SOURCE: MediaValet, Inc.

MediaValet

March 31, 2015 18:56 ET

MediaValet Appoints New Chairman of the Board and Announces Closing of a $750,000 Private Placement

Rob Chase, Former COO and CFO of Absolute Software, Appointed Chairman of the Board; Rob Was a Key Member of the Team Responsible for Driving Absolute's Market Capitalization From $12 Million to $450 Million; Rob Led Today's $750,000 Private Placement With a Personal Investment of $500,000

VANCOUVER, BC--(Marketwired - March 31, 2015) - MediaValet Inc. (TSX VENTURE: MVP) (the Company), a leading provider of cloud-based digital asset management software, is pleased to announce that Rob Chase, formerly the COO of Absolute Software Corporation, has joined MediaValet's board of directors and been appointed Chairman. Concurrent with his appointment, Rob led a $750,000 round of financing with a personal investment of $500,000.

"MediaValet stands at the forefront of the rapidly emerging digital asset management industry. With today's announcement, we further reinforce this position and increase our competitive advantage by adding a proven and highly successfully software-as-a-service veteran to our team," commented David MacLaren, President, CEO of MediaValet. "We're on the verge of a major leap forward in our business and I'm confident Rob's extensive experience with two highly successful public software companies will help guide us through the next step in our corporate evolution. I look forward to working with Rob and the rest of the team in implementing our strategy to revolutionize the digital asset management industry."

Mr. Rob Chase

  • Served as Chief Operating Officer (2010 to 2014), Chief Financial Officer (2004 to 2010) and head of finance (2000 to 2004) for Absolute Software (TSX: ABT), where he was responsible for corporate strategy, acquisitions, investor relations, strategic partnerships and operations. Rob had a strong hand in Absolute's growth into a global SaaS leader; growing from 49 people and $4 million in sales in 2000, to over 450 people and nearly $100 million in sales by 2014. During this time, Absolute's market capitalization grew from a low of $12 million to over $450 million today. 
  • Served as Director and Audit Committee Chair for PNI Digital Media, Inc. (TSX: PN) from February 2013 to July 2014, where he was instrumental in delivering an exciting turnaround that saw PNI's operations return to growth and profitability, shareholder confidence rebuilt, and a 10-fold increase in valuation through the sale of PNI to Staples in July 2014.
  • Currently serves as Chairman of the Board for HIT Technologies, Inc., a private Vancouver-based start-up company that has patented an industry-leading waterproof, shockproof case for the iPhone. 

"I'm very excited to join the MediaValet team," said Rob Chase. "While it is still early in their lifecycle, they've already developed a world-class SaaS offering, have landed many well-known reference-able brand-name customers, are generating a sticky and growing recurring revenue stream, and have an experienced team in place with the grit and heart required to win. I believe MediaValet has the potential to become the go-to provider in the rapidly emerging cloud-based digital asset management industry and I'm looking forward to leveraging my experience to help them get there."

Private Placement
MediaValet is pleased to announce it has received subscriptions for a $750,000 private placement. The Company will issue 9,375,000 common shares at a subscription price of $0.08 per share for total gross proceeds of $750,000. There were no agent or finder's fees payable in connection with the private placement.

In accordance with applicable securities legislation, all securities issued in connection with the private placement are subject to a four-month hold period. Net proceeds from the placement will be used for the ongoing development, marketing and sales of the Company's cloud-based digital asset management software and for general working capital. The Private Placement remains subject to the approval of the TSX Venture Exchange.

About MediaValet, Inc.

MediaValet stands at the forefront of the emerging cloud-based digital asset management industry. Dedicated to delivering enterprise cloud software, with an in-depth understanding of Azure, and leveraging a strong relationship with Microsoft, MediaValet is uniquely equipped to meet the digital asset management needs of any organization, no matter its size, its industry or its location. Cutting edge technology, exceptional product design, and unlimited friendly customer service are at the core of MediaValet's DNA -- ensuring exceptional customer and user experiences are delivered at all times.

"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

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