MONTREAL, Aug. 01, 2018 (GLOBE NEWSWIRE) — Stingray’s commercial services division, Stingray Business, is poised to expand its activities with the acquisition of Novramedia, a Toronto-based leader in the design, development, and implementation of digital media solutions.
Founded in 2006, Novramedia manufactures and develops its own software and hardware for a variety of digital media solutions. Novramedia also employs a talented in-house creative and content development team resulting in a turnkey digital media solution. The company serves clients in a range of industries including the finance, retail, hospitality, and healthcare sectors.
This strategic acquisition supports Stingray’s business plan and growth strategy by further consolidating Stingray Business’ solid foothold in Canada. Under the terms of the acquisition agreement, Stingray will fully own and operate Novramedia with the continued direction of the company’s current seasoned leadership team.
Stingray Business, already a leader in the in-store media industry with clients in 78,000 locations, has been on a growth streak in the past year. In 2017, it signed its largest contract to date with Mexico’s Farmacias del Ahorro and entered the Australian market with the acquisitions of SBA Music and SMA Entertainment.
“Improving the in-store customer experience at every level is at the core of Stingray Business’ mission,” explained Eric Boyko, President, Co-founder, and CEO of Stingray. “The acquisition of Novramedia adds an important building block to our offering while adding some of the biggest names in Canadian business to our client portfolio. I look forward to working with our new colleagues and clients who will benefit from the expertise we have accrued in Canada, Mexico, and Australia. I am confident that with the continued support of Novramedia’s seasoned leadership team, we will reaffirm Stingray Business as the leading provider of state-of-the-art digital media solutions.”
“Joining the Stingray family is a great step forward for Novramedia,” said Hermes Iordanous, President, and CEO of Novramedia. “Stingray’s proven expertise combined with our know-how and client base bode very well for the future of our combined business. Our shared mission of providing commercial clients with turnkey digital media solutions, and unmatched drive to improve the customer experience in any setting, make this joining of forces a perfect match.”
Stingray (TSX: RAY.A; RAY.B) is the world-leading provider of multiplatform music and video services as well as digital experiences for pay TV operators, commercial establishments, OTT providers, mobile operators, consumers, and more. Stingray’s services include audio television channels, premium television channels, 4K UHD television channels, karaoke products, digital signage, in-store music, music apps, and more. Geared towards individuals and businesses alike, Stingray reaches 400 million subscribers (or users) in 156 countries and its mobile apps have been downloaded over 100 million times. Stingray is headquartered in Montreal and currently has close to 400 employees worldwide. For more information: www.stingray.com.
This news release may contain “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking information includes information with respect to Stingray’s goals, beliefs, plans, expectations, anticipations, estimates and intentions. Forward-looking information is identified by the use of terms and phrases such as “may”, “would”, “should”, “could”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe”, and “continue”, or the negative of these terms and similar terminology, including references to assumptions. Please note, however, that not all forward-looking information contains these terms and phrases. Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Stingray’s control. These risks and uncertainties could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk factors identified in Stingray’s Annual Information Form (AIF) dated June 8, 2017, which is available on SEDAR at www.sedar.com. Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that Stingray anticipates will be realized or, even if substantially realized, that they will have the expected consequences or effects on Stingray’s business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and Stingray does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.
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