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TORONTO -- iSIGN Media Solutions Inc., a provider of interactive mobile advertising solutions, and Mac's Convenience Stores have signed a new five-year virtual private advertising network services agreement. The agreement covers a five year term with the option of an additional five years, the companies said.
Under the terms of the agreement, Mac's can acquire three million iSIGN shares at an exercise price of 50 cents with a five-year exercisable life. Mac's also has the option to acquire up to five percent of iSIGN's outstanding shares, subject to TSX – Venture Exchange approval. Alimentation Couche-Tard Inc., parent company of Mac's, added the option of adding 124 existing Circle K stores in Eastern Canada to the current Mac's network during the next 18 months or sooner.
"We are pleased to have this agreement signed and in place," said iSIGN CEO Alex Romanov, iSIGN. "With the agreement now signed, we can fully expedite the launch of iSIGN's software and antennas throughout the Mac's chain and expand upon our metrics-gathering trials and testing with additional equipment."
"The signing of this agreement took longer than anticipated due to the addition of the Circle K stores in Eastern Canada," he added. "However, we feel that the inclusion of those 124 stores more than outweighs the additional time it took to reach an agreement."
Following the installation of iSign software at all Mac's locations, iSign will operate the world's largest fully interactive digital signage network and reach an average of 1.5 million consumers a day in Mac's stores, according to the announcement.