October 29, 2008
Innovectra Secures US$2.0 Million Financing From MMV Financial Inc.
Innovectra Corporation, a leading on-line, local advertising technology company, announced today the completion of a US$2.0 million venture loan from Toronto based MMV Financial. The Company provides Yellow Pages publishers with on-line advertising solutions and has recently launched its "ActivImpact" platform which provides Yellow Pages publishers with a dynamic, local search advertising platform that includes internet yellow pages ad packages, lead generation sites, online videos, dynamic e-coupons and search engine marketing to local businesses. Innovectra is privately held with investment from Edison Venture Fund and Longworth Partners.
"Innovectra will use this financing to continue to invest in and market the Company's new ActivImpact platform," said Tom Lewis, Chief Executive Officer of Innovectra. "We chose MMV Financial for this financing because of their track record with our investors and their responsiveness throughout the process." Further, Mike Evanchick, VP and CFO of Innovectra commented, "Working with the team at MMV Financial was a smooth and efficient process, even in this difficult financing environment. They were timely, thorough and met all of their commitments. We would highly recommend them.""We were very impressed with Innovectra's management team and the recent launch of their new ActivImpact platform," said Greg Dimmer, Senior Vice President, MMV Financial Inc. "The Company appears well positioned to take advantage of the growth in the on-line, active search local advertising market."
An online publishing pioneer, Innovectra Corporation is the first company to publish an integrated electronic Yellow-and-White pages directory. Innovectra's ActivDirectory, ActivSearch and ActivImpact products and services are used in more than 12,000 U.S. cities and towns. ActivImpact creates value for local advertisers by providing advanced search engine optimization and technology that creates LeadSites for local businesses featuring video and mobile offerings. Innovectra and Hagadone Directories, Inc. received the Gold Book Award for Best Electronic Directory from the Association of Directory Publishers. The company's directory publisher clients include Local Insight Media, Metro Directories, Ross Yellow Pages, Directory Plus, LocalTel, RH Donnelley, Community Yellow Pages, USA Northland and SureWest Directories. For more information, visit the company's web site at: www.innovectra.com.
About MMV Financial Inc.
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions directly to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de depot et placement du Quebec, Fonds de Solidarite des Travailleurs du Quebec, NewStar Financial Inc., ROI Capital, and Wells Fargo Company. For more information please visit: www.mmvf.com.