iSIGN Media Solutions Inc. has signed a letter of intent (LOI) to purchase one of North America’s largest digital signage networks, Pinpoint Media Group Inc., according to a company press release.
Pinpoint has about 5,600 digital display units located throughout the Couche-Tard chain of Mac’s convenience stores across Canada and 300 digital display units located in the city of Calgary’s municipal buildings.
iSIGN will be issuing 7.5 million iSIGN treasury shares in return for all of the issued and outstanding shares of Pinpoint upon receipt of the signed purchase and sale agreement and TSX Venture Exchange approval, resulting in a new five-year Virtual Private Advertising Network Agreement (VPAN), Alex Romanov, iSIGN’s CEO, said in the release.
“Once the installation of our software in the convenience store chain is complete, we will have the world’s largest fully interactive digital signage network, reaching an average of 1.5 million consumers a day throughout our convenience store network alone,” Romanov said in the release. “Through our ownership of this network, we expect that we will be able to better demonstrate ROI to brands and retailers by helping them increase sales within the Couche-Tard environment, while showing the advantages that our IMS patent-pending software and its various reporting features can bring to all retailers and brands.”
He also said by converting Pinpoint’s networks into interactive digital signage networks, he expects this to maximize Pinpoint’s inherent revenue potential and user base, while retaining that revenue for the consolidated company.
“We are excited about this acquisition and believe that it will satisfy advertisers’ demand for real-time metrics, which will translate into increased revenues for the network,” Romanov said.
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