Gener8 Acquires New 3D Conversion Patents to Expand Existing Technology Baseadmin
VANCOUVER, BRITISH COLUMBIA, November 21, 2013 – Gener8 Media Corp. (CNSX: GNR) ("Gener8" or the "Company") is pleased to announce a license agreement with Intellectual Discovery Co., Ltd. ("IDC") dated November 20, 2013.
The agreement gives Gener8 a license for a suite of domestic and international 3D stereoscopic conversion patents and patent applications from IDC.
According to CEO Rory Armes, "These patents strengthen Gener8’s competitive advantage in 3D conversion by enhancing our existing technology base. The new technology helps us achieve our goal to be best-in-class 3D, with live editing for filmmakers and reducing the timeframe for 3D conversion."
The license agreement was made in connection with a settlement agreement between Gener8, its wholly owned subsidiary, Gener8 Digital Media Corp., Conversion Works, Inc. and Compass Investment Corporation.
The settlement agreement dismisses all claims relating to the action brought in the Alberta Queens Bench Court on January 14, 2013 (the "Action") in consideration for the issuance to Oceanic Greystone Securities Inc. of 838,834 common shares of Gener8 and 419,417 share purchase warrants with each warrant entitling the holder to acquire an additional common share of Gener8 at a price of $0.75 until June 1, 2014. The Company received a dismissal order of the Court releasing Gener8 from all claims relating to the Action.
The Company has also entered into an amalgamation agreement with Gener8 Investments Limited ("GIL"), a wholly owned subsidiary controlled by a director and senior officer of the Company. This agreement will result in a share-for-share exchange where GIL shares will be exchanged for Gener8 shares. The total issued and outstanding shares of Gener8 will not change.
Gener8 is a media technology company with two divisions–a studio and a technology group. Its studio is an industry leader in 3D stereo conversion services for the entertainment industry, with many high profile credits including The Amazing Spider-Man, Ghost Rider 2 and Harry Potter. The technology division provides 3D technology and cloud-based data management and analytics to the entertainment industry. Gener8’s head office is located in Vancouver, British Columbia and has approximately 140 employees across both divisions. The executive team draws on years of experience developing graphics technology in commercial software, video games and the film industry. To learn more, visit the company website: http://www.gener8.com.
ON BEHALF OF THE BOARD OF THE COMPANY
Chief Executive Officer and Director
FOR MORE INFORMATION, PLEASE CONTACT:
Vice President of Corporate Affairs
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Forward Looking Statements
Except for statements of historical fact, this news release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" occur. In particular, forward-looking statements in this press release include, but are not limited to, statements with respect to: the amalgamation between Gener8 and GIL. Although Gener8 believes that the expectations reflected in the forward-looking statements are reasonable; there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, risks with respect to: meeting our contractual timelines and milestones on our 3D film conversion contracts; general economic conditions in Canada and globally; film industry conditions; competition for, among other things, capital and skilled personnel; changes in economic and market conditions that could lead to reduced spending on 3D film conversion; potential delays or changes in plans with respect to deployment of services or capital expenditures; our ability to hire and retain qualified employees and key management personnel; possibility that government policies or laws may change; amount and timing of operating costs and capital expenditures; the success of certain business combinations engaged in by the Company or by its competitors; possible disruptive effects of organizational or personnel changes; technological change, new products and standards; risks related to acquisitions and international expansion; reliance on large customers; reliance on a limited number of suppliers; risks related to the Company’s competition; the Company’s failure to adequately protect its intellectual property; interruption or failure of information technology systems; the development, implementation and execution of our strategic vision and the Company’s technologies including Cumul8tm our cloud-based SaaS asset management product; and business, legal and/or regulatory risks relating to Gener8’s business, financings and strategic acquisitions. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
Posted: November 21st, 2013 under ACCESSWIRE.