January 18, 2007
OceanLake enters into definitive agreement with Yak Communications (Canada) Corp., A wholly-owned subsidiary of Globalive Communications Crop., to distribute mobile content to users in North America
Toronto, CANADA, January 18, 2007 - OceanLake Commerce Inc. (OLI - TSX Venture), is pleased to announce that further to its press release on November 2, 2006, it has entered into a definitive agreement (the "Agreement") with Yak Communications (Canada) Corp., a wholly-owned subsidiary of Globalive Communications Corp., for the provision of OceanLake’s imercion integrated content delivery platform and related technical support and services.
Globalive selected imercion as the backbone for WorldCity, a new pure-play content site to be launched in the first quarter of 2007, targeting fixed and mobile phone users across North America. Under the terms of the Agreement, in addition to providing Yak with the imercion platform, OceanLake will also build and maintain this new service and assist in the collection and management of the content to be offered to users.
The terms of the five year contract include Yak paying OceanLake for all content and imercion licensing, as a bundled solution, in exchange for warrants in OceanLake entitling the holder thereof to purchase up to 2,500,000 common shares in the capital of OceanLake at $0.17 per common share for up to two (2) years from the date of issuance. Subject to regulatory approval, the first 100,000 warrants immediately vested on the signing of the Agreement. The remaining 2,400,000 warrants shall vest pursuant to certain milestones set out in the Agreement.
OceanLake will provide Yak with a turn-key package for WorldCity, and imercion will serve as the technical infrastructure and will be enhanced by a complete suite of content management, updating, fulfillment and billing services. In exchange, OceanLake will receive a portion of the gross revenue generated by all transactions conducted through this new service. The parties plan to leverage the imercion platform in two key ways:
1. an interactive portal that can be accessed by mobile users across North America and which allows them to select a wide assortment of ringtones, games, wallpapers video, music and television content; and
2. a specialized platform offering content and applications specially designed for Yak's customer base.
About imercion
Developed by OceanLake's Facilitasia subsidiary, imercion is a total content delivery platform that offers content providers, content aggregators and telecommunications operators the ability to deliver any type of content to any type of device - fixed or mobile. imercion allows users with any internet enabled device - mobile or fixed - to search, view, select, purchase and download content via an easily customized interface that is simple to understand and operate. imercion also links to all existing payment portals such as PayPal and merchant credit card links and can produce and process pre-paid vouchers from multiple sources. It can also be linked to an operator's prepaid system or billing software for direct charging to a user's phone.
For more information about OceanLake, please visit www.oceanLake.com
For more information about Facilitasia, please visit www.facilitasia.com
About Globalive Communications Corp.
Globalive Communications Corp. is a leading provider of next generation telecommunications solutions globally. The company develops innovative applications and delivers first-rate services to clients internationally. Globalive leads the market in hospitality operator services, VoIP, wireless services, hospitality high speed Internet, billing and clearing of call records, competitive payphone services, and low-cost long distance calling for both commercial and residential clients. Globalive is now featuring globaliveInteractive solutions, which is comprised of interactive web, television and mobile applications (including competitions, contests, promotions, polls, text and IVR voting, text-to-screen and news alerts), as well as rich, varied content and full wireless infrastructure.
Globalive is an award winning company with several prestigious recognitions including: #1 ranking on the 16th annual Profit 100, Canada’s 50 Best Managed Companies, Deloitte Technology Fast 50, and Canadian Business Magazine’s Top 30 Workplaces in Canada. Most recently, Anthony Lacavera, Chairman & CEO, was named to the celebrated Canada’s Top 40 Under 40 list in 2006.
For more information, please visit www.globalive.com or www.canopco.com.
Media Contact:
Jessica Martin
Profile Communications
416-509-2699
jessica@profilecommunications.ca
Contact:
William Car
CEO, OceanLake
wcar@oceanlake.com
1-416-637-3501
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