DSS Movit Media Corp

Digital Shelf Space Corp. (the "Company" or "DSS") (TSX VENTURE:DSS) is pleased
to announce that further to its news release dated May 17, 2011, in which the
Company closed on a tranche of financing (the "Offering") equal to approximately
$1.2M, that the Company has determined that it will formally close off this
round of financing due to its strong Q1 financial performance.


CEO and President of DSS Jeffrey Sharpe stated: "We are very pleased with our Q1
performance and ultimately our current cash position. We have assessed our near
term finances and feel confident that we are well positioned to continue to
reach our milestones over the coming months, while at the same time mitigating
against further dilution for our shareholders."


The Company has formally closed its non-brokered private placement and issued
5,575,307 units at a price of $0.22 per unit for gross proceeds of approximately
$1.2 million dollars. Each unit consists of one common share and one half common
share purchase warrant. Each whole purchase warrant entitles the holder to
purchase one common share of the Company at the price of $0.30 per common share
on or before the date occurring 18 months following the closing of the Offering
(the "Offering Warrants"). In the event the Company's common shares trade above
$0.45 for ten (10) consecutive days, the Offering Warrants, if unexercised, will
expire 30 days thereafter.


The Company paid finder's fees totaling $83,076 and issued 225,282
non-transferrable share purchase warrants as finder's fees. The
non-transferrable share purchase warrants issued as finder's fees have the same
exercise price, term and acceleration provisions as the Offering Warrants.


"We are focused on implementing our exciting and strategic advertising campaign
and growth plan for our GSP RUSHFIT brand, along with driving our overall
corporate growth plan as we work to secure new global brand partners in the
creation, production and distribution of original content," said Jeffrey Sharpe,
CEO and President of DSS.


In accordance with applicable securities legislation, securities issued pursuant
to the Offering are subject to a hold period of four months plus one day from
the date of completion of the Offering.


The Offering and payment of finder's fees are subject to final regulatory approval.

Monies raised from this financing will be used toward marketing and advertising,
content development and new projects, software and IT development, transaction
and related expenses, and working capital and general corporate purposes.


About Digital Shelf Space Corp.

Digital Shelf Space is an independent producer of home entertainment content and
online delivery technology provider to digital retailers, content owners and
aggregators. Digital Shelf Space's proprietary technology platform has been
custom built to deliver home entertainment content directly to consumers. The
platform blends e-commerce functionality and paid DVD, digital download and
streaming video delivery. For more information please visit
www.digitalshelfspace.com and to view our recently launched project with Georges
St-Pierre, please visit www.gsprushfit.com.


ON BEHALF OF THE BOARD

Jeffrey Sharpe, President & CEO

Forward Looking Statements

This news release contains "forward-looking information" within the meaning of
the Canadian securities laws. Forward- looking information is generally
identifiable by use of the words "believes", "may", "plans", "will",
"anticipates", "intends", "budgets", "could", "estimates", "expects",
"forecasts", "projects" and similar expressions, and the negative of such
expressions. Forward-looking information in this news release include statements
about the Company's near term financial needs; the implementation of a strategic
advertising campaign and growth plan; securing new global brand partners; and
the creation, production and distribution of original content.


In connection with the forward-looking information contained in this news
release, Digital Shelf Space has made numerous assumptions, regarding, among
other things, final regulatory approval of the private placement offering and
the Company's near term financial needs. While Digital Shelf Space considers
these assumptions to be reasonable, these assumptions are inherently subject to
significant uncertainties and contingencies.


Additionally, there are known and unknown risk factors which could cause Digital
Shelf Space's actual results, performance or achievements to be materially
different from any future results, performance or achievements expressed or
implied by the forward-looking information contained herein. Known risk factors
include, among others: the private placement offering may not receive final
regulatory approval; the Company may not have be in a position to continue its
business plan or operations without additional financing and shareholder
dilution in the near term; the Company may not implement a new advertising
campaign or growth plan; the Company may not secure any additional brand
partners and may not create, produce or distribute any additional content;
reliance on the health and marketability of celebrity fitness talent in
productions owned by Digital Shelf Space; actual results from the use of
celebrity fitness products may differ substantially from anticipated results;
the substantial investment of capital required to produce and market video and
entertainment productions, limitations imposed by our financing abilities,
unpredictability of the commercial success of our programming, difficulties in
integrating technological changes and other trends affecting the entertainment
industry.


A more complete discussion of the risks and uncertainties facing Digital Shelf
Space is disclosed in Digital Shelf Space's Filing Statement dated November 16,
2010 and continuous disclosure filings with Canadian securities regulatory
authorities at www.sedar.com. All forward-looking information herein is
qualified in its entirety by this cautionary statement, and Digital Shelf Space
disclaims any obligation to revise or update any such forward-looking
information or to publicly announce the result of any revisions to any of the
forward-looking information contained herein to reflect future results, events
or developments, except as required by law.

Movit Media Corp (TSXV:DSS)
Historical Stock Chart
From Jun 2024 to Jul 2024

Movit Media Corp (TSXV:DSS)
Historical Stock Chart
From Jul 2023 to Jul 2024