|By Marketwired .||
|July 22, 2014 12:21 PM EDT||
TORONTO, ON--(Marketwired - July 22, 2014) - ISIS Lab Corporation (TSX VENTURE: LAB) (FRANKFURT: ISX) (Frankfurt WKN: A1XB97) (the "Company" or "ISIS") is pleased to announce that further to its press release of June 25, 2014, it completed the acquisition of Vast Studios Inc. ("Vast") on July 21, 2014 whereby Isis acquired all the outstanding common shares of Vast (the "Acquisition"). Vast, a private Ontario corporation established in 2007 with its head office in Toronto, is a developer of casual games for PC, Mac, iOS and Android platforms.
The Acquisition was completed pursuant to the terms of a share purchase agreement dated July 21, 2014 (the "SPA") between Isis, Vast and Messrs. Hamed Abbasi; Jon Caculovic and Serguei Kloubkov, the three founders and shareholders of Vast (the "Sellers"). Under the SPA, the Company agreed to pay an adjusted purchase price of C$1,729,463 (subject to further adjustment in certain circumstances) for all of the issued and outstanding shares of Vast. On closing, Isis paid the Sellers in aggregate C$629,463 in cash and C$600,000 by the issuance of 1,279,290 common shares of the Company at a price of C$0.469 per share. Under the SPA, the Company will make two additional payments to the Sellers on each of January 21, 2015 and July 21, 2015, with each payment comprised in aggregate of C$50,000 payable in cash and C$50,000 satisfied by the issuance of common shares of the Company. Lastly, on a date no later than January 21, 2016, the Company will pay the Sellers an earnout payment of up to C$300,000 in aggregate, which earnout payment is subject to reduction in the event the annualized revenue attributable to Vast's business for the twelve month period after closing falls below a certain target. 1/3 of the earnout amount will be payable in cash and 2/3 will be payable by issuance of common shares of the Company. All common shares issuable to the Sellers subsequent to closing will be at the price of C$0.469 per share, or the 20-day volume weighted average price of the common shares of the Company on the TSXV ending on the day before the issue date, whichever is higher.
On closing of the Acquisition, Vast became a wholly-owned subsidiary of Isis. All Sellers have agreed to remain as employees of Vast and have entered into employment agreements with Vast to continue their roles as officers of Vast, with Mr. Hamed Abbasi as President of Vast; Jon Caculovic as Chief Operating Officer of Vast; and Serguei Kloubkov as Chief Technical Officer of Vast. Mr. Daniel Kajouie, Chairman, President and CEO of Isis, was appointed as the Chief Executive Officer of Vast. On closing, the board of directors of Vast resigned and were replaced by Messrs. Daniel Kajouie, Tito Gandhi and Neil Said, all directors and/or officers of Isis.
Also on closing of the Acquisition, Vast obtained an extension of its bank credit facilities in aggregate principal amount of C$500,000, comprised of a demand facility of C$200,000 and a term facility of C$300,000. Both credit facilities have been fully drawn down by Vast, and bear interest at a rate of prime plus 2% per annum for the demand facility and prime plus 3% per annum for the term facility. The term facility matures on July 31, 2014. The extended Vast credit facilities are secured by the assets of Vast and are guaranteed by Isis for a total guaranteed amount of C$520,000.
"We are delighted to have Vast join the Isis organization," said Daniel Kajouie, Chairman, President and CEO of Isis. "Vast, over the years has demonstrated its capability to produce profitable games for its publishers. At Isis, we believe the future of gaming will reside at the intersection of social and real money games. With mobile gaming expanding more rapidly than ever, the acquisition of Vast will fuel our ability to expand development into this growing sector and provide proprietary games to our customers."
Mr. Hamed Abbasi, President of Vast and one of the Sellers, also commented. "We're extremely excited to join the growing team at ISIS. Our mission to create the best casual games in the industry will continue with ISIS. We're delighted to combine our many years of development experience with Isis' deep understanding of the social gaming market."
About Vast Studios Inc.
Vast Studios Inc., located in Toronto Ontario, is a premier video game developer for the casual mobile and PC markets. Established in 2007, Vast has developed and released a substantial library of titles, utilizing its proprietary technology. Vast's titles are available on PC, Mac, iOS and Android platforms in 10 languages.
