|By Business Wire||
|July 24, 2014 09:30 AM EDT||
SoMedia Networks Inc. (TSX-V:VID) (“SoMedia” or the “Company”), the pioneer of globally scalable cloud-based video production solutions, is pleased to provide a shareholder update on its business activities within its Reseller channel.
SoMedia markets its Scalable Video solutions through three channels: Resellers, Corporate and Agency, and large B2B marketing and SaaS platforms. As previously announced on November 5, 2013, the Company had signed more than 4,000 partners to its Reseller channel, executing on strategic plans to gain market share. SoMedia’s Reseller partners are web services companies - primarily digital agencies and web marketers focused on providing Internet marketing services to millions of small to medium sized businesses.
Since that time, the Company has focused on segmenting its existing pool of Resellers and implementing advanced automated marketing and sales nurturing programs. By targeting and developing high value Resellers the Company saw substantial growth in Reseller sales during the first half of 2014 delivering an 80% increase in sales over the same period a year ago with average order size increasing from $1,198 to $2,934 or 145%. Quarter to quarter sales momentum also continued with Reseller channel sales increasing in the second quarter by 67% over the previous quarter.
Further to these sales and marketing initiatives, the Company has begun executing targeted Reseller acquisition programs focused on niche verticals in the professional services sector. As a result average order size from Reseller partners added during the first half of 2014 who service professional verticals were 376% higher than the average order size of all Reseller partners added during 2013.
Significant traction has been made within the health care sector by signing marketing firms and industry-leading marketing service providers such as Henry Schein, Practice Builders, Lifelearn, Medical Web Experts, LaunchPoint, Ovation Health & Life Services Inc., Dental Branding, and more. In addition, new resellers who specialize in the legal and financial services markets were added such as Get Noticed Get Found, Elder Law Answers, BL Media, Esquire, and Wealth Management Marketing.
“We are seeing success by targeting Resellers who service professionals with significant marketing budgets.” said Ben Pickering, President of SoMedia Networks. “Many of these Resellers are large web marketing firms with hundreds or thousands of clients. The national reach SoMedia provides is allowing them to capture unmet demand and the end clients they serve understand the importance of video in their online marketing.”
The Company is also pleased to announce that it has hired Greg Werbowski to provide the Company with investor relations services. Subject to TSX Venture Exchange approval, SoMedia will pay Mr. Werbowski a monthly salary of Cdn$5,000 for the one year term of the consulting agreement (the "Agreement"), which may be extended upon mutual agreement of the parties. In addition, the Company will issue 150,000 common share stock options ("Options"), of which 37,500 Options will be exercisable at $0.15 per share and vest immediately upon TSX Venture Exchange approval of the Agreement and the remaining 112,500 Options will be exercisable at a price of $0.25 per share and will vest in equal amounts every 3 months thereafter, with no less than 100% over 12 months from the date of grant. The Options will expire on July 16, 2019, and are subject to the Company's stock option plan.
About SoMedia Networks
SoMedia Networks, the creator of Scalable Video, has reengineered how businesses access video content creation, production and deployment. The cloud-based SoMedia Platform allows businesses, brands and media to easily order the production of custom video content at scale and volume, anywhere, on demand, with rapid turnaround, and at a fraction of current costs.
SoMedia provides Scalable Video as an integrated solution to corporate partners, as a resale solution through thousands of web marketing firms and directly to digital agencies and millions of SMBs across North America. To learn more visit: www.somedia.net.
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. This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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