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Direct Media Technologies Closes on a $10 Million Debt Facility from Western Technology Investment-Financing to Fuel Continued Growth in Company's Strategic & Organic Initiatives(January 17, 2012)
TORONTO, ONTARIO -- (Marketwire) -- 01/17/12 -- Direct Media Technologies Inc. (DMT), a leading and highly profitable Internet media company, announced today that it has closed on a $10 million debt facility from Western Technology Investment (WTI), a private investment firm based in Silicon Valley. The financing will enable DMT to further scale its user base by continuing to consolidate the highly fragmented generic domain name ownership landscape.
DMT's aggressive acquisition strategy, complemented by its existing rich asset base and technology-driven monetization processes, allow it to grow its user base at an attractive cost while dramatically increasing the lifetime value of its users through internally developed products and services.
"In WTI, we have partnered with a firm that has financed exceptionally talented teams at the world's leading technology companies including Facebook, Google and Juniper, further validating, in our view, the unique vision of our founders. We could not be more excited about this relationship with WTI, an excitement that goes beyond the dollars and cents involved here," said Ted Steube, DMT's CEO. "DMT and WTI share the vision that successful B2C web products and services are built by amassing a stable of high-performing users and that direct navigation users are the highest converting users online today."
WTI's participation in DMT is the first for the firm. Founded in 1980, WTI has provided venture debt to leading companies including Facebook, Google, Palantir, Youku, Brocade Networks, Juniper Networks, InfoSeek, IDEC Pharmaceuticals and Cerent. Prior to WTI's investment, DMT raised over $6 million in cash via two successful financing rounds of its common shares.
"WTI has thrived by identifying business partners with strong business models that are unique, compelling and that have a clear path to significant financial return for all stakeholders. DMT meets all of these criteria in our view," said Maurice Werdegar, CEO, President and Investment Partner with Western Technology Investment. "We are pleased to be able to help fuel DMT's growth plans understanding that scale is an important component of their immediate and long term plans."
About Direct Media Technologies
Direct Media Technologies ("DMT") is a leading and highly profitable Internet media company that owns and operates valuable internet properties. With no marketing spend, DMT provides a superior customer experience for its growing stable of over 200 million annual users by using its proprietary ad-serving technology to deliver relevant advertising and high quality internally developed products and services.
About Western Technology Investment
Western Technology Investment (WTI) is a Silicon Valley based venture debt firm that invests globally in a wide range of technology and life science companies ranging from seed-stage start-ups to publicly-held companies. Over more than 30 years, WTI has provided in excess of $3 billion of growth capital to exceptional teams building market leading companies, including Facebook, Google, 3PAR, Ablation Frontiers, Brocade Communications, Cerent, IDEC Pharmaceuticals, InvenSense, IronPort Systems, Juniper Networks, Neutral Tandem, Postini, and Youku.com. Please visit www.westerntech.com for more information.
Direct Media Technologies, Inc.
Chief Executive Officer
Direct Media Technologies, Inc.
36 Lombard Street, Suite 700
Toronto, ON M5C 2X3
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