operations systems for telecom operators.
"Doug's knowledge of markets such as satellite, pay television, and IP content delivery will be a key asset to IDC," said Del Lippert, Chairman of the Board and Interim CEO at IDC. "He's someone who's proven he knows where opportunity lies and can effectively direct a business to create and market technology to meet that need. We're thrilled he'll be at the helm of IDC during a time of significant opportunity. I am confident the IDC business will benefit with Doug leading the way."
Mr. Lowther said he is eager to take IDC to the next level. "The future of satellite is greater integration with IP," he said. "IDC's sweet spot is in developing hybrid solutions that combine the best capabilities of IP and satellite networks."
During his time at Irdeto, Mr. Lowther collaborated with IDC on several projects. "I was always impressed with the IDC team's professionalism and responsiveness to customers. I have high regard for the Corporation's recent developments in ad insertion for radio and television and DTH over IP gateway solutions. I thank the Board members for their confidence in me, and I look forward to working with IDC's customers, Board members, and everyone in the worldwide team to elevate the Corporation's profile and significantly grow its business in the coming years".
Mr. Lowther has a global perspective, having previously lived and worked in Canada, France, Singapore, Switzerland, the Netherlands and China.
IDC expects to complete a private placement with Mr. Lowther by April 5, 2013 pursuant to which he will purchase 1,100,000 common shares of IDC at a price of $0.21 per share for gross proceeds of $231,000, which will be used for general working capital purposes. The common shares issued in this private placement will be subject to a four month hold period from the date of closing in compliance with applicable securities laws. The private placement will be completed subject to the final approval of the Toronto Stock Exchange.
About International Datacasting Corporation:
International Datacasting Corporation (TSX:IDC) is a global leader in digital content distribution for the world's premiere broadcasters in radio, television, data and digital cinema. IDC offers a broad portfolio of advanced solutions including the STAR Pro Audio solution, LASER targeted ad insertion platform, and the Digital Tattoo DTH over IP gateway. The Corporation's products and solutions are in demand for radio and television networks, targeted ad insertion, digital cinema, 3D live events, satellite news gathering, sports contribution, VOD, and IPTV. IDC is headquartered in Ottawa, Canada, with regional offices in Arnhem, the Netherlands and in San Diego, California. IDC has installations in over 100 countries and service offices in Thailand and Singapore, with an international network of value-added partners and resellers. For more information visit: www.datacast.com.
This press release contains forward-looking statements reflecting IDC's objectives, estimates and expectations that may involve risks and uncertainties, including statements about expected revenue impacts and growth opportunities. IDC's actual results, performance, achievements and developments may differ materially from the results, performance, achievements or developments expressed or implied by such statements. Factors that might cause actual results to differ materially include, but are not limited to, competitive developments; risks associated with IDC's growth; integration of new personnel; receipt of applicable regulatory approvals; any difficulties with integrating acquired product lines into IDC's business and/or manufacturing procedures; any difficulties or disputes with IDC's subcontractors, contract manufacturers and suppliers; IDC's dependence on the development and growth of the satellite datacasting market; a lengthy and variable sales cycle for IDC's products and services; IDC's reliance on a small number of customers for a large percentage of its revenue; regulatory risks and intellectual property infringement. IDC assumes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof, except as expressly required by applicable law. Forward-looking statements are provided to assist external stakeholders in understanding IDC's expectations as at the date of this release and may not be appropriate for other purposes. Readers are cautioned not to place undue reliance on such statements. More detailed information about potential factors that could affect IDC's financial and business results is included in the public documents IDC files from time to time with Canadian securities regulatory authorities and which are available on SEDAR at www.sedar.com, including, without limitation, IDC's Annual Information Form dated April 30, 2012.