About ISIS Lab Corporation
ISIS was the winner of The 2013 Most Innovative Start-up Company of the year at the GIGSE Conference in San Francisco, California, and is the developer and provider of an award winning social gaming software platform. With experienced social gaming leadership and development teams, ISIS looks to leverage the anticipated growth in regulated, real-money, online gaming through the application of the social graph and the gamblification of social games. The ISIS platform was developed for both social gaming and monetized gaming for clients operating within regulated markets. For ISIS clients operating within fully regulated markets the company offers a turnkey solution including a full commerce application and back office suite.
The Company's flagship product ISISFriends® will be the first true social network built and regulated for the online gaming market providing audiences within regulated markets with a product differentiator from a social interaction perspective and is on track to have the largest portfolio of games available for social online gaming. ISISFriends® cutting-edge technology is designed to be future ready, scalable, modular, with the capability to expand integrations without limitation, and is capable to support third-party game integrations, cashier support, customer support, social networking, and backend operator support.
Neither 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.
Caution Regarding Forward-Looking Information:
Certain statements in this press release constitute "forward looking" statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this press release, such statements may use such words as "may'', "will'', "expect'', "believe'', "plan'' and other similar terminology. These statements include, but are not limited to, that Isis will make future payments and issue additional shares in the future; that Isis will make earn out payment in the future, the expected timing of these payments and expected price for the shares; management's belief that the future of gaming will reside at the intersection of social and real money games; management's expectation that the Acquisition will fuel Isis' ability to expand development; management's expectation to continue to create the best casual games in the industry; that ISISFriends® will be the first true social network built and regulated for the online gaming market, that ISISFriends® is on track to have the largest portfolio of games available for social online gaming, and that the regulated, real-money online gaming market is anticipated to grow. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this press release. The forward looking statements involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, delays with the launch of ISISFriends® and the acceptance of the product in the target market, competition in the industry and markets in which the Company operates, the Company's stage of development, long term capital requirements and future ability to fund operations, regulatory requirements, general economic, market or business conditions and future developments in the sectors of the economy in which the business of ISIS operates. The foregoing list of factors is not exhaustive. Please see the Company's prospectus dated October 23, 2013 and other documents available on www.sedar.com, for a more detailed description of the risk factors. The Company undertakes no obligation to update publicly or revise any forward looking information, whether a result of new information, future results or otherwise, except as required by law.
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Mar. 29, 2017 01:15 AM EDT Reads: 2,451
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Mar. 29, 2017 01:15 AM EDT Reads: 9,157
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
Mar. 29, 2017 01:00 AM EDT Reads: 1,074
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
Mar. 29, 2017 12:15 AM EDT Reads: 1,350
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, discussed how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a practic...
Mar. 29, 2017 12:15 AM EDT Reads: 8,446
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
Mar. 28, 2017 11:15 PM EDT Reads: 3,441
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
Mar. 28, 2017 09:30 PM EDT Reads: 3,721
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, will discuss some of the security challenges of the IoT infrastructure and relate how these aspects impact Smart Living. The material will be delivered i...
Mar. 28, 2017 09:30 PM EDT Reads: 2,216
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Mar. 28, 2017 09:30 PM EDT Reads: 3,820
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
Mar. 28, 2017 08:15 PM EDT Reads: 2,327
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, will provide a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services ...
Mar. 28, 2017 07:00 PM EDT Reads: 4,475
Imagine having the ability to leverage all of your current technology and to be able to compose it into one resource pool. Now imagine, as your business grows, not having to deploy a complete new appliance to scale your infrastructure. Also imagine a true multi-cloud capability that allows live migration without any modification between cloud environments regardless of whether that cloud is your private cloud or your public AWS, Azure or Google instance. Now think of a world that is not locked i...
Mar. 28, 2017 06:15 PM EDT Reads: 444
SYS-CON Events announced today that Auditwerx will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Auditwerx specializes in SOC 1, SOC 2, and SOC 3 attestation services throughout the U.S. and Canada. As a division of Carr, Riggs & Ingram (CRI), one of the top 20 largest CPA firms nationally, you can expect the resources, skills, and experience of a much larger firm combined with the accessibility and atten...
Mar. 28, 2017 06:15 PM EDT Reads: 412
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
Mar. 28, 2017 06:00 PM EDT Reads: 848
MongoDB Atlas leverages VPC peering for AWS, a service that allows multiple VPC networks to interact. This includes VPCs that belong to other AWS account holders. By performing cross account VPC peering, users ensure networks that host and communicate their data are secure. In his session at 20th Cloud Expo, Jay Gordon, a Developer Advocate at MongoDB, will explain how to properly architect your VPC using existing AWS tools and then peer with your MongoDB Atlas cluster. He'll discuss the secur...
Mar. 28, 2017 04:45 PM EDT Reads: 468