SOURCE: LeoNovus

March 25, 2011 20:17 ET

LeoNovus™ Inc.'s Wholly-Owned Subsidiary Changes Its Name to LeoNovus™ USA, Inc.

Name Change Completed as Part of Corporate Branding Strategy

PALO ALTO, CA--(Marketwire - March 25, 2011) - LeoNovus Inc. ("LeoNovus" or the "Company") (TSX-V: LTV) today announced the official name change of its wholly-owned subsidiary, Personal Web Systems, Inc. ("PWS"), to LeoNovus USA, Inc. ("LeoNovus USA") effective immediately. LeoNovus is developing a high performance browser-based Internet software platform with a managed system that will provide consumer electronic devices such as HDTVs access to all the features, content, and functionality available on the Internet without the malware, security and support issues of a PC.

The name change is part of an overall corporate rebranding strategy as LeoNovus progresses from a primarily research & development focused company to a commercial entity focused on sales and growth. The process began in November 2010, with the completion of the acquisition by LeoNovus of all of the securities of PWS. Details of that transaction can be found on www.sedar.com. Prior to that time, PWS was a privately held company. 

Gordon Campbell, Chairman and CEO of LeoNovus, stated, "The evolution of the Company now provides an opportunity for rebranding. The name change of PWS to LeoNovus USA, Inc. aligns the two corporations and better reflects their status as a consumer driven technology business. Our forthcoming product is a software platform that is designed to enable leading manufacturers and content developers the ability to leverage the Internet as a distribution channel delivering recurring revenues from services, applications and targeted advertising." David Fisher, Vice-President of Sales, explained, "Our new company name reflects our outbound focus and commitment to delivering profitable solutions to our hardware partners. As we move forward with our business plan, this re-branding as LeoNovus positions us solidly as a company providing profitable solutions to the telecommunications, cable, HDTV and other consumer electronics manufacturers."

As a result of the completion of the acquisition in November, the Board of Directors of LeoNovus is comprised of the previous Directors of PWS Gordon Campbell (Chairman of the Board), Pete Abramenko, Gary Martin, and Dave Bowman, plus the additional expertise of Daniel "Dan" Hilton and Michael Inskip.

Dan Hilton is a Chartered Accountant with a broad range of experience in strategic planning and leadership of finance and operations. He is currently Executive Director of the Conservative Party of Canada and was previously the Director of Finance and Administration, Research and Development for World Heart Corporation and a co-founder and Chief Financial Officer of Kids Futures Ltd., a national loyalty program, which became a publicly traded entity on the Toronto Stock Exchange.

Michael Inskip was the President and CEO of LeoNovus until the completion of the acquisition of PWS. He has served as a Director of LeoNovus since its inception in 2009. Michael has experience in leading global sales, marketing, business development and business operations for both public and early stage private companies including Enablence Technologies Inc., a publicly traded entity on the TSX Venture Exchange and Iridian Spectral Technologies, which was acquired by JDS Uniphase.

"We are pleased with the new composition of the Board," said Gordon Campbell. "The collective and extensive background in finance, international business, marketing and sales will strengthen the breadth of experience and expertise of the Board as we look to the future. We look forward to their collective contributions."

"We are extremely impressed with the experience of the team at LeoNovus," said Dan Hilton. "The fact that they also have strong roots into the development community in Canada drives a very synergistic fit for all involved." 

"We look forward to the market introduction where the LeoNovus technology of accessing the entire Internet from HDTVs can be demonstrated," said Michael Inskip. "It is very exciting technology for a growing market."

LeoNovus is committed to developing high quality personalized next generation products to deliver all the video, all the web, all the games, at any time in a very personalized consumer friendly way. The LeoNovus approach to Internet TV seeks to introduce a unique "profitability" component that has been missing from current attempts to expand the Web onto the TV -- an integrated content management system that will deliver carefully targeted ads, marketing campaigns, services and applications that are linked to individual viewer preferences and interests. This combination of an intuitive smart client and integrated content management is expected to bring a new level of specificity and accountability to revenue models. 

About LeoNovus Inc. (www.LeoNovus.com)
LeoNovus shares have traded on the TSX Venture Exchange since June 10, 2009. Further information about LeoNovus can be found in its filings with Canadian securities regulators, which filings are available at www.sedar.com.

About LeoNovus USA, Inc.
LeoNovus USA, Inc. is a wholly-owned subsidiary of LeoNovus with its head office located at 1800 Embarcadero, Palo Alto, California. LeoNovus is developing a high performance browser-based Internet platform with a managed system approach that will provide HDTVs and other consumer electronic devices with access to all the features, content, and functionality available on the Web without the malware, security and support issues of a PC. LeoNovus seeks to change the way high-value Internet content is organized, monetized, and delivered on HDTVs, providing a true consumer electronics experience to the largest monitor in the house.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

Certain information included in this press release is forward-looking and may involve risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors that might cause a difference include, but are not limited to, competitive developments, risks associated with LeoNovus's growth, the state of the financial markets, regulatory risks and other factors. There can be no assurance that any statements of forward-looking information contained in this release will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral statements containing forward-looking information are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Unless otherwise required by applicable securities laws, LeoNovus disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on any statements of forward-looking information that speak only as of the date of this release.  More detailed information about potential factors that could affect LeoNovus' financial and business results is included in public documents LeoNovus files from time to time with Canadian securities regulatory authorities and which are available at www.sedar.com.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States.

All trademarks and brands mentioned in this release are the property of their respective owners.

Contact Information

  • For more information, please contact:
    LeoNovus Inc.
    1800 Embarcadero Rd.
    Palo Alto, CA 94303 USA
    T: (650) 856-8500
    F: (650) 856-8510
    www.LeoNovus.com
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