International Datacasting Corporation
TSX : IDC

International Datacasting Corporation

June 18, 2015 17:00 ET

International Datacasting Corporation Announces Resignation of Board Member and Promissory Note Repayment

OTTAWA, ONTARIO--(Marketwired - June 18, 2015) - International Datacasting Corporation ("IDC") (TSX:IDC), a technology provider for the world's premiere broadcasters, today announced the resignation of David Charron (independent director), effective immediately. As a result, the Corporate Governance and Nominating Committee of IDC has commenced its search for a new director. In carrying out its search, the Corporate Governance and Nominating Committee will consider, among other factors, feedback received from shareholders at the recent annual and special meeting of shareholders.

Mr. Van Staveren commented "On behalf of the whole Board, I would like to express our appreciation to David for his significant contribution and energy in assisting IDC through these challenging times."

Additionally, as the proposed sale of IDC's broadcast products business and its related assets to Pico Digital Inc. ("Pico") was not approved by IDC's shareholders at the recent annual and special meeting, the asset purchase agreement between IDC and Pico has been formally terminated. Pico has demanded repayment of its US $1.0 million promissory note plus accrued interest. IDC intends to fully repay the promissory note plus accrued interest by June 25, 2015 from internal financial resources, subject to delivery by Pico of customary releases and discharges.

The Board continues to explore various financing options to support the ongoing operations of IDC and currently expects to complete a financing transaction within the next month. 

About International Datacasting Corporation:

International Datacasting Corporation (TSX:IDC) is a global technology provider for the world's premiere broadcasters in radio, television, data and digital cinema. IDC'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. For more information visit: www.datacast.com.

Forward-Looking Statements:

This press release contains certain information that may constitute "forward-looking information" and/or "forward-looking statements" within the meaning of applicable Canadian securities laws including, without limitation, statements with respect to the ability of IDC to complete a financing transaction and the timing of completion of such a transaction. All forward-looking information and forward-looking statements are necessarily based on a number of estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies. Material assumptions include management's view of IDC's ability to raise debt or equity in the near term.

All statements other than statements which are reporting results as well as statements of historical fact are forward-looking statements that may involve a number of known and unknown risks, uncertainties and other factors; many of which are beyond the ability of IDC to control or predict.

Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "design", "plan or "project" or the negative of these words or other variations on these words or comparable terminology. 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. Risks and uncertainties that might cause actual results to differ materially include, but are not limited to, IDC's ability to remain a going concern entity.

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 and MD&A for the year ended January 31, 2015, each dated April 29, 2015.

Except as expressly required by applicable law, we undertake no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. 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.

Contact Information