Press release from Marketwire
LeoNovus Provides Corporate Update
Monday, September 19, 2011
PALO ALTO, CA--(Marketwire - September 19, 2011) - LeoNovus Inc. ("LeoNovus" or the "Company") (TSX-V: LTV). LeoNovus is developing a high performance browser-based Internet software platform with a remotely managed system providing consumer electronic devices such as HDTVs access to all the features, content, and functionality available on the Internet without the malware, security and support issues of a PC. LeoNovus today, provides a corporate update.
LeoNovus announces the official closing of its beta program registration due to an overwhelming response. The beta is currently rolling out in phases to selected audiences as per the original intent of the program. The Company seeks to have an open dialogue with this community for the ongoing refinement of current and future feature sets. The Company has also delivered the LeoNovus TV software to multiple customers and partners for evaluation.
LeoNovus also announces an official licensing strategy of its managed system cloud services to non-competitive market segments. This system, currently called the WI$E Network, can service a multiplicity of industries and products providing security, support, updates, and metrics for a variety of services and applications including advertising. The Company has had several interested companies and is currently furthering discussions for non-exclusive licenses for non-competitive market segments.
The Company additionally announces that, on September 15, 2011, it granted a total of 4,313,000 options to purchase common shares of the Company to directors, officers, employees and consultants in accordance with the LeoNovus stock option plan. The options expire (5) five years from the date of grant and will vest over a (4) four-year time frame from the date of grant. All options have an exercise price of $0.36 per common share. Of these options, 2,350,000 were granted to directors and officers of the Company and 1,963,000 were granted to employees and consultants. In its consideration and approval of the option grant, the Company's board of directors (the "Board") took note of the fact that the option grants to officers and directors are related party transactions, as defined in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), and that it is in the best interests of the Company to grant the options in conjunction with the option grant to employees. The Board determined that the option grants are exempt from the formal valuation and minority approval requirements of MI 61-101 under sections 5.5(a) and 5.7(a) of MI 61-101 respectively.
LeoNovus is committed to developing high quality personalized next generation products to deliver all the video, all the web, all the games, at any time in a very personalized consumer-friendly way. The LeoNovus approach to Internet TV introduces a unique "profitability" component that has been missing from current attempts to expand the Web onto the TV -- an integrated content management system that will deliver carefully targeted ads, marketing campaigns, services and applications that are linked to individual viewer preferences and interests. This combination of an intuitive smart client and integrated content management is expected to bring a new level of specificity and accountability to revenue models.
For clarification purposes, the closing of the private placement announced in LeoNovus' press release dated July 14, 2011 was the single and final closing of that private placement.
About LeoNovus Inc. (www.LeoNovus.com)
</b>LeoNovus is developing a high performance browser-based Internet platform with a managed system approach that will provide HDTVs and other consumer electronic devices with access to all the features, content, and functionality available on the Web without the malware, security and support issues of a PC. LeoNovus seeks to change the way high-value Internet content is organized, monetized, and delivered on HDTVs, providing a true consumer electronics experience to the largest monitor in the house.
LeoNovus shares have traded on the TSX Venture Exchange since June 10, 2009. Further information about LeoNovus can be found in its filings with Canadian securities regulators, which filings are available at www.sedar.com.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
Certain information included in this press release is forward-looking and may involve risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors that might cause a difference include, but are not limited to, competitive developments, risks associated with LeoNovus's growth, the state of the financial markets, regulatory risks and other factors. There can be no assurance that any statements of forward-looking information contained in this release will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral statements containing forward-looking information are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Unless otherwise required by applicable securities laws, LeoNovus disclaims any intention or 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 any statements of forward-looking information that speak only as of the date of this release. More detailed information about potential factors that could affect LeoNovus' financial and business results is included in public documents LeoNovus files from time to time with Canadian securities regulatory authorities and which are available at www.sedar.com.
All trademarks and brands mentioned in this release are the property of their respective owners.
FOR FURTHER INFORMATION PLEASE CONTACT:
TSX Venture Exchange Symbole : LTV LeoNovus™ Inc. 1800 Embarcadero Rd. Palo Alto, CA 94303 USA Fax: (650) 856-8510 (FAX) Phone: (650) 856-8500 (US-PDT)
Email: media@LeoNovus.com www.LeoNovus.com