TORONTO – Internet TV streamer JumpTV Inc. announced Friday that Jordon Banks will cease acting as CEO and that it has executed a definitive agreement with NeuLion in respect to their previously announced merger.
As a result, Banks did not stand for re-election as a director of the company at Friday’s Annual and Special General Meeting.
“We are grateful to Jordan Banks for his strategic vision and unwavering dedication to JumpTV and all of its stakeholders for the past eight months,” said G. Scott Paterson, executive chairman of JumpTV. “Jordan has played a critical role in JumpTV’s evolution. We wish him all the best in his future endeavors.”
Closing of the proposed merger is scheduled to occur on or about October 1, 2008 and is subject to regulatory approvals, including from the Toronto Stock Exchange, and approvals from JumpTV shareholders and NeuLion shareholders.
Under the agreement and pursuant to a private placement, AvantaLion LLC, an entity controlled by Mr. Wang, has irrevocably committed to subscribe for 10 million units from JumpTV’s treasury at a price of $1 per unit, and G. Scott Paterson has also committed to buy 1 million units on the same terms.
The aggregate gross proceeds from the units will be CDN$11 million. Closing of the private placement is subject to regulatory approvals, including approval of the Toronto Stock Exchange.
