David Charron has resigned as independent director of International Datacasting Corporation (IDC), effective immediately. As a result, the Corporate Governance and Nominating Committee of IDC has commenced its search for a new director.
As the proposed sale of IDC's broadcast products business and its related assets to Pico Digital Inc. was not approved by IDC's shareholders at the recent annual and special meeting, the asset purchase agreement between IDC and Pico has been formally terminated. Pico has demanded repayment of its US $1.0 million promissory note plus accrued interest. IDC intends to fully repay the promissory note plus accrued interest by June 25, 2015 from internal financial resources, subject to delivery by Pico of customary releases and discharges.
The Board continues to explore various financing options to support the ongoing operations of IDC and currently expects to complete a financing transaction within the next month.
