PhotoChannel Networks Inc.
TSX VENTURE : PN
OTC Bulletin Board : PNWIF

PhotoChannel Networks Inc.

March 13, 2008 14:49 ET

PhotoChannel AGM Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 13, 2008) - PhotoChannel Networks Inc. (TSX VENTURE:PN)(OTCBB:PNWIF) ("PhotoChannel" or the "company") the leading innovator in online digital media solutions for retailers reports that at the company's Annual General Meeting of its shareholders held on March 6, 2008, shareholders

- Fixed the number of directors of the company at four;

- Elected management nominees Peter Fitzgerald, Peter Scarth, Cory Kent and Thomas Nielsen to the Board of Directors

- Appointed PricewaterhouseCoopers LLP as the company's auditors for the year;

- Approved the proposal to alter the company's share capital by eliminating the class of Preferred Shares of the company, none of which are issued, the corresponding amendment of the Notice of Articles and Articles of the company;

- Approved the continuation of the company's Share Option Plan dated for reference March 6, 2006, as amended March 6, 2007.

The board of directors has also granted options to purchase 820,000 common shares to officers and directors of the company. The options are exercisable at $3.35 per share for a period of five years expiring March 11, 2013, and will vest over an 18-month period commencing on March 11, 2008.

About PhotoChannel

Founded in 1995, PhotoChannel has created and manages the open standard PhotoChannel Network environment. The PhotoChannel system is currently utilized by major photofinishing retailers and wireless carriers to provide their consumers with online image printing and picture messaging services. There are more than 8,000 retail locations worldwide accepting print orders from the PhotoChannel system.

PhotoChannel relies upon litigation protection for "forward-looking" statements.

The TSX Venture Exchange has neither approved nor disapproved the information contained in this release.

Contact Information

  • PhotoChannel Network Inc.
    Mr. Kyle Hall
    (604) 893-8955 ext 313
    or
    PhotoChannel Network Inc.
    Ms. Niti Maini
    (604) 893-8955 ext 313
    Email: nmaini@photochannel.com
    or
    PhotoChannel Network Inc.
    Investor Information
    1-866-345-0115 or 1-800-261-6796
    Website: www.photochannel.com