Lat49 Media Inc.

Lat49 Media Inc.

July 16, 2009 15:45 ET

Lat49 Raises $1.5M in Series A Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 16, 2009) - Lat49, the leading network in geo-contextual advertising, today announced that the company has closed a $1.5 million Series A financing led by PenderFund Capital Management (Pender), with participation from existing investors including Discovery Capital.

"This financing and the traction we have gained in the market further validate the significant opportunity and need for the high-performance online advertising that geo-contextual targeting brings," said Keith Ippel, Co-Founder and CEO of Lat49. "With this financing, Lat49 is well positioned to continue as the innovative market leaders in this space."

"We've been very impressed with the rapid adoption of Lat49's solution by major clients," says John McEwen, CEO of Discovery Capital. "Contextual advertising - advertising that is driven by location awareness, is the cornerstone of most web and almost all mobile consumer interactions. And Lat49 has emerged as the strong leader in contextual advertising."

"Lat49 provides a major step forward for monetizing the LBS (Location-Based Services) industry," says David Barr, Chief Investment Officer at Pender and Fund Manager of Pender Growth Fund. "Having experienced the trends in location aware and SaaS (Software as a Service) offerings first-hand, Lat49 has nailed the ability to leverage location for the delivery of highly relevant advertising to Internet users."

David Roberts, Entrepreneur in Residence at Pender, will join Keith Ippel and John McEwen on the Lat49 Board of Directors.

About Lat49

Lat49 is a growing advertising network made up of over 120 websites delivering location specific Real Estate, Travel, Sports & Recreation, and Local information via online maps. Lat49 map properties provide local and brand advertisers with an interactive medium for delivering geo-targeted and contextual display ads to a large and actively engaged user community. For web publishers, Lat49 transforms online maps from cost centers into revenue-generating properties. To learn more about Lat49, visit www.lat49.com.

About Pender Growth Fund (VCC) Inc.

Pender Growth Fund is a later stage, diversified, venture capital corporation, focused on undervalued public companies. BC investors in PGF are eligible to receive a cash-back tax credit of 30% from the BC government for investments up to $200,000. The Fund was established in 2003 and has approximately $25 million of assets under management. It is managed by PenderFund Capital Management Ltd. Visit www.penderfund.com/funds/pgf/.

About Discovery Capital

Established in 2002 and managed by Discovery Capital Management Corp., the British Columbia Discovery Fund (VCC) Inc. is focused on making diversified investments in British Columbia with the objectives of achieving long-term capital appreciation for its shareholders and contributing to the growth in value and employment of the technology industry in British Columbia. In addition to offering a means of participating in the potential of British Columbia's newest technology ventures, the Fund offers significant tax savings to eligible British Columbia individual and corporate investors. The Fund, which offers its shares on a continuous basis, has raised over $57 million to date and has investments in fifteen developing technology companies. B.C. resident investors are entitled to receive a tax credit equal to 30% of the amount invested in the Fund. www.bcdiscoveryfund.com.

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