Welcome!

Agile Computing Authors: Yeshim Deniz, Liz McMillan, Pat Romanski, Elizabeth White, Zakia Bouachraoui

News Feed Item

SoMedia Announces Appointment of Ben Pickering as Co-CEO

SoMedia Networks Inc. (TSX-V:VID) ("Somedia" or the "Company"), the pioneer of globally scalable cloud-based video production solutions, has appointed President and COO, Ben Pickering, to the newly created role of co-CEO. Pickering will share the position of co-CEO with SoMedia’s current CEO and founder, George Fleming.

Pickering joined SoMedia as President and COO in September 2013. In his new role as co-CEO, Pickering will continue to manage SoMedia’s day-to-day operations and execution of the Company’s strategic plan while expanding his responsibilities to include strategic development and capital markets activities. Fleming, as co-CEO and Chairman of the Board, will continue to focus his efforts on capital markets, strategic and corporate development.

With more than 15 years of experience in the online media and software industries, Pickering has worked with both start-ups and Fortune 500 companies. Prior to joining SoMedia he served as Chief Executive Officer at Strutta, where he built the company into a leading SaaS social media marketing platform.

Before joining Strutta, Pickering held several strategic roles at Yahoo! (NASDAQ:YHOO), where his responsibilities included business development, product strategy, and operations in both the Audiences and Advertising divisions. Pickering also served in the strategic partnerships group at eBay (NASDAQ: EBAY), and was an early employee at Spinway, a pioneering free Internet service provider that was later acquired by United Online (NASDAQ: UNTD).

He has contributed extensively on the topic of digital and social media for websites like the Huffington Post, and Mashable, and was named a Top 40 Digital Strategist by the Online Marketing Institute. Pickering holds an Economics degree and MBA from Stanford University.

“Our success this year has been in large part due to Ben’s leadership and focus on go to market efforts,” stated Fleming, co-CEO and Chairman of the Board. “I am very pleased to have him join me as co-CEO and begin taking on strategic development and capital markets responsibilities, and look forward to working with him as we continue leveraging our Scalable Video platforms and technologies to meet the growing demand for video production services.”

Pickering added: “SoMedia continues to make tremendous progress, highlighted by the growth we’re seeing in partner development and activation and most recently in the launch of our integrated video production solution for large marketing and B2B SaaS platforms like Web.com and Marketo. I look forward to working with George and the rest of the SoMedia team to capitalize on our first mover advantage and the tremendous opportunities on the horizon.”

As part of Mr. Pickering’s compensation, the Company will grant him 500,000 stock options, of which 250,000 of the options will be exercisable at a price of $0.18 and the remaining 250,000 options exercisable at a price of $0.25. All options will vest quarterly over a period of two years, with the $0.18 options vesting first.

SoMedia further announces that it will re-price a total of 85,000 outstanding options, held by employees and consultants of the Company, to an exercise price of $0.35 per share. Options being granted to Mr. Pickering and options being re-priced are subject to the consideration and approval by the TSX Venture Exchange (the "Exchange").

Further, the Company has received approval from the Exchange of a share based compensation arrangement whereby the Company will compensate its independent directors for their services during the quarter ended March 31, 2014 by way of 50% cash base and 50% shares in lieu of cash. Accordingly, the Company will issue a total of 9,676 shares to its independent directors as of today's date. All shares are being issued at the closing share price on March 31, 2014 of $0.31 and the shares will be subject to a four month hold period expiring December 23, 2014.

SoMedia is also amending the terms of its previously announced non-brokered private placement offering (the “Offering”) of up to 3,750,000 units (“Units”) at a price of $0.20 per Unit for gross proceeds of up to $750,000. The amended Offering will be a non-brokered private placement offering (the “Amended Offering”) of up to 4,722,223 units at a price of $0.18 per Unit for gross proceeds of up to $850,000. Each Unit will consist of one common share of the Company and one half of one share purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder thereof to purchase one common share of the Company at a price of $0.30 per share for a period of two years from the date of issuance. The proceeds of the Amended Offering will be used for general working capital purposes.

About SoMedia Networks Inc.

SoMedia, the creator of Scalable Video, has reengineered how businesses access video content creation, production and deployment. The cloud-based SoMedia Platform allows businesses, brands and media to easily order the production of custom video content at scale and volume, anywhere, on demand, with rapid turnaround, and at a fraction of current costs.

SoMedia provides Scalable Video as an integrated solution to corporate partners, as a resale solution through thousands of web marketing firms and directly to digital agencies and millions of SMBs across North America. To learn more visit: www.somedia.net.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

IoT & Smart Cities Stories
Nicolas Fierro is CEO of MIMIR Blockchain Solutions. He is a programmer, technologist, and operations dev who has worked with Ethereum and blockchain since 2014. His knowledge in blockchain dates to when he performed dev ops services to the Ethereum Foundation as one the privileged few developers to work with the original core team in Switzerland.
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settlement products to hedge funds and investment banks. After, he co-founded a revenue cycle management company where he learned about Bitcoin and eventually Ethereal. Andrew's role at ConsenSys Enterprise is a mul...
Whenever a new technology hits the high points of hype, everyone starts talking about it like it will solve all their business problems. Blockchain is one of those technologies. According to Gartner's latest report on the hype cycle of emerging technologies, blockchain has just passed the peak of their hype cycle curve. If you read the news articles about it, one would think it has taken over the technology world. No disruptive technology is without its challenges and potential impediments t...
If a machine can invent, does this mean the end of the patent system as we know it? The patent system, both in the US and Europe, allows companies to protect their inventions and helps foster innovation. However, Artificial Intelligence (AI) could be set to disrupt the patent system as we know it. This talk will examine how AI may change the patent landscape in the years to come. Furthermore, ways in which companies can best protect their AI related inventions will be examined from both a US and...
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Bill Schmarzo, Tech Chair of "Big Data | Analytics" of upcoming CloudEXPO | DXWorldEXPO New York (November 12-13, 2018, New York City) today announced the outline and schedule of the track. "The track has been designed in experience/degree order," said Schmarzo. "So, that folks who attend the entire track can leave the conference with some of the skills necessary to get their work done when they get back to their offices. It actually ties back to some work that I'm doing at the University of San...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things'). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing. IoT is not about the devices, its about the data consumed and generated. The devices are tools, mechanisms, conduits. This paper discusses the considerations when dealing with the...
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science," is responsible for setting the strategy and defining the Big Data service offerings and capabilities for EMC Global Services Big Data Practice. As the CTO for the Big Data Practice, he is responsible for working with organizations to help them identify where and how to start their big data journeys. He's written several white papers, is an avid blogge...
Dynatrace is an application performance management software company with products for the information technology departments and digital business owners of medium and large businesses. Building the Future of Monitoring with Artificial Intelligence. Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more busine...