OTTAWA, ONTARIO--(Marketwire - June 5, 2012) - International Datacasting Corporation (TSX:IDC), a global leader in digital content distribution for the world's premiere broadcasters, today announces that it will hold its Annual General Meeting (AGM) on Tuesday, July 31, 2012. IDC also today announces the resignation of two Board members.
IDC announces the resignation of James W. Hall and David P. Little (two independent directors) from the Board of Directors of IDC, effective immediately. Mr. Hall also ceases to serve as Chairman of the Board and Chairman of the Corporation's Audit Committee.
As previously announced, IDC is conducting a review of its Board composition. Each of Mr. Hall and Mr. Little has advised that he would not seek re-election as a director at IDC's next Annual General Meeting of Shareholders (the "AGM") and after the conclusion of approving the Q1, fiscal 2013 results, they have stepped down to make way for potential new directors to be put forward to shareholders at the AGM.
Prior to the AGM, the remaining four directors of IDC consisting of Graham McBride and Frank Ruffolo (each an independent director) and Adam Adamou and Frederick Godard (each a non-independent director) will be on all Committees.
"On behalf of the whole Board, I would like to express our appreciation to Jim and David for their contribution and energy in assisting IDC as directors through difficult transitional times," stated Frederick Godard, President and CEO, IDC.
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 and digital cinema. IDC offers a broad portfolio of advanced solutions including Pro Audio, Pro Video, Pro Cinema, and Pro Data for implementing broadcast content contribution and distribution applications. IDC's products and solutions are in demand for radio and television networks, digital cinema, 3D live events, satellite news gathering, ad insertion, sports contribution, and IPTV, among others. 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 Australia, Singapore and China with an international network of value-added partners and distributors. 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. 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; 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.