YANGAROO announces extension of private placement
TORONTO, Aug. 2, 2012 /CNW/ - YANGAROO Inc. ("YANGAROO") (TSX-V: YOO, OTC: YOOIF), the industry's leading secure digital media management company, announces that it has begun discussions with additional investors to participate in its ongoing private placement, given the timing difficulties YANGAROO has had with its current investors. The current investors have indicated that they still intend to invest the remaining balance of funds but have been unable to meet YANGAROO's deadline. To accommodate this new investor interest, YANGAROO is extending the closing of its private placement to now close on or about September 30th, 2012.
"While we appreciate the efforts of the currently committed investors to meet our timelines, we are encouraged by the new investor interest," said Gary Moss, President and CEO YANGAROO Inc. "Our business is continuing to grow and this growth has afforded us the time and flexibility to explore the best financing options for YANGAROO."
About YANGAROO:
YANGAROO is a company dedicated to digital media management. YANGAROO's patented Digital Media Distribution System (DMDS) is a leading secure B2B digital cloud based solution focused on the music and advertising industries. The DMDS solution provides more accountable, effective, and far less costly digital management of broadcast quality media via the Internet. It replaces the physical, satellite and closed network distribution and management of audio and video content, for music, music videos, and advertising to television, radio, media, retailers, and other authorized recipients. The YANGAROO Awards platform powers many of North America's major awards shows.
Named one of Canada's Top 100 Tech Companies by Canadian Business, YANGAROO has offices in Toronto, New York, Los Angeles, and Dallas. YANGAROO trades on the TSX Venture Exchange (TSX-V) under the symbol YOO and in the U.S. under OTCBB: YOOIF.
The statements contained in this release that are not purely historical are forward-looking statements and are subject to risks and uncertainties that could cause such statements to differ materially from actual future events or results. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE: YANGAROO Inc.
Please contact Gary Moss at 416-534-0607 ext.111 or visit www.yangaroo.com.
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