VC Advantage Fund to Invest in Networks North
NASDAQ:NETN
TORONTO, April 4 /CNW-PRN/ - NETWORKS NORTH INC. (NASDAQ: NETN), announces that VC Advantage Fund, a newly formed investment fund for the new economy and the Internet age, has agreed to provide, subject to shareholders approval, $US3,000,000 in financing.
The financing is in the form of a convertible debenture, which is convertible into common stock of Networks North.
``The financing provided by VC Advantage Fund will enable Networks North to deliver on the explosive growth potential of the Application Service Provider (ASP) industry and become the Entertainment ASP,' said Cameron Chell, Chairman and CEO of Chell.com. Chell.com, a ``technology strategy bank', which recently acquired a significant interest in Networks North.
About Networks North:
Networks North Inc.'s operating units include wholly owned NTN Interactive Network Inc., Magic Lantern Communications Ltd., Interlynx Multimedia Inc. and GalaVu Entertainment Network Inc. NTNIN is the exclusive licensee in Canada of NTN Communications, Inc. (AMEX: NTN) a leading producer and programmer of interactive television, on-line and Internet entertainment. The NTN Entertainment Network distributes programming to more than 15 million participants per month at restaurants, sports bars, and other group viewing locations throughout North America, including 525 in Canada with over 3.1 million participants. Magic Lantern is a premier distributor of educational media resources, with exclusive rights to over 14,000 titles in English and French. Magic subsidiaries provide MPEG encoding, DVD authoring, video duplication, and fulfillment services for broadcasters. Interlynx Multimedia Inc. is a developer of web-based interactive software in the areas of training, knowledge management and e-business. GalaVu Entertainment Network Inc. is a technology-based entertainment provider of interactive in-room entertainment systems for over 200 hotels. For more information visit the company's website at www.networksnorth.com
About Chell.com
Chell.com. is a ``technology strategy bank' founded by Cameron Chell to incubate, test and grow businesses out of the latest in technology and service innovation. Cameron Chell, Chairman and Chief Executive Officer of Chell.com, is also a Founder and the President of the ASP Consortium www.allaboutasp.com and Founder of FutureLink Distribution Corp. (Nasdaq: FTRL) www.futurelink.net. Chell.com is comprised of a group of more than 20 professionals specialized in the areas of technology, finance, corporate law, investor relations, public relations, marketing, and human resources recruitment. Since its inception in November 1999 the Chell.com team conceptualized, incubated, financed and launched C Me Run Corp. (OTC: BB: CMER), a consumer ASP engine. For more information on C Me Run, visit the company's website at www.cmerun.com. For more information on Chell.com, visit the company's website at chell.com.
About VC Advantage Fund
VC Advantage Fund is a $30 million investment fund whose primary focus is direct investment in e-businesses in the early stage of development. The brainchild of investment professional Mark Valentine and technology entrepreneur and a founder of the ASP industry, Cameron Chell, VC Advantage Fund was launched January 15, 2000 and is fully subscribed.
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SOURCE: Networks North Inc.
CONTACT: Marilyn Schaffer, Vice President, Global Communications, Chell.com, Tel: 416-598-9910, mschaffer@chell.com; Peter Rona, President & C.E.O., Networks North Inc. Tel: 416-675-6666, prona@ntnc.com |
