Update to Tender for iseemedi

RNS Number : 7600S

Synchronica PLC

15 September 2010

 



15 September 2010

Synchronica plc

Update to Tender for iseemedia Inc.

Synchronica plc (AIM SYNC, ("Synchronica"), the international provider of next generation messaging and iseemedia Inc. (TSXV IEE.V, "iseemedia") announce that as of close of business (EST) on September 14, 2010, 54,301,342 common shares of iseemedia have been tendered to the Offer, representing in excess of 74% of the total issued and outstanding shares of iseemedia, sufficient for Synchronica to take control of iseemedia. Additionally, 7,373,750 common share purchase warrants have been tendered to the Offer. In order to further expedite the second-stage going private transaction of iseemedia and acquire 90% or more of the issued and outstanding common shares of iseemedia, Synchronica has extended the Offer until 5:00 pm (Toronto time) on September 24, 2010.

iseemedia announces that a definitive purchase agreement for the sale of iseemedia's subsidiary, RealBiz360 Inc., has been entered for a sale price of CDN $1.53 million. The closing of this sale is expected to be completed today, subject to receiving final approval from the TSX Venture Exchange.

Synchronica and iseemedia are also pleased to announce that Synchronica has received conditional approval to list its ordinary shares on the TSX Venture Exchange. It is expected that the previously announced private placement financings of both Synchronica and iseemedia will be completed concurrently with the listing of Synchronica's ordinary shares on the TSX Venture Exchange or shortly thereafter.

Synchronica and iseemedia continue to work towards full completion of the transaction and financing and will provide further updates in due course.

About Synchronica plc

Synchronica plc is a leading developer of next-generation mobile messaging solutions based on open industry standards. The award-winning product portfolio includes the flagship product Mobile Gateway, providing push Email, synchronization, instant messaging (IM), backup and restore, and mobile connectivity to social networks. Synchronica's products are white-labelled and offered by mobile operators and device manufacturers in emerging and developed markets to provide mass market messaging services, increasing data revenues and reducing churn.

Synchronica Mobile Gateway provides a unique multi-protocol gateway combining Push IMAP, SyncML, ActiveSync, Email-to-MMS, and Email-to-SMS, delivering messaging services to literally any mobile phone currently in the market without requiring an additional client to be downloaded. Expanding instant messaging to mobile devices, Mobile Gateway establishes carrier-branded IM communities, using the industry standard XMPP and provides gateways to popular internet IM communities, connecting any IMPS-enabled handset.

Headquartered in England, Synchronica also maintains development centres in Germany and the Philippines in addition to a regional presence in the USA, Hong Kong, Madrid and Dubai. Synchronica plc is a public company traded on the AIM list of the London Stock Exchange (SYNC.L). For further information, please visit www.synchronica.com.

About iseemedia Inc

iseemedia Inc. is a mobile software company focused on the commercialization of a Service Delivery Platform (iseemail TM) for delivering push Email services to the mass market and an advanced Content Delivery Platform (iseedocs TM) for rich media adaptation and extremely cost-efficient network delivery to mobile devices.

The company maintains a broad portfolio of issued and pending patents that cover content authoring, streaming and interactive viewing on mobile devices. iseemedia was founded in March 2002 and has been traded on the TSXV in Toronto since June 2005.

For more information, please visit: www.iseemedia.com.

Forward-Looking Statements: This news release includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with Synchronica's business and the environment in which those businesses operate. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", and similar expressions to the extent they relate to either Synchronica or its management. The forward-looking statements are not historical facts, but reflect Synchronica's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed in Section 8 (under the heading "Risk Factors Related to the Offer") of the Circular contained in the take-over bid circular dated July 22, 2010 filed with respect to the Bid at www.sedar.com,as amended pursuant to related notices filed at www.sedar.com.  Synchronica assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.

Enquiries:

Synchronica plc www.synchronica.com	Carsten Brinkschulte, CEO Angus Dent, CFO Nicole Meissner, COO	[phone] [phone] [phone]
iseemedia Inc.	David Berman, CFO	[phone]
finnCap	Clive Carver , Nomad Charlotte Stranner, Corporate Finance Stephen Norcross, Corporate Broker	[phone] [phone] [phone]
Walbrook PR Ltd	Paul McManus	[phone] [phone] [e-mail]

 

END

 

 

FURLAMJTMBJBBBM