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PhotoChannel, Genuity finalize terms of global virtual private network deal
April 15, 2002
STAMFORD, Conn. and VANCOUVER, B.C. --
PhotoChannel Networks Inc.(ME: PNI; OTC-BB: PHCHF) has finalized the terms of its agreement withGenuity(NASDAQ:GENU) for the first 7,500 print fulfillment locations of the PhotoChannel network. The open, global digital imaging network links consumers directly, or through syndicated sites at online portals and communities, to members of the PhotoChannel network with digital mini labs and digital photo kiosks.Working with Salomon Smith Barney, PhotoChannel secured an investment by Genuity worth $37.5 million for the deployment of the print fulfillment locations over a maximum period of five years. During this time, PhotoChannel will incur no equity dilution and deliver a solution to print fulfillment members with no up-front cost. A monthly fee will be charged.
Genuity will provide a router and secure gateway at each of the first print fulfillment locations at no capital cost to PhotoChannel, said PhotoChannel Chairman and CEO Geoffrey G. Briant.
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