[SatNews] International Datacasting Corporation (TSX: IDC) has announced…
….a second round of vendor financing and follow on new orders worth nearly US$5 million (gross revenue basis) with the Wananchi Group Ltd. for the expansion of its Direct-to-Home (DTH) broadcast service in East Africa. International Datacasting further announces that it has successfully secured a second vendor financing package totaling US$5 million, which builds on its previously announced revolving credit facility for the transaction with Wananchi. This credit facility had been developed in co-operation with Export Development Canada (EDC) and a Canadian financial institution. The first round of financing was announced in July 2011.
Wananchi Group Ltd. launched the first triple-play network in Africa last year, and successfully added Zuku Satellite to bring video, voice and data services to consumers in the Sub-Saharan region of Africa. In addition to financing, IDC was awarded new orders by Wananchi for products and services which total approximately US$5 million (gross revenue basis). With these new orders, IDC expects to supply more than 40,000 customer premises units with new generation PVR’s, LNB’s, and antennas.
In June 2010, IDC announced an initial contract with Wananchi that included IDC broadcast products and professional services for the development, build and roll-out of the network. The contract included head-end equipment to enable a satellite-to-set-top-box distribution platform for the delivery of a secure broadcast system to homes throughout the region. In July 2011, IDC announced the first round of vendor financing and two additional contracts with Wananchi for a multi-year Support Agreement for the expansion of their DTH network.
