Welcome!

News Feed Item

Piksel Files Suit Against Invigor Group

Suit Arises From KIT digital's Acquisition of Hyro Limited

NEW YORK, NY -- (Marketwired) -- 02/09/14 -- Piksel, Inc., (the "Company"), a global provider of digital television and media solutions, announced that it has commenced legal action against Invigor Group Limited (ASX: IVO) ("Invigor"), formerly known as Hyro Limited.

In June of 2012 Piksel's predecessor company, KIT digital, Inc. acquired substantially all of the assets of Invigor in exchange for $2 million cash and shares of KIT digital, Inc. valued at approximately $15 million. The shares issued to Invigor as consideration were subject to a "Top-Off" provision.

The lawsuit filed by Piksel accuses Invigor of making fraudulent, negligent, and misleading representations regarding its customer relationships, its business outlook, and its cash tax liabilities. Piksel's suit seeks disallowance of Invigor's Top-Off claim, cash damages, and recovery of Piksel's attorney's fees. The suit is an amendment to litigation previously commenced in KIT digital, Inc.'s reorganization case in the US Bankruptcy Court for the Southern District of New York, where Invigor's Top-Off claim was previously subordinated to the claims of general creditors.

"Invigor claimed it was selling a $25 million revenue business with happy customers. Invigor also claimed it had no outstanding tax obligations," said Allan Dunn, Chief Operating Officer of Piksel. "In truth, Invigor was a business less than half that size and it was losing customers at a very rapid rate. Invigor also had significant undisclosed tax obligations in Australia and New Zealand."

This suit is a result of a review of all partnerships and agreements by Piksel's new leadership team.

"As a listed company in Australia, Invigor continues to make public statements that it expects to receive warrants to purchase 8% of the outstanding shares of Piksel. We feel very strongly that when presented at trial, the facts will demonstrate that Invigor made significant fraudulent and negligent representations. As such, pending resolution of the litigation, Piksel will not issue any warrants to Invigor; on the contrary, Piksel is seeking to recover damages from Invigor," said Fabrice Hamaide, Chief Financial Officer of the Company.

A complete copy of the complaint is available on www.americanlegalclaims.com/kdi.

About Piksel

We help the world's leading brands maximize their reach and return with video.

Comprised of a global team of experts we call 'televisionaries', Piksel has helped to design, build, and manage online video services for major media companies like AT&T, BSkyB, Celcom, Mediaset, Sky Deutschland and Televisa, as well as enterprise brands like Airbus, Barnes & Noble, and Volkswagen.

Headquartered in New York City, Piksel (formerly KIT digital, Inc.) offices can be found throughout Europe and the Americas, serving more than 1,600 clients in over 50 countries.

Follow the company on Twitter at www.twitter.com/piksel

Piksel Media Contact:
Natasha Roberton
VP Brand and Communications
T: +1 (347) 328 3545
E: Email Contact

TallGrass PR for Piksel:
Allyson Klavens-Theis
T: +1 (201) 230-1196
E: Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
DXWorldEXPO LLC announced today that Kevin Jackson joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Kevin L. Jackson is a globally recognized cloud computing expert and Founder/Author of the award winning "Cloud Musings" blog. Mr. Jackson has also been recognized as a "Top 100 Cybersecurity Influencer and Brand" by Onalytica (2015), a Huffington Post "Top 100 Cloud Computing Experts on Twitter" (2013) and a "Top 50 C...
We all know that end users experience the internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices - not doing so will be a path to eventual ...
We all know that end users experience the internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices - not doing so will be a path to eventual ...
"We were founded in 2003 and the way we were founded was about good backup and good disaster recovery for our clients, and for the last 20 years we've been pretty consistent with that," noted Marc Malafronte, Territory Manager at StorageCraft, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
DXWorldEXPO LLC announced today that ICC-USA, a computer systems integrator and server manufacturing company focused on developing products and product appliances, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City. ICC is a computer systems integrator and server manufacturing company focused on developing products and product appliances to meet a wide range of ...
We all know that end users experience the Internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices – not doing so will be a path to eventual b...
Vulnerability management is vital for large companies that need to secure containers across thousands of hosts, but many struggle to understand how exposed they are when they discover a new high security vulnerability. In his session at 21st Cloud Expo, John Morello, CTO of Twistlock, addressed this pressing concern by introducing the concept of the “Vulnerability Risk Tree API,” which brings all the data together in a simple REST endpoint, allowing companies to easily grasp the severity of the ...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...
Sanjeev Sharma Joins November 11-13, 2018 @DevOpsSummit at @CloudEXPO New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
As Cybric's Chief Technology Officer, Mike D. Kail is responsible for the strategic vision and technical direction of the platform. Prior to founding Cybric, Mike was Yahoo's CIO and SVP of Infrastructure, where he led the IT and Data Center functions for the company. He has more than 24 years of IT Operations experience with a focus on highly-scalable architectures.
Headquartered in Plainsboro, NJ, Synametrics Technologies has provided IT professionals and computer systems developers since 1997. Based on the success of their initial product offerings (WinSQL and DeltaCopy), the company continues to create and hone innovative products that help its customers get more from their computer applications, databases and infrastructure. To date, over one million users around the world have chosen Synametrics solutions to help power their accelerated business or per...
"DivvyCloud as a company set out to help customers automate solutions to the most common cloud problems," noted Jeremy Snyder, VP of Business Development at DivvyCloud, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Founded in 2000, Chetu Inc. is a global provider of customized software development solutions and IT staff augmentation services for software technology providers. By providing clients with unparalleled niche technology expertise and industry experience, Chetu has become the premiere long-term, back-end software development partner for start-ups, SMBs, and Fortune 500 companies. Chetu is headquartered in Plantation, Florida, with thirteen offices throughout the U.S. and abroad.
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.