Wizzard Gets $1.75 Million Investment
Oct 27th, 2006 | By James Lewin | Category: Audio Podcasting, Making Money with Podcasts, Podcast Hosting, Podcasting ServicesWizzard Software, a company that specializes in speech recognition applications, announced today that it has entered into a definitive agreement for a $1,750,000 private placement with institutional investors.
Earlier in the week, the company announced that it was acquiring podcast hosting service Libsyn.
“The capital infusion allows us to continue funding our recently announced podcasting acquisitions and will allow us to accelerate the expansion of our podcasting efforts, in which we see tremendous growth potential,” said Chris Spencer, CEO of Wizzard Software.
As part of this transaction, the Company will also issue three year warrants to purchase 437,500 shares of common stock that are exercisable at $2.50 per share. Additionally, the Company will issue warrants to purchase 875,000 shares of common stock that are exercisable at $2.00 per share which expire 180 days post effective registration notice.
“If all warrants are exercised the Company will receive an additional $4,593,750 in proceeds allowing it to continue to fund podcasting acquisitions and technical infrastructure development,” says Gordon Berry, Wizzard CFO. “With this funding and our announced acquisitions, we believe Wizzard is positioned to be a major player in the emerging world of Web 2.0.”
[…] Wizzard has, in the past year, acquired three podcast-hosting networks, Switchpod, Blast Podcast and Liberated Syndication (Libsyn). This new batch of financing follows a $1.75 million investment announced last October. That earlier financing round came hot on the heels of the announcement that the company was acquiring Libsyn. Chris Spencer, Wizzard CEO, issued a statement about this most recent investment: “This capital infusion allows us to continue funding the growth of our recently announc[ed] podcasting acquisitions and will allow us to accelerate expansion of our overall podcasting efforts, in which we see tremendous potential.” […]
[…] var ratings = new sack(‘index.php’); var post_id = 0; function current_rating(id, rating) { post_id = id; for(i = 1; i Bookmarking links: Related Topics: Blast Podcast, Libsyn, Rex the talking pill bottle, SwitchPod, Wizzard Related articles: Wizzard Finalizes Acquisition Of Libsyn, Podcast Network Provider Wizzard Nabs $7.5 M Investment, GoFish and Wizzard Added to ID3 Podcast Index, Wizzard Gets $1.75 Million Investment, Exclusive Interview With Downloadable Media Chairman Chris MacDonald […]