VRX Worldwide Inc.

VRX Worldwide Inc.

October 01, 2014 15:20 ET

VRX Worldwide Completes Sale of Photography Business ($3 Million)

Company to Focus on Thriving Cloud Business

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 1, 2014) - VRX Worldwide Inc. (TSX VENTURE:VRW) (the Company) is pleased to announce that, further to its news release dated August 25, 2014, the Company has completed its transactions with LHI Local Hospitality Inc. for the sale of its photography services business, VRX Studios, for $3 million CDN, all cash. Upon receipt of all required approvals, the Company will be renamed MediaValet Inc. and its trading symbol will change accordingly.

The sale of the Company's photography services business allows the Company to focus on the fastest growing and highest margin part of its business - the provision and licensing of cloud-based digital asset management software. Delivered under a software-as-a-service (SaaS) model, MediaValet's annual recurring revenue has doubled in the last twelve months and continues to grow at a rapid pace. Over the last few months, MediaValet has added customers in industries as diverse as oil & gas, entertainment, consumer electronics, cosmetics, greeting cards, and online education. Over the next six months, MediaValet will launch the third and fourth major releases of its cloud-based, enterprise class, digital asset management system (DAMS).

"Today's sale is a major milestone for our company; we say good bye to the business that made us who we are today and focus the entirety of our attention and effort on the most exciting area of our business that will define our future," commented David MacLaren, Founder and Past CEO of VRX Studios, Founder of MediaValet, and current President, CEO and Chairman of VRX Worldwide. "MediaValet has a tremendous opportunity ahead of it; with the sale of our photography services business we're now fully funded for the foreseeable future. We're all truly excited to put these funds to work - to accelerate our marketing, sales, and development efforts - and to continue to drive and grow the industry we helped found."

Although the on-premise digital asset management industry is well established, MediaValet is leading an entirely new generation of digital asset management systems forged in the Cloud. Leveraging the unique characteristics of Microsoft's platform-as-a-service (PaaS) cloud offering, Microsoft Azure, MediaValet makes it effortless for companies of all sizes, industries and locations to aggregate, organize, secure and share their digital assets - no matter how many assets they have or where their users are located.

About MediaValet

MediaValet stands at the forefront of the emerging cloud-based digital asset management (DAM) industry. With the only 100% cloud-based digital asset management system (DAMS), and the only DAMS built on Microsoft's Windows Azure cloud platform, MediaValet is the only cloud-based DAM provider equipped to meet the DAM needs of any company, no matter its size, industry or location. Created by marketers for marketers, MediaValet puts product design and support first, ensuring an exceptional customer and user experience 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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