Science & Technology
Thu, May 12, 2011Wed, May 11, 2011Tue, May 10, 2011Mon, May 9, 2011Sun, May 8, 2011Sat, May 7, 2011Fri, May 6, 2011Thu, May 5, 2011Wed, May 4, 2011Tue, May 3, 2011Mon, May 2, 2011Fri, April 29, 2011Thu, April 28, 2011Wed, April 27, 2011Tue, April 26, 2011Mon, April 25, 2011Fri, April 22, 2011Thu, April 21, 2011Wed, April 20, 2011Tue, April 19, 2011ESPIAL ANNOUNCES REVIEW OF STRATEGIC ALTERNATIVES
Published in Science and Technology on Friday, April 29th 2011 at 11:26 GMT by Market Wire
OTTAWA, April 29 /CNW/ - Espial Group Inc. ("Espial" or the "Company") (TSX:ESP) today announced that its Board of Directors has initiated a process to review a range of potential strategic alternatives available to Espial for enhancing shareholder value. A Special Committee has been established to lead this process and has retained Morgan Keegan as its financial advisor to provide independent advice.
The Company believes that the success of OTT service providers like Netflix demonstrates the value of on-demand & interactive TV. Such services, along with increased competition in TV service providers, is increasing pressure on incumbent Pay TV operators, telcos, cable & satellite operators to deliver next generation on-demand video services across multiple screens and networks. This increased activity with service providers, coupled with a strong desire for Consumer Electronic manufacturers to offer Internet video and web capabilities on their devices is increasing demand for our products and broadening our customer base.
According to Parks Associates, by 2015, multi-screen services will more than triple and reach 256 million pay TV subscribers. Connected TV shipments are also slated to grow to over 100m units per year by 2014 and further Pay TV operators globally are in the process of upgrading their television platforms that today serve over 500 million subscribers. There is significant activity in this very valuable market and consolidation is a key element to drive scale.
Espial does not intend to disclose developments with respect to the strategic review process unless and until its Board of Directors has approved any specific course of action. The review of strategic alternatives may not result in the announcement or completion of any specific transaction.
About Espial
Espial provides scalable and open digital TV software to service providers in the cable, telecommunications and hospitality industries. Its middleware, Video-On-Demand and browser solutions provide superior service delivery, advanced service innovation tools and the ability to implement flexible business models. Espial serves a range of market segments including, IPTV, Cable, hybrid IP, over-the-top, multi-dwelling unit and enterprise. With over seven million subscribers using Espial's patented solutions, Espial is a leading supplier of TV software. Espial is headquartered in Ottawa, Canada with offices around the world in USA, Europe and Asia.
Forward Looking Information
This press release contains information that is forward looking information with respect to Espial within the meaning of Section 138.4(9) of the Ontario Securities Act (forward looking statements) and other applicable securities laws. In some cases, forward-looking information can be identified by the use of terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or the negative of these terms or other similar expressions concerning matters that are not historical facts. In particular, statements about anticipated market trends, benefits of new customer and partner relationships, future opportunities for the company and products and any other statements regarding Espial's future expectations, beliefs, goals or prospects are or involve forward-looking information.
Forward-looking information is based on certain factors and assumptions. While the company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward-looking information, by its nature necessarily involves known and unknown risks and uncertainties. Factors that could cause actual results to differ materially from any results discussed in the forward looking statements, including but not limited to risks associated with the on-demand TV software industry and the market segments in which which Espial operates, competition, Espial's ability to effectively develop its distribution channels and generate increased demand for its products. Readers are cautioned that no decision on any particular alternative has been reached at this time and there can be no assurance that the review of strategic alternatives will result in the announcement or completion of any specific transaction. In addition, the pursuit of certain strategic alternatives such as a corporate sale may impact the future plans of the Company. Additional risks and uncertainties affecting Espial can be found in Management's Discussion and Analysis of Results of Operations and Financial Condition for the fiscal year ended December 31, 2010 filed on SEDAR at [ www.sedar.com ]. If any of these risks or uncertainties were to materialize, or if the factors and assumptions underlying the forward-looking information were to prove incorrect, actual results could vary materially from those that are expressed or implied by the forward-looking information contained herein. Espial assumes no obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
