iseemedia Inc.
TSX VENTURE : IEE

iseemedia Inc.

June 21, 2005 08:30 ET

iseemedia Signs Letter of Intent to Acquire a 3D Software Company in an All-Stock Transaction

TORONTO, ONTARIO--(CCNMatthews - June 21, 2005) - iseemedia Inc. (TSX VENTURE:IEE)

- Technology Adopted In Manufacturing Application with Substantial Worldwide Contract in Place

- Innovative 3D Technology To Assimilate with Rich Media and U3D (Universal 3D) Content Delivery for Mobile Users

iseemedia Inc. (TSX VENTURE:IEE), a technology leader in streaming rich media content for Internet and mobile devices, today announced that it has signed Letter of Intent to acquire a 3D software company ("3D co.") in an all-stock transaction. The acquisition is expected to close by the end of July 2005 subject to the satisfactory conclusion of the due diligence process, approval by the Board of Directors of both corporations, the shareholders of 3D co., and regulatory approval.

"This 3D software company has some historical revenues from existing CAD software, but more importantly, their technology has been adopted for use in a manufacturing application with a substantial worldwide licensing contract in place," said Anthony DeCristofaro, president and CEO, iseemedia. "The application is set to launch within the next 60 days.

"They are a small, focused engineering group that will bring us expertise in the area of 3D rendering and the U3D (Universal 3D) file format being advanced by Intel, Microsoft and Adobe among others, to expand 3D content beyond the engineering community. Furthermore, their technology is synergistic with the verticalization of iseemedia's ImageServer products, and supplementary to our mobile initiatives enabling, for example, the delivery of 3D gaming entertainment to mobile devices," continued DeCristofaro.

As currently contemplated, upon completion of the acquisition, iseemedia will issue 2.558 million shares to the shareholders of 3D co., which will be held in escrow for a period of 12 to 36 months. Additional shares may be issued for achieving revenue benchmarks in the first year. iseemedia plans a conference call to discuss details of the acquisition when the two parties have signed a definitive agreement.

iseemedia's management also believes that the acquisition will be accretive to earnings in FY2006, which begins July 1.

About iseemedia

iseemedia Inc. is a technology leader in rich media content delivery and management for Internet and mobile wireless applications. The company's patented technology sits at the heart of rich media content delivery solutions from e-tailing to medical applications to real estate virtual tours. More than 200 organizations use iseemedia's technology to deliver a more robust, richer Internet experience to their customers and communities, including the Vatican Museums, Nine West, Kenneth Cole, Jones Apparel, Toyota, Hitachi Automotive Products, Four Seasons Hotels, Speedera, Puma and Advanced Micro Devices. For more information visit www.iseemedia.com.

This news release may contain forward-looking statements, which are not historical facts, but are based on certain assumptions and reflect the company's current information and expectations. The forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. The company disclaims any intention or obligation to update or revise forward-looking statements. Investors should not place undue reliance on forward-looking statements as a prediction of actual events.

(C) 2005 iseemedia Inc. All Rights Reserved. iseemedia is a registered trademark of iseemedia, Inc. All other company and product names may be trademarks or registered trademarks of their respective holders.


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

Contact Information

  • iseemedia Inc.: Investor Contacts
    David Berman, CFO
    905-761-5293
    davidb@iseemedia.com
    or
    iseemedia Inc.
    Anthony DeCristofaro, President & CEO
    905-761-5177
    anthonyd@iseemedia.com
    or
    iseemedia Inc.
    180 Jardin Drive, Suite 6,
    Concord, ON, Canada L4K 1X8
    905-761-5301
    905-761-5294 (FAX)