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International Datacasting Corporation Announces Discussions With New Investor Group to Join Board of Directors

^{Published on 2009-12-08 05:27:14 - Market Wire}
 

OTTAWA, ONTARIO--(Marketwire - Dec. 8, 2009) - International Datacasting Corporation (TSX:IDC) ("IDC"), a leader in advanced solutions for satellite distribution of broadband multimedia content, announced today that it has reached an understanding with a new investor group which would allow them to nominate three new members to the Corporation's Board of Directors and adjust the size of the Board to up to nine members. The implementation of this understanding and the appointment of the new members are subject to, among other things, Board and any necessary regulatory approvals with the intent of having the new Board in place on or before 1 January 2010.

The new investor group, comprising Adam Adamou, Fred Godard and Francesco Ruffolo have previously announced that they had acquired 6 million Common Shares of the Corporation from Growthworks and have been granted an option to purchase the remaining 5.2 million Common Shares held by Growthworks, a transaction that gives the new investor group control of approximately 19.9% of IDC's issued and outstanding Common Shares.

About International Datacasting Corporation (IDC)

International Datacasting Corporation (TSX:IDC) is a global leader in providing IP-based datacasting solutions for the distribution of broadband multimedia content. IDC has a broad portfolio of advanced technology products marketed under the names SuperFlex, Datacast XD, Tiernan, Logic Innovations and PROFLine for implementing a wide range of satellite and other broadband content contribution and distribution networks. IDC's products are in demand for radio and television broadcast networks, distance learning, digital signage, digital cinema, IPTV distribution and other content distribution applications. IDC is headquartered in Ottawa, Canada, operates in Europe through its wholly owned subsidiary PROFline B.V. in Arnhem, the Netherlands, and in the US through its Tiernan and Logic Innovations operations in San Diego, California. The Company is international in scope, with installations in more than 100 countries worldwide, regional sales and service offices in the UK, Australia, Singapore and China and an established international network of value-added partners and distributors.

This press release contains forward-looking statements that may involve risks and uncertainties. Actual results may differ materially. Factors that might cause a difference include, but are not limited to, competitive developments, risks associated with IDC's growth, any difficulties with integrating the acquired product lines into IDC's business and/or manufacturing procedures, the development of the satellite datacasting market, regulatory risks, intellectual property infringement and other factors. IDC assumes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect IDC's financial and business results is included in the public documents IDC files from time to time with Canadian securities regulatory authorities